TrialNetworks Joins the DrugDev Family of Technology-Driven Solutions to Advance the Common Goal of Enabling More Efficient Clinical Trials
Audubon, PA and Newton, Mass. - May 5, 2014 - DrugDev, the industry's largest global network of active clinical trial doctors, today announced its acquisition of TrialNetworks. The award-winning TrialNetworks platform is a Clinical Trial Optimization System that transforms the quality, efficiency and ongoing management of clinical operations. TrialNetworks joins an expanding family of technology-driven solutions to help sponsors, CROs and sites do more trials together.
The TrialNetworks platform is a unified, cloud-based suite of collaborative trial management apps and site-facing tools designed to improve processes, ensure transparency and streamline timelines for key aspects of clinical operations. The platform is used from startup through closeout by sponsors such as Merck & Co. and Biogen Idec.
Innovative solutions such as TrialNetworks News™, Checklist™, Directory™, Visit Guide™ Library™ and Training™ provide study teams with new ways to manage progress and timelines. At the same time, these apps motivate and enable sites to achieve essential goals (e.g. activation, enrollment, retention) while spending less time on administration and more time focused on patients.
TrialNetworks fits with DrugDev's vision to provide a comprehensive suite of standardized services to simplify the life of the investigator and to make trials easier, cheaper and more effective to run. TrialNetworks will join:
- DrugDev Site Services – Leverages the world's largest network of investigators to execute feasibility studies, find appropriate sites and create investigator communities for pharmaceutical companies and CROs.
- CFS Clinical - Acquired by DrugDev in October 2013, CFS is the industry's leading provider of technology-enabled investigator payments and site activation services.
- Investigator Databank - A global collaboration platform hosted by DrugDev and used together by Merck, Janssen, Pfizer, Lilly and Novartis, the Investigator Databank eases the burden on investigators and increases visibility of qualified sites to research sponsors.
The acquisition continues DrugDev's strategy of assembling a unique offering of best-in-class solutions to solve longstanding inefficiencies in the industry. The transaction was supported by a follow-on fundraise from Invesco Perpetual.
"DrugDev is committed to providing our valued customers with the best solutions," comments DrugDev President and CEO, Ibraheem Mahmood. "When evaluating the site-facing clinical trial technology landscape, it became apparent that nothing exhibits the power, breadth and scalability of the TrialNetworks platform. We are proud that they are joining our family. The TrialNetworks platform will serve as an integration point as we continue to acquire solutions that will help the industry run more efficient trials."
"DrugDev and TrialNetworks share a passion for optimizing the clinical trials process and driving efficiency through innovative and collaborative technology," comments Eric Silberstein, CEO of TrialNetworks. "We are especially excited for our customers, already accustomed to the advantages of using a Clinical Trial Optimization System, who will benefit from direct access to DrugDev's gold standard solutions that complement our technology. We are pleased to join our team and solutions with DrugDev to provide an even more comprehensive platform for sponsors, CROs and sites."
TrialNetworks was founded by Silberstein, CTO Ezra Freedman and Vivek Murthy, MD, an attending physician at Brigham and Woman's Hospital and an instructor at Harvard Medical School. Based outside of Boston, MA, TrialNetworks has experienced rapid growth during the past five years. The company and its Clinical Trial Optimization System won the 2014 Partnerships in Clinical Trials award for Disruptive Innovator and Technology of the Year.
TrialNetworks will continue to be led by its existing management team and will introduce new platform apps based on unique DrugDev capabilities.
Join an informational webinar on June 5, 2014 at 10am ET to learn more about the TrialNetworks platform and the acquisition by DrugDev.
TrialNetworks provides sponsors and CROs with the award-winning Clinical Trial Optimization System to transform clinical operations quality and efficiency. Customers such as Merck & Co., Biogen Idec and Infinity Pharmaceuticals use this modern and intuitive technology to improve key aspects of a trial from feasibility through closeout. TrialNetworks apps, including Checklist™, Training™, Document Library™, Visit Guide™, Action Items™ and Directory™, are available in a unified and secure cloud-based interface. Customers ranging from biotechs to Top-10 pharma companies have implemented the TrialNetworks platform for use in Phase I-IV trials by more than 25,000 site staff in 60 countries.
DrugDev has the industry's largest global network of active investigators – comprising over 80,000 investigators in 115 countries. In October of 2013, DrugDev acquired CFS Clinical and together they create global, standardized processes to promote collaboration among Sponsors, CROs and Sites in finding, engaging, and paying investigators. Innovative solutions include study feasibility, site identification, site contracting, essential document management and investigator payments. The result — drug developers and investigators brought closer together with smart technology and unique relationships to help the industry do more trials. DrugDev is also the 3rd party host of the Investigator Databank, a global cross-pharmaceutical network of investigators. For more information, visit www.drugdev.org.
About Invesco Perpetual
Invesco Perpetual is part of Invesco Ltd, a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. Invesco provides a wide range of investment strategies and vehicles to retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com.