NXT Capital Backs Clinipace Worldwide’s Acquisition of Paragon Biomedical

NXT Capital’s venture finance group has provided financing to support Clinipace Worldwide’s acquisition of Paragon Biomedical. Digital contract research organization Clinipace is headquartered in Morrisville, North Carolina and is backed by Morgan Stanley Expansion Capital, Hatteras Venture Partners, Brooke Private Equity, Osage Venture Partners and Mario Family Partners.

PRESS RELEASE

NXT Capital’s Venture Finance Group today announced the closing of financing to support Clinipace Worldwide’s acquisition of Paragon Biomedical, Inc.

Clinipace Worldwide, a global digital contract research organization (dCRO), has pioneered an innovative service model to transform drug and medical device development by delivering technology-amplified services to mid-tier drug development and medical device firms. Acquiring Paragon Biomedical significantly expands Clinipace’s therapeutic expertise, site management capabilities and clinical operations. This acquisition also extends Clinipace’s global footprint, adding offices in Irvine, California; High Wycombe, United Kingdom; and Trivandrum, India.

Headquartered in Morrisville, North Carolina, Clinipace is backed by Morgan Stanley Expansion Capital, Hatteras Venture Partners, Brooke Private Equity, Osage Venture Partners and Mario Family Partners.

“NXT Capital provided less dilutive capital to help Clinipace with a strategic acquisition that accelerates growth, enhances our value proposition and expands our footprint,” said W.H. (Bud) Owen, CFO, Clinipace Worldwide. “NXT Capital Venture Finance has been extremely attentive, responsive and flexible as we worked through the acquisition process. In addition, NXT’s significant capacity to help us with follow-on financings makes NXT a valuable long-term partner.”

“Clinipace’s unique dCRO approach is fundamentally changing the way clinical trials are run by improving quality, increasing visibility and lowering costs. Acquiring Paragon will help Clinipace better serve customers, create a unified platform and build a foundation for continued expansion,” said Peter Fair, Managing Director, NXT Capital Venture Finance. “We are excited about Clinipace’s future prospects and look forward to funding further strategic initiatives.”

ABOUT NXT CAPITAL VENTURE FINANCE:

NXT Capital Venture Finance serves entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, NXT Capital Venture Finance offers senior and subordinated term loans in the $1 million to $20 million range to emerging growth companies backed by venture capital and private equity firms, particularly those in the technology and life science sectors. Target clients range from pre-revenue companies led by dedicated entrepreneurs to late-stage, proven businesses seeking more efficient growth capital.

ABOUT NXT CAPITAL:

NXT Capital provides structured financing solutions to middle-market and emerging growth companies, as well as real estate investors, through its Corporate Finance, Venture Finance and Real Estate Finance groups. Based in Chicago with offices in New York, Atlanta, Boston, Dallas, Newport Beach and Silicon Valley, NXT Capital targets senior financing opportunities up to $150 million with a hold size up to $50 million.

ABOUT CLINIPACE WORLDWIDE:

As a global full-service digital contract research organization (dCRO), Clinipace has pioneered an innovative technology-amplified CRO service model to serve the unique needs of venture-backed, mid-tier, and strategic pharmaceutical, biotechnology and medical device firms. Clinipace has managed over 1,200 global clinical research, strategic product development, regulatory and GxP/CMC/QA projects in therapeutic areas such as cardiovascular & metabolic diseases, central nervous system, dermatology, gastroenterology, immunology, infectious diseases, nephrology, oncology, respiratory, rheumatology and vaccines (and other cell and tissue based therapies). Clinipace Worldwide is headquartered in Research Triangle Park, North Carolina with offices in Irvine (CA), Boulder (CO), Overland Park (KS), Zurich (CH), Munich (DE), High Wycombe (UK), Tel-Aviv (IL), Sao Paulo (BR), Buenos Aires (AR), Trivandrum Kerala (IN) and New Delhi (IN).
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