Velocity Clinical Research growth skyrockets with eight site acquisitions | News
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DURHAM, N.C., Sept. 07, 2022 (GLOBE NEWSWIRE) — Velocity Clinical Research (“Velocity”), the leading integrated research site organization, today announces it has acquired MedPharmics, a multi-site company based in the US. The acquisition brings Velocity’s total number of locations to 40 sites across 19 U.S. states and Europe.
With this acquisition, Velocity will add just over 100 employees of diversified backgrounds to the existing headcount of 750. The additional eight sites give Velocity recruitment capabilities in five new U.S. states, spanning from the Southeast to Southwest, and access to patients from diverse groups, including African Americans & Native Americans—a critical challenge in clinical research.
Dr. Paul Evans, Chief Executive and President of Velocity, said, “We know that Sponsors and clinical research organizations (CROs) need a diverse mix of patients to take part in clinical research. Acquiring MedPharmics was a no-brainer. It has a proven track record for reaching patient populations that are typically difficult to gain access to—in particular from Native American and African American communities.”
MedPharmics was established in 2012 in Metairie, Louisiana, as a standalone research site. Founded by Dr. Robert Jeanfreau, Medical Director, and Andrea Jeanfreau, Chief Executive, it has grown to be a multi-site company with eight dedicated research facilities across Alabama, Arizona, Mississippi, New Mexico and Louisiana. Both directors will stay with Velocity post sale.
Andrea Jeanfreau, CEO of MedPharmics, said, “MedPharmics has a rich history in recruiting people to clinical trials from the most hard-to-reach communities. We are also proud to be leaders in women’s health studies and will expand Velocity’s overall expertise in this area. The integration with Velocity will increase therapeutic capabilities at the sites and help employees deliver the highest level of patient care and data collection. I’m personally looking forward to staying on with the company post acquisition to support this growth.”
Velocity was acquired in April 2021 by private equity firm GHO Capital, when it had 14 sites in the U.S., and has grown rapidly since then. All sites are wholly owned and fully integrated by a common technology stack and management infrastructure, giving them the support they need to deliver high quality studies faster and at scale.
Evans added, “The clinical trials industry is rapidly evolving. The landscape is traditionally fragmented with clinical research being carried out as a side business to clinical practitioners’ day jobs. The rise of more dedicated research facilities and consolidation within that space, signals a maturing market, which can only be a good thing for speeding up drug development.”
Velocity has a pipeline of deals to significantly expand its U.S. and European network of sites by the end of 2022. Its fully integrated model is the first and largest of its kind, which allows for superior patient enrollment and consistent, high-quality data delivery. As a result, CROs and big pharmaceutical companies can benefit from simplified access to international clinical research across primary and specialty care areas.
Notes to editors:
- A full list of Velocity’s sites can be found on its website.
About Velocity Clinical Research
Velocity Clinical Research, headquartered in Durham, N.C., is the leading integrated site organization for clinical trials, offering dedicated site capabilities to help biopharmaceutical and contract research organization customers find the right patients for their studies. Velocity supports global drug development in primarily conducting phase II and phase III clinical trials. The company has 40 locations globally.
We place the care of the patient at the heart of everything we do. With over 35 years of experience running sites and nearly 8,000 studies completed, Velocity has refined its patient recruitment strategies while maintaining a focus on delivering timely and reliable data quality. For more information visit our website at https://velocityclinical.com.
About MedPharmics
MedPharmics was founded in 2012 by Robert Jeanfreau, MD, CPI, Medical Director, and Andrea Jeanfreau, BSN, MHA, Chief Executive Officer when it opened its first site in Metairie, Louisiana. In 2016 the company began to expand with additional sites in Covington, Lafayette and Slidell (all Louisiana), Mobile (Alabama), Phoenix (Arizona), Gulfport (Mississippi) and Albuquerque (New Mexico). The sites specialize in primary care, women’s health, vaccines and pediatric trials. MedPharmics highly experienced staff consists of physicians, nurse practitioners, nurses, certified clinical research coordinators, and medical assistants, conducting research across a variety of phases and therapeutic areas.
Media Contact:
Katie Evans
+44 7903 073570
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb28e27e-5a24-4fb5-ac5d-c2a4c2c614e5
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