Media Contact
Kelly Zitlow, 847-858-5230
kelly.zitlow@waterstreet.com

Water Street Expands Team to Support Companies

Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has appointed Paul T. Cottey as chief information officer.

A former executive partner with Accenture, Mr. Cottey brings nearly 30 years of information technology experience to Water Street.  He will collaborate with the firm’s group of health care companies to engage and align their IT strategy and infrastructure to support their growth objectives.

During a nearly 20-year career with Accenture, Mr. Cottey consulted with numerous corporations on their IT strategy.  He also oversaw IT initiatives for a variety of companies as vice president of IT and Systems at The Gores Group.  Mr. Cottey has significant health care experience, having served as CIO of Accretive Health, Inc.  During his tenure with the company, he was recognized as one of ComputerWorld’s Premier 100 IT Leaders.  Prior to Water Street, Mr. Cottey was CIO and a member of the executive leadership team of Patient Matters, LLC.

“We are excited to expand our team of health care executives and investment professionals with another leader of Paul’s caliber,” said Kevin Swan, partner, Water Street.  “His expertise in information technology strategy and operations brings another important component of support to growing and creating long-term value in our family of health care companies.”

Mr. Cottey augments Water Street’s Corporate Resources Group, which is comprised of specialists who work with the firm’s companies to execute strategies that support their growth objectives.  The group offers expertise in corporate communications, corporate development, information technology and talent management.

Water Street has completed more than 50 strategic acquisitions and mergers to build 22 market-leading companies in key segments of health care since its founding in 2005. The firm is pursuing proprietary investment opportunities in four segments of health care:  medical and diagnostic products and devices, specialty distribution, outsourced health care services, and specialty pharmaceutical products and services.  Target investments range in size from $50 million to $500 million in value.

Expand

BioClinica Acquires MediciGroup to Expand Services

BioClinica®, Inc., a specialty clinical trials services and technology provider, today announced that it has acquired a leading global patient recruitment and retention firm, MediciGroup®, Inc. (Medici).

The acquisition includes affiliates MediciGlobal, Ltd. and Access to Patients, LLC.  Medici also provides a lost-to-follow-up patient locate service (L2FU®) that finds missing patients globally.  Together with Medici, BioClinica will offer pharmaceutical companies comprehensive patient recruitment and retention services that improve the speed and efficiency of global clinical trials.

“This exciting acquisition adds a powerful patient recruitment, retention and lost-to-follow-up engine to BioClinica,” said BioClinica CEO John Hubbard, Ph.D. “Medici’s proprietary technologies and processes ensure eligible patients are enrolled and retained in clinical trials, further accelerating clinical development timelines.  As one company, we will bring a new clinical services model to our customers that is thoughtfully designed to achieve high-performance efficiencies in global trials.”

Medici leads the industry in its ability to recruit patients from all over the world for clinical trials across numerous therapeutic areas, specializing in orphan disease and unique patient populations for hard-to-recruit clinical trials.  Medici manages over 30 global patient communities online which, along with their patented tools and cutting-edge digital methodologies, help clients meet or exceed their recruitment goals.  The company has implemented more than 200 programs for some of the world’s largest pharmaceutical companies since its founding in 1992.  Medici is distinguished by the quality of patients sent to sites based on a multi-step screening process using patented tools and digital methods. Its proprietary L2FU technology maintains clinical trial integrity and minimizes missing patient data by significantly reducing the number of patients lost to follow-up.

“We not only find your patients – we help keep them,” said Liz Moench, founder and CEO, Medici.  “Together with BioClinica, our services will deliver an important model focused on speed, quality and cost efficiency for clinical trials implementation.  I find the openness of BioClinica’s leadership to pursue new technologies and approaches especially exciting for our customers as we move toward the future.”

BioClinica and Medici have already worked together on studies where the Medici Global team has leveraged data from BioClinica’s technology.  The two companies recently collaborated to complete enrollment for a global study ahead of schedule.

