Salt Lake City, Utah – November 6, 2008 - DW Healthcare Partners ("DWHP") today announced completion of an investment in Pacific Data Designs, LLC (”PDD”) and ClinPro Inc. Both companies are experienced contract research organizations ("CROs") supporting the pharmaceutical, biotechnology and medical device industries.
This investment will create an organization that is a best in class market leader in the CRO market specializing in Data Management and Statistical/Programming services to the Biotech, Medical Device, and Pharmaceutical industries. The mission is to apply the combined professional knowledge, staff, technology and skills to support and assist clients in advancing and accelerating their therapeutic clinical drug development initiatives.
"We believe both ClinPro and PDD have outstanding expert staff and a superior service offering in the market," said Doug Schillinger, Managing Partner at DW Healthcare Partners. "We are thrilled with the opportunity to have PDD and ClinPro join forces. Both companies have established reputations for excellence and are well positioned to benefit from increased outsourcing from drug sponsors during clinical and post-marketing trials."
The yet to be named combined company is led by Chief Executive Officer, Dr. Denis Lin, who successfully led another CRO market segment company in DWHP’s portfolio.
“The management team is excited about the opportunity to expand its working relationship with DW Healthcare Partners." said Dr. Lin. "The opportunity to merge PDD and ClinPro, with identical philosophy in terms of serving clients expertly is unique. We believe the combined company will be able to offer better services because of the increased depth of knowledge, expertise, experience and capacity. Furthermore with the bi-coastal locations we will be closer to our clients and potential clients.”
Jean Pineault is the Chief Operating Officer of PDD and Doron Steger is the Chief Executive Officer of ClinPro.
“We are thrilled to have found a true first class partner moving forward.” said Mr. Steger. “In PDD we saw exactly the characteristics we have built in our firm, namely, commitment to our clients and their objectives, quality and pride in our work, and efficiency through improved processes and superior technology. We believe this merger will be a great benefit to our clients and our employees.”
For additional information please visit www.pdd.net and www.clinpro.com.
About DW Healthcare Partners (“DWHP”):
DW Healthcare Partners ("DWHP") is a private equity firm focused exclusively on the healthcare industry. The firm invests in profitable healthcare companies with proven management teams and is led by three seasoned healthcare executives with more than 80 years of combined experience in the industry. DWHP provides the capital, strategic guidance, and acquisition expertise to help mid- to late-stage companies realize their potential for growth. For more information, please visit www.dwhp.com or contact David Goldberg, DW Healthcare Partners, firstname.lastname@example.org (801) 365-4001.
Updata Advisors, Inc. acted as sole financial advisor to ClinPro in connection with the combination of PDD and ClinPro. Morse Zelnick Rose & Lander LLP provided legal counsel to ClinPro in connection with the combination.