An information- and process-management company that helps drug makers manage clinical trials is seeking to capture more of the upside from its clients’ success by taking equity stakes in the businesses through a new venture capital arm, reports VentureWire’s Brian Gormley.
Formed in 1997, Philadelphia-based Numoda Corp. provides biotech, diagnostic and
medical-device companies with technology and services to monitor patient recruitment, data
flow, and the financial and logistical aspects of clinical trials. It also can serve as the trial’s general contractor, hiring and overseeing contract-research organizations and other service providers.
Over the years, Numoda has used cash from its balance sheet to make small investments, usually in the low single-digit millions, in selected clients. Seeking to place larger bets in these companies, Numoda late last year formed a venture arm, Numoda Capital Innovations, and is now rounding up $150 million for its
first fund, Numoda Capital Innovations LP. The firm will soon announce the hiring of a professional with venture capital and investment-banking experience who will serve as Numoda Capital’s managing director, said Chief Executive Mary Schaheen, adding that this person would oversee fund-raising and investment activities.
While raising a first-time fund in this environment will be challenging, Schaheen said
Numoda’s track record of helping companies reduce the cost and risk of drug development should appeal to investors. Since companies these days need to stretch their cash further, services that help them run clinical trials more efficiently should be in demand, according to Numoda.
No comments:
Post a Comment