Nation’s Leading Investigative Sites Join LabConnect; Designing A Central Lab with the Investigative Site in Mind
LabConnect today announced it has closed on $1.8 million in financing through a combination of equity and convertible debt. Remarkably, LabConnect’s “angel” investors are almost exclusively clinical research investigators rather than venture capitalists.
“LabConnect’s vision is to be the central lab of choice for investigative sites and sponsors,” said President and Chief Executive Officer Eric Hayashi. “I’m flattered that many of the country’s most experienced clinical research investigators have seen our capabilities and decided to invest.” The Company’s 40 investigator-investors include researchers from the country’s largest and most well-known sites including the Alliance for Multispecialty Research, Clinical Research Network, Essential, OsNet, and Radiant Research.
Commented Howard Schwartz, MD, Medical Director at Miami Research Associates, “LabConnect’s business plan was simple — better central lab service at a lower cost. What sold me was their innovative, low-overhead business model and the fact that their sales quadrupled in 2004.”
“We had a nice uptick in sales last year which in turn led to more interest among investors — and it certainly doesn’t hurt that our client retention is 100%. We’re finding particularly good response among cost-conscious, emerging biopharmaceutical companies looking for individualized attention,” added Hayashi.
LabConnect’s investors also include seasoned industry professionals such as Judy Hardardt, former founder, president and chief executive officer of the Hardardt Group (now Omnicare) who serves on the company’s board, and Eugene Baillie, MD, a pathologist and past president of the American Society for Clinical Pathology who has joined LabConnect as its medical director.
About LabConnect, LLC
Privately-held LabConnect ( http://www.labconnectllc.com ) provides central laboratory services for the biopharmaceutical industry. LabConnect is committed to delivering high quality central laboratory services by providing specialized customer service, innovative data management and reporting systems, and competitive pricing structures.
