DURHAM – Velocity Clinical Research is scaling quickly with two new acquisitions and a strategic partnership with Elite Research Network.
On Monday, the Durham-based clinical site organization confirmed it has acquired Omega Medical Research in Providence, Rhode Island and Buynak Clinical Research in Valparaiso, Indiana.
That extends the company’s geographic footprint to 12 sites in 9 states and all four continental U.S. time zones.
“This is a timely announcement for Velocity as we ramp up for coronavirus vaccine and COVID-19 treatment trials in addition to the studies already in our pipeline,” said Paul Evans, CEO, Velocity Clinical Research, in a statement.
“Velocity is committed to maintaining diverse therapeutic expertise even as we grow our high-volume vaccine business; the balance keeps our sites and the company healthy and strong.”
Founded by Bruce Tomason, the former CEO of One Call Medical, Alterna, and Copernicus, Velocity Clinical has been on a shopping spree since its launch in 2017 and raised more than $20 million in equity.
Among its sites: a clinical research facility in Grant’s Pass, Oregon; Clinical Research Institute of Southern Oregon (CRISOR) of Medford, Oregon; New Horizons Clinical Research (NHCR) of Cincinnati, Ohio; and MD Clinical of Hallandale Beach, Florida.
The company said, per its release, the new acquisitions continue the firm’s stated goal of “steady, strategic growth that adds both geographic and therapeutic diversity to its expanding list of wholly owned clinical research sites.”
“The company is on target with its expansion plans and will continue to build its high-volume, high-quality, multi-site business throughout 2020.”
Separately, Velocity has also formalized a strategic partnership with Elite Research Network, a key player in the multi-site vaccine trial market.
The network is a group of independently owned and operated medical practices that specialize in conducting clinical trials.
Velocity acquired six vaccine sites in Q4 2019 with the purchase of Advanced Clinical Research (ACR) and Rapid Medical Research (RMR). ACR, RMR, and Omega are all longstanding members of the Elite Research Network.
“Paired with the strategic partnership with Elite Research Network, led by Chris Hoyle, Velocity is positioned to deliver industry-leading numbers of patients and healthy volunteers to sponsors with a single stroke of the pen,” Evans added.
“I have previously partnered with Chris in two of the world’s largest CROs so I know from firsthand knowledge that he is one of the leading players in the vaccines business. I am thrilled to be able to bring that expertise to bear at Velocity.”
Original Post By: WRAL TechWire