CRO Analytics Announces LabWare as Lead Series A Investor
Investment to support launch of pilot program for company’s innovative Clinical Trial Quality System, Performer™
New Hope, PA, December 8, 2014 –
CRO Analytics, the leading provider of validated clinical trial performance data, announced LabWare, the market leader in laboratory information management systems, as the lead investor in the recently launched Series A round of funding. LabWare CEO Vance Kershner, was named to the CRO Analytics Board of Directors in conjunction with the investment, which will be used to support the Pilot to Production program of its Clinical Trial Quality System (CTQS), Performer™.
“We are thrilled to have LabWare, who brings immense experience and expertise in clinical research, as our lead investor at this crucial stage of CRO Analytics’ growth, including the recent launch of our Pilot to Production program,” said Peter Malamis, CEO of CRO Analytics. “LabWare and Vance bring value well beyond capital as they understand and support our business model and strategy, know our market, and fit our culture.”
Performer, the only validated CTQS in the industry, is a cloud-based software platform designed to improve clinical research by assessing clinical trial performance through a series of instruments developed over a two-year validation process. The online tools take less than five minutes to complete and measure the quality of more than 70 functional areas and professional skills involved in clinical trial delivery. The data is analyzed using a series of algorithms to deliver actionable insights through standard and custom reports to clinical trial teams, functional area leads, and executives. The company launched Performer Version 1.0 earlier this year accompanied by the initial version of its Trial Management and Oversight Module for Phase 2-4 clinical trials.
“LabWare has sold software and related services in the clinical research market for more than two decades, so we understand how critical it is to solve the problem of delayed and over budget trials. We also know how frustrated our customers are with the existing approaches to assessing and improving their trial performance,” stated Kershner. “After our first meeting with CRO Analytics, it was clear that their platform and methodology will play a significant role in solving all of those challenges.”
The recently launched Pilot to Production program is designed for a limited number of CROs and sponsors to work directly with CRO Analytics to develop a deeper understanding of how Performer is used, adds value, and can be improved prior to its full launch next year. “Two companies have confirmed their participation in the program, and we are still looking to add four others,” said Malamis. He added that the ideal participant is a company committed to improving their clinical trial performance, frustrated with their current quality metrics, and willing to work closely with them over a six-month period.
“We’re acutely aware that trial performance problems have a very real impact on the health and well-being of patients in the US and around the world,” said Malamis. “The sooner we begin to properly assess trial performance, the faster we advance trials and get new and improved treatments to market. It’s that simple.”
Those interested in participating in Pilot to Production are asked to contact CRO Analytics CEO, Peter Malamis at firstname.lastname@example.org.
About CRO Analytics
CRO Analytics provides the only validated performance data collection system for clinical trials, providing straightforward access to reliable benchmarking, key performance drivers and predictive analytics in an intuitive format – making clinical research better, faster and less expensive. To learn more, please visit croanalytics.com.
About LabWare, Inc.
LabWare is recognized as the global leader of Laboratory Information Management Systems (LIMS) and instrument integration software products. LabWare is a full service provider offering software, professional implementation services and validation assistance, training, and world class technical support to ensure our customers get the maximum value from their LabWare products. For more information, visit the LabWare website at: www.labware.com.
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