Clintrax Global, a fast-growing pharmaceutical services startup based in Raleigh, has been acquired for an undisclosed price by a privately held company based in New Jersey.
Clintrax co-founder and CEO Brandon Evans said joining forces with WIRB-Copernicus Group, which provides a variety of clinical research services, should enable his company to accelerate its growth. Evans will remain CEO of Clintrax, which will retain its name and continue to be headquartered in Raleigh.
Founded in January 2013, Clintrax has 30 employees, all but five of whom are in Raleigh, and generated $7 million in revenue last year, Evans said.
Clintrax negotiates contracts with doctors’ offices, hospitals and other health care providers that participate in clinical trials on behalf of pharmaceutical and biotechnology companies and contract research organizations, or CROs. It also has a network of more than 60 lawyers around the globe, most of whom are independent contractors, who negotiate contracts in more than 65 countries.
Clintrax also manages payments, paid in local currency, to clinical trial sites on behalf of its clients.
By negotiating contracts efficiently, Clintrax touts that it can save its customers valuable time.
“As everybody knows, days equals dollars in pharmaceutical clinical trials,” Evans said. “Every day we can shave off saves money.”
WIRB-Copernicus also offers services that speed up the onset of clinical trials.
By working together, “we can truncate study start-up even faster,” said Evans. He previously was director of legal affairs at Raleigh-based PRA Health Sciences.
Evans said that all of Clintrax’s employees are being retained. He also expects the company to make new hires, but he couldn’t say how many.