CoreRx Grabs $7M for Expansion, Plans to Increase Staff By 40%
March 27, 2015
By Riley McDermid, BioSpace.com Breaking News Sr. Editor
Clearwater, Fla.-based contract research firm CoreRx is celebrating Friday after received a $7 million private equity investment from Signet Healthcare Partners, a New York-based private equity firm, money it said it will use to fund its booming staff expansion.
Todd Daviau, CoreRx president and chief executive officer, said that the firm will grow its roster by 40 percent in the next two years, as it plans a $2 million expansion of its current facility in the ICOT Center in Clearwater. That build out will include adding a large-scale granulation suite that will allow the company to produce capsules and tables.
“Although CoreRx did not seek the additional capital, the offer as well as the leadership and business contacts provided by Signet Healthcare was a selling point toward completion of this deal,” Daviau said in a statement.
CoreRx currently has more than 60 people on its staff and plans to add 25 more by 2017, said its CEO.
Daviau told the Tampa Business Journal that the company is also looking at adding more than 40,000 square feet via a third facility, following its news last year that it had partnered with Menlo Park, Calif.-based TesoRx on a separate site to produce oral testosterone drug TSX-002.
CoreRx has seen its business grow by leaps and bounds in recent years, gaining a whopping $10 million in revenue in 2014, a significant jump from its $6.6 million 2013 revenue. Attracting the attention of Signet, which provided on of Florida’s largest investments last year when it staked $20 million in Sancilio & Co. Inc. in Riviera Beach, Fla., is a good sign the company is gaining traction.
CoreRx specializes in customized pre-formulation services, formulation development, manufacturing, and analytical services to pharmaceutical, biotechnology, academic and veterinary clients. The company works to get potential drugs to clinical trials as quickly as possible.
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