iuvo BioScience Acquires Promedica International to Expand Ophthalmic Clinical CRO Services
FOR IMMEDIATE RELEASE
January 18, 2024
Rochester, NY, January 18, 2024 – iuvo BioScience, a specialty PROTM (Partner Research Organization) providing preclinical and clinical development services, laboratory services, and scientific consulting services, today announced it has acquired Promedica International, a California Corporation (“PMI”), a specialty ophthalmology-focused clinical CRO. 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.
Ben Burton, President and CEO of iuvo, stated, “I have known Shannon and the PMI team for several years, and have great respect for 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. 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.”
Backed 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. Through the combination of the two companies, iuvo and PMI will be 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.
Shannon Stoddard, President and Owner of PMI, remarked “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. We have had an impressive track record of Sponsor approvals and look forward to continuing this trend as part of iuvo. Throughout the years, our Sponsors have remarked that when working with PMI, they consider our 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.”
About iuvo BioScience
Founded in 2015 and headquartered in Rochester, NY, iuvo BioScience is a highly specialized provider of preclinical, clinical, and consulting services to biotech, pharmaceutical and medical device customers. The company’s facility features laboratories for analytical chemistry / formulation development, microbiology, and toxicology, as well as an on-site AAALAC-accredited vivarium to support preclinical testing. iuvo provides a full-service suite of clinical trial services including clinical trial design, regulatory, bioinformatics, pharmacovigilance, project and site management, medical monitoring and medical writing focused solely in ophthalmology. iuvo also has an end-to-end scientific consulting offering spanning regulatory, quality, preclinical and CMC consulting, serving clients from Concept to Commercialization. Additional information about iuvo is available at www.iuvobioscience.com.
About Ampersand Capital Partners
Founded in 1988, Ampersand Capital Partners is a middle market private equity firm with $3 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit www.ampersandcapital.com or follow us on LinkedIn.