Expanding into financial management solutions for clinical trials
Bioclinica, formerly Bio-Imaging Technologies, a specialist clinical trials services and technology provider, headquartered in Princeton, NJ, US, has acquired Clinverse, a supplier of financial management technology solutions for clinical trials, for an undisclosed sum.
Bioclinica said the acquisition expands the firm's offerings in automated financial management technology solutions for global clinical trials and is another step in building it into 'a leading provider of solutions that bring quality and efficiency to every phase of clinical trial development'.
Headquartered in Durham, North Carolina, Clinverse automates and manages the financial lifecycle of global clinical trials for contract research organisations (CROs) and pharmaceutical companies. Its products pay clinical trial sites, vendors and their subjects; budgets and forecasts trial expenditures and converts tax and exchange rates in more than 200 countries and 140 currencies globally.
'We are delighted to add Clinverse's capabilities to Bioclinica's portfolio of solutions,' said Dr John Hubbard, President and Chief Executive, Bioclinica. 'Managing clinical investigator payments has been a significant challenge for our industry. For years, sponsors have manually tracked and paid clinical trial sites. Clinverse developed one of the first automated solutions to alleviate companies of this burden. The company is making a significant impact in reducing costly errors, improving satisfaction and increasing operational efficiencies to mitigate this major pain point in drug development.'
Clinverse will become part of Bioclinica's eHealth Solutions business segment, which offers technology solutions to support pharmaceutical companies and CROs in the efficient management and conduct of clinical trials, as well as Safety and Regulatory Solutions.
In addition to eHealth technologies, Bioclinica offers services encompassing medical imaging and biomarkers, patient recruitment and retention services, a research site network and a post approval research division.
Jay Trepanier will continue to lead Clinverse as Chief Executive and report to Mukhtar Ahmed, President of Bioclinica's eHealth Solutions Segment.