Clinical Ink Equity Investment to Expand eSource Market
FCA Venture Partners Leads $4.3M Financing
NASHVILLE, Tenn. and WINSTON-SALEM, NC and PHILADELPHIA, Pa., October 16, 2013-- Clinical Ink, the pioneering provider of eSource solutions for clinical trials, has announced a $4.3M Series B Investment Round led by FCA Venture Partners.
"This infusion of funds will allow Clinical Ink to aggressively build the capabilities needed to address the rapidly increasing customer demand for eSource technology in clinical trials," said Ed Seguine, CEO of Clinical Ink. "Our business has more than doubled in the last year and we will be expanding our management team, development capabilities, and implementation resources to support a wider range of clinical trials globally. Our customers, from large pharma to small biotech, have achieved real productivity gains at a fraction of the cost of current solutions and we will be in a position to continue to support innovative approaches to direct data capture, remote monitoring, and data management."
Clinical Ink's award-winning eSource platform, SureSource®, is the industry's first application to mimic the familiar look, feel and usability of a paper chart. Designed to capture clinical trial data during the subject visit on a tablet PC instead of paper, as opposed to EDC systems, this direct approach provides cleaner data, faster and eliminates the time-consuming monitoring process of source data verification.
"We believe Clinical Ink will change the dynamics of the clinical technology and services market," said Matthew King, Managing Partner of FCA Venture Partners. "Clinical Ink's vision of a more streamlined approach to clinical trials has already demonstrated tangible benefits as compared to the traditional EDC approach to capturing data. The company has benefited from increased regulatory certainty around eSource and Risk-Based Monitoring as well as from their license of the DataSci patent that raised so much concern among early EDC adopters. Clinical Ink is a great fit with FCA Venture Partners' long-term growth strategy and we are pleased to work with Ed Seguine and Doug Pierce to realize their future vision." Mr. King has also joined Clinical Ink's Board of Directors.
The investment comes from FCA Venture Partners fifth fund, FCA Venture Partners V, L.P. ("FCA V"), which has a focus on companies in this early stage to growth equity phase.
About Clinical Ink, Inc.
Clinical Ink has pioneered the development of eSource technology for use in clinical trials. The company's innovative approach has been recognized by the Society of Clinical Data Management, Microsoft, and Gartner Research as having "significant disruptive potential" to transform the current clinical trial business model. SureSource™ replaces paper source documents and CRFs with intuitive electronic forms that maintain the natural workflow, ease of use, and mobility of paper charts. Unlike EDC systems, the Company's approach to eSource captures/validates data during the subject visit. As a result, data queries are dramatically reduced, SDV is eliminated, monitoring is performed real-time and remotely, and validated clinical data is available within minutes. Clinical Ink has offices in Philadelphia, PA and Winston-Salem, NC. For more information, visit www.clinicalink.com.
About FCA Venture Partners
FCA Venture Partners, the venture capital manager of Clayton Associates, was founded in 1996 by R. Clayton McWhorter, founder of HealthTrust, Inc. and former chairman of Hospital Corporation of America to serve as a platform for investing in transformational healthcare and technology related strategies. FCA Venture Partners fifth fund, FCA V, is focused on healthcare services and information technology businesses in early to growth stages with disruptive, scalable business models, led by strong management teams with sector specific expertise. FCA and its affiliates have invested $175 million in over 85 companies to date, resulting in more than $7 billion in annualized revenue. For more information, visit www.claytonassociates.com.
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