Oct. 3, 2007 – CRI Worldwide, Inc., a leading provider of clinical research services to the global pharmaceutical industry, announced that it has partnered with private equity investors Ampersand Ventures and SV Life Sciences in conjunction with the company’s expansion strategy. In addition, CRI announced that Earle Martin has joined the CRI Worldwide Board of Directors as Executive Chairman.
“CRI is delighted to partner with SV Life Sciences and Ampersand Ventures,” said Dr. Howard Hassman, Founder and Chief Scientific Officer, CRI Worldwide, and a member of the company’s Board of Directors. “Both entities bring significant healthcare experience and financial resources that will be invaluable as we enter our next growth phase. Moreover, I am extremely pleased that Earle Martin has agreed to join the Board to work with the management team as we execute on near-term opportunities, and pursue our multi-year growth plan.”
Since its formation in 2000, CRI Worldwide has grown to include five clinical research facilities in Southeastern Pennsylvania and Southern New Jersey, including venues for both inpatient and outpatient studies. The company has extensive experience in conducting clinical trials related to central nervous system (CNS) disorders – one of the most rapidly growing segments of pharmaceutical research. CRI has pioneered a unique model for conducting inpatient studies within acute care facilities, thereby providing access to physician subspecialties, specialized procedures and emergency response teams that cannot be matched by stand-alone Phase I units.
“CRI has established an exceptional model for conducting early stage learning studies in patients in an acute care environment under the safest possible conditions,” stated Earle Martin, Executive Chairman, Board of Directors, CRI Worldwide. “This capability addresses a critical and growing need among pharmaceutical sponsors, which has led to strong growth at CRI. I look forward to working closely with the CRI management team and new investors to build on the company’s successful track record.”
Martin is co-founder of NDA Partners, a drug development strategy consulting group, and was formerly the CEO and Chairman of PRA International. He has more than 20 years of business operations experience in the drug development and information technology industries.
The transaction with Ampersand Ventures and SV Life Sciences represents CRI’s first institutional financing. In conjunction with this financing, Darren Black of SV Life Sciences and Herbert Hooper of Ampersand Ventures have joined CRI’s Board of Directors.
CRI Worldwide, Inc., with headquarters in Clementon, NJ, is a leading provider of clinical development testing services for central nervous system and psychiatric drugs. The company conducts inpatient and outpatient studies in fully licensed and accredited acute care hospitals. Additional information is available at www.criww.com.
| 
