Iuvo BioScience acquires Promedica International
The combined organization will support all aspects of ophthalmic clinical research, from front of the eye to back of the eye, leveraging an even larger team of experts with centuries of collective experience in ophthalmology.
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Iuvo BioScience announced it has acquired Promedica International, a California Corporation ("PMI"), a specialty ophthalmology-focused clinical CRO.
According to a news release, The combined organization will support all aspects of ophthalmic clinical research, from front of the eye to back of the eye, leveraging an even larger team of experts with centuries of collective experience in ophthalmology. As part of the transaction, iuvo has announced the appointment of Shannon Stoddard as President, Clinical Research for the combined clinical research business. Shannon will also serve on the Board of Directors of iuvo BioScience.1
Ben Burton, the president and CEO of iuvo, pointed out that he has known Shannon Stoddard, president and owner of PMI, and members of the PMI team for several years and is impressed with their expertise and industry-leading position in the marketplace.
“Shannon's employee-centric and Sponsor-dedicated approach is a perfect strategic and cultural fit with the iuvo team,” Burton said in the news release. “Under Shannon's leadership, we will remain focused on what has made each business successful: excellent client service, outstanding therapeutic expertise and an experienced team dedicated to collaborating with each other and the sponsor."
The acquisition has been supported by private equity firm Ampersand Capital Partners, the combined business is well-positioned for continued growth as it becomes a global leader in delivering end-to-end laboratory, consulting, and clinical development services with a focus in ophthalmology and the broader medical device market.1
Moreover, according to the news release, in the wake of the combination of the firms, iuvo and PMI will be positioned as the only niched ophthalmology service provider able to support customers from the early pre-clinical and laboratory stages through all phases of clinical development within one integrated organization.
Stoddard said the PMI team is thrilled to join iuvo BioScience.
“Our company was formed nearly forty years ago with the sole focus of providing differentiated clinical research services to medical device and pharmaceutical companies across the globe,” Stoddard said in the news release. “We have had an impressive track record of Sponsor approvals and look forward to continuing this trend as part of iuvo.
Stoddard also noted that throughout the years, the company’s sponsors have remarked that when working with PMI, they consider the team to be more than a vendor, but instead an integral part of their clinical department.
“This is the highest compliment we can receive, and we strive to earn this sentiment with each clinical project we undertake,” Stoddard concluded.
Founded in 2015 and headquartered in Rochester, New York, iuvo BioScience is a specialized provider of preclinical, clinical, and consulting services to biotech, pharmaceutical and medical device customers.
Promedica International is a privately held corporation with headquarters located in Costa Mesa, California. Founded in 1985, the company provides specialized clinical research services to the medical device, biotech and pharmaceutical industries.
