Mount Laurel, NJ and Salt Lake City, Utah, January 19, 2011- CRI Worldwide, LLC ("CRI") today announced that it has completed the acquisition of Lifetree Clinical Research, LC ("Lifetree").
The combination of CRI and Lifetree creates one of the nation's largest research organizations focusing on the conduct and design of Early Stage, patient population clinical trials. This will expand CRI's Clinical Pharmacology capacity to more than 120 beds, making CRI one of the largest providers of patient population Phase I services in the United States. The combined organization will provide sponsors access to more than 6 million people while providing a broad range of psychiatry and neurology research products and services at three research sites located in New Jersey, Pennsylvania and Utah.
"The addition of Lifetree's 60 Phase I beds in Salt Lake City will further strengthen CRI's Clinical Pharmacology Network," stated Dr. Howard Hassman, Founder and Chief Scientific Officer of CRI Worldwide LLC. "Lifetree's deep experience in both pain management and human abuse liability trials combined with their expertise in performing complex studies will enhance CRI's widely recognized capabilities in the area of central nervous system and neuroscience drug development services."
Jeffrey Kinell, President and Chief Executive Officer of CRI, noted, "As they seek to improve returns on research investments, drug companies and contract research organizations increasingly need clinical research sites that can offer highly specialized services and access to patient populations. I am confident that the clinical and operational strength of the CRI and Lifetree teams will provide our clients with the knowledge that their clinical trials will be completed on time at the highest levels of quality and efficiency." Kinell continued, "One key element of the combination is that Lifetree's founders Alice Jackson, RN, and Lynn Webster, MD, will remain with the company and continue to lead operations in Utah while becoming part of the combined organization's senior management and clinical teams."
Founder and President of Lifetree Alice Jackson said, "As clients continue to seek more value for their research spending, the focus and commitment of the combined CRI and Lifetree teams offers a level of service that cannot be matched. There is a pedigree of excellence at both CRI and Lifetree, and the opportunity to offer even more expertise and more resources to our clients is exciting. The combination with CRI is the next step in our growth strategy and fulfills a long-time goal for Lifetree to expand our early phase work in pain and human abuse expertise to include psychiatry and neurology services. CRI will provide Lifetree with both operational and financial resources to continue to do what we do best and to expand the capabilities of Lifetree Center for Neuroscience Research."
Dr. Lynn Webster, Founder and Chief Medical Officer of Lifetree commented, "Combining the expertise of CRI and Lifetree will build upon the legacy of patient commitment, high-quality services and scientific advancement. CRI and Lifetree share a common culture and vision focused on better serving patients and our clients with innovative research capabilities."
About CRI Worldwide, LLC.
CRI Worldwide is a leader in clinical research with specific expertise in Psychiatry, Pediatrics, Pain and Neurology. CRI specializes in assisting sponsors in the most complex of clinical trials by providing the highest quality services for patients and timely results to sponsors. Operating from facilities in Philadelphia and New Jersey, CRI conducts inpatient and outpatient clinical research trials in patients and in healthy volunteers. The CRI Phase 1 Units are located inside fully accredited medical and psychiatric hospitals. This unique hospital setting ensures the utmost care in patient safety. CRI works with sponsors to assist them in the design and successful execution of drug development plans that expedite the successful transition to Phase II proof of concept. For additional information about CRI, visit the company's website at www.criww.com
About Lifetree Clinical Research, LC.
Located in Salt Lake City, Utah and founded in 2003, Lifetree offers multi-therapeutic Clinical Trials Management site expertise in Phase I-IV clinical trials in its state of the art 35,000-square-foot, 60-bed research facility. As a leader in Early Stage Research (Phase I-IV) the Lifetree clinical team specializes in Human Abuse Liability, Analgesia Pain Model Development, Sleep Medicine and Addiction. Lifetree's facility includes an on site operating room and pharmacy capable of handling all scheduled (I-IV) drugs. Lifetree clinical services include advanced expertise in first-in-human/MTD, bioavailability and bioequivalence, PK/PD /proof of concept, pain model development and cerebral fluid sampling. For additional information about Lifetree, visit the company's website at www.lifetreeresearch.com