DrugDev, a network of active clinical trial doctors, has acquired TrialNetworks, a cloud-based suite of collaborative trial management apps and site-facing tools designed to improve processes, ensure transparency and streamline timelines for clinical trial operations.
The TrialNetworks platform, which is a Clinical Trial Optimization System, is used from startup through closeout by sponsors such as Merck and Biogen Idec.
“TrialNetworks' technology will become the site facing interface for DrugDev, and their client facing applications will integrate with DrugDev’s solutions,” Brett Kleger, COO of DrugDev, told Outsourcing-Pharma.com.
Erik Silberstein, CEO of TrialNetworks, told us that DrugDev will offer TrialNetworks a larger footprint with which to work, which offers us a chance to be used by more companies…For our customers, we’re remaining as a business unit within DrugDev, so they’ll still see the same quality “.”
He added that the adoption of new cloud-based technology is speeding up, though only “a few years ago this was a very novel concept.”
TrialNetworks aims to expand the tech-driven solutions to help sponsors, CROs and sites do more trials together. The company offers tools and applications that provide study teams with new ways to manage progress and timelines, which could be of great help to DrugDev, which has a platform for over 80,000 trial physicians in 93 countries.
The acquisition offers TrialNetworks more contact with customers in big pharma and medium-sized biotech, Silberstein said.
Kleger added that some “clients are common between DrugDev and TrialNetworks, but there are many unique relationships which provide an opportunity to consolidate client needs with an integrated solution.”
The acquisition, which follows on DrugDev’s recent acquisition of site payment specialist CFS Clinical , continues DrugDev’s strategy of assembling solutions to solve longstanding inefficiencies in the clinical trial industry. The transaction was supported by a follow-on fundraise from Invesco Perpetual.
“With an increasing cost and complexity to run clinical trials, and various niche providers addressing specific needs, the need for simple standardized solutions is at a high,” Kleger added. “Cloud based solutions offer an opportunity to provide more seamless interactions, and DrugDev is at the forefront to standardize solutions to simplify the life of sites and bring more products to market.”