Specialty partner research organization (PRO) iuvo BioScience has acquired Promedica International (PMI), an ophthalmology-focused clinical contract research organization (CRO).
Let’s start with iuvo BioScience.
Established in 2015 and headquartered in Rochester, New York, iuvo is a highly specialized provider of three stages of services—preclinical, clinical, and consulting—to biotech, pharmaceutical, and medical device customers.
The Costa Mesa, California-based PMI is a privately-held, full service CRO that provides the following for for the medical device, biotechnology, and pharmaceutical industries:
- Audits/FDA inspections
- Clinical information technology
- Data management
- Good Clinical Practice (GCP) seminars
Now give me some details on this deal.
Per their announcement, both companies will combine to support “all aspects of ophthalmic clinical research, from front of the eye to back of the eye.”
Heading up this combined clinical research business is Shannon Stoddard, president and owner of PMI as well as a 26-year veteran of the company. Stoddard has been appointed president of Clinical Research, and will also serve on iuvo’s Board of Directors.
Any financial info released?
No financial terms were disclosed in the companies’ announcement.
However, they did reveal that the newly-combined business is backed by Ampersand Capital Partners, a private equity firm based in Wellesley, Massachusetts.
So what’s the expectation of this newly-combined company?
Per iuvo, the business anticipates continuing to grow toward becoming a global leader in “delivering end-to-end laboratory, consulting, and clinical development services” with a heavy emphasis on ophthalmology and the overarching medical device market.
And lastly … how is it unique?
With the joint power of iuvo and PMI, the integrated company is reported to be “the only niched ophthalmology service provider” capable of supporting customers through the “early pre-clinical and laboratory stages through all phases of clinical development.”