A Jersey City provider of clinical trial solutions and services has a deal in place that means more investment now – and more jobs in the future.
TrialScope on Tuesday announced the completion of its purchase of substantially all the assets of Deloitte Analytics, including the PharmaCM business. That business, which provides technology solutions for clinical trial registration and transparency, will become the name for TrialScope’s pharmacy-focused line of services.
“The capability that PharmaCM brings to TrialScope really becomes the central foundation of TrialScope,” said Mike Forgash, CEO of TrialScope.
Terms of the deal, which was official as of May 30, were not disclosed. However, it includes the investment of $5 million by Dublin Capital Partners, Edison Ventures and NewSpring Capital.
That money will help TrialScope develop its current products, as well as new ones, according to Forgash.
“We anticipate substantial job growth, especially over the next 12 to 18 months,” he said. That could mean increasing his work force of 30 by 25 percent, he added, in addition to retaining the PharmaCM workers who wanted to stay on.
ALSO ON NJBIZ: