CRO and sponsor payment service provider Clinverse announced a record first quarter to start 2014, with the addition of four significant new clients, as well as strong additional repeat business from existing clients.
As backlog increased by 132%, Clinverse won a 5-year agreement with a top CRO, which means Clinverse will immediately implement ClinPay across their organization and automate investigator payments for existing and future Phase 1 through Phase IV global studies.
OmniComm and Clinverse partnered back in September , as OmniComm combined its EDC (electronic data capture) system with Clinverse's ClinPay tool.
The implementation of the Sunshine Act also “has been a positive impact on our business as it is driving awareness, as well as making accurate payments a key requirement in any solution chosen by a CRO or sponsor,” Jay Trepanier, CFO of Clinverse, told Outsourcing-Pharma.com.
“Our reporting capabilities and metric scorecards are very attractive because of the Sunshine Act regulation.”
“With an increase of more than 132% in backlog, we’re in an excellent position in a fast-growing industry,” Trepanier said. “We’re gaining great traction and quickly becoming recognized as the leader in a relatively new, and rapidly growing, untapped market.”
The company, which exceeded revenue expectations by 12%, also won two strategic partnerships from a mid-size biopharma client and a global 500-site Phase III rescue study for a smaller biotech client.
In Q1 the company also upped its investments in strategic programs and will release four new additions to the ClinPay product suite this year.
“This quarter has set the pace for what is expected to be a great year for Clinverse,” said Denis Connaghan, CEO, Clinverse, Inc. “The market growth has resulted in our pipeline more than doubling over the past 9 months.”
The future quarters also seem to have be garnering high expectations. Trepanier added that there’s a “huge upside and expectations as our Q1 results indicate” as long term agreements have been reached with large CRO and sponsors, as well as repeat customers. “Backlog and pipeline [are] showing substantial growth, which bodes very well for our future," he added.