“When we integrate our recruitment metrics with BioClinica’s system, we can manage clinical trials in real time. This enables us to monitor enrollment rates by sites and drive performance at all levels – recruitment marketing and site performance from start to end,” said Moench.

Moench will lead the company’s global patient recruitment and retention services, headquartered at BioClinica’s Philadelphia-area office.

About MediciGroup Inc.

MediciGlobal is in the business of making a meaningful difference to patient health—by identifying and engaging patients for clinical trials, and by building deep and lasting connections with its many stakeholders: patients, researchers and pharmaceutical sponsors. MediciGlobal’s clinical trial recruitment practices are guided by global standards and by a concern for the lives of the patients who put their trust in the Medici team. MediciGlobal makes certain that those who participate in clinical trials fully understand what clinical trial participation means, and that their participation is guarded by strict privacy policies. MediciGlobal is an industry leader in the use of social media and internet-based technologies to connect patients with physicians to clinical trials and advance new medicines; its more than 30 Facebook communities exceed 1 million fans and more than 12 million visitors weekly. MediciGlobal meets BBB OnLine® and WBENC accreditation standards and is certified as a Safe Harbor company. Visit www.mediciglobal.com to learn more.

About BioClinica, Inc.

BioClinica is a specialty clinical trials services provider that improves the development of new medical therapies by delivering expertise and technologies that enhance clinical research data and analytics, worldwide. The company offers industry-leading medical imaging services, enterprise eClinical technologies, clinical research centers and cardiovascular safety solutions that bring quality and efficiency to every phase of clinical development. BioClinica’s experience spans three decades and includes thousands of studies in all therapeutic areas.  The company serves more than 400 pharmaceutical, biotechnology, and device organizations – including all of the top 20 – through a network of offices in the U.S., Europe and Asia. For more information, please visit www.bioclinica.com.

Expand

Water Street Announces Pharmaceutical Partnership

Water Street Healthcare Partners announced today that it has formed a pharmaceutical development partnership with one of the world’s leading global health care companies.

The partnership expands Water Street’s pharmaceutical partnership program, which the firm established in 2013 as a new way to support corporations with leveraging their investment in developing pharmaceutical products and medical devices.

Water Street’s company Capstone Development Solutions (“Capstone”) will develop designated generic products on behalf of its newest corporate partner. Al Heller, former CEO of American Pharmaceutical Partners Inc. (APPI) and an operating partner with Water Street, will serve as chairman. Dan Robins, Ph.D., who has more than 20 years of experience in pharmaceutical research and development, will oversee Capstone’s team of scientists and regulatory experts. Once the designated products receive regulatory approval, Capstone will be compensated at a previously agreed-upon price.

“We are honored that another health care leader has entrusted us with developing its pharmaceutical products and supporting its commitment to launch new, affordable drugs,” said Mr. Heller. “We created this program as a new model to enable companies to bring more products to market, more quickly and efficiently. We look forward to working with more corporations to customize solutions through Capstone that advance their long-term goals.”

The partnership marks Water Street’s seventh investment in the pharmaceutical sector in the past six years and second investment in 2015. The health care firm acquired generic injectable drug services company Custopharm, Inc. earlier this year.

Expand

Temptime President Promoted to CEO

Temptime Corporation, the world’s leading provider of time-temperature indicators to the health care industry, announced today that its board of directors has promoted President Renaat Van den Hooff to chief executive officer. Mr. Van den Hooff, 56, has served as president of Temptime since 2011.

“Renaat deeply values Temptime’s mission of improving global health and has done an outstanding job of expanding Temptime’s products and services to organizations that are saving lives around the world,” said Curt Selquist, chairman, Temptime Corporation. “Renaat leads by example and has cultivated a highly talented team of employees who are focused on delivering results and developing the next generation of technology to meaningfully improve health care.”

Under Mr. Van den Hooff’s leadership, Temptime has expanded its capabilities to the world’s largest health organizations and pharmaceutical corporations. The company has broadened its portfolio of devices that monitor the temperature of vaccines and prescription drugs to blood and other biological products. Mr. Van den Hooff also spearheaded an expansion of Temptime’s operations that has doubled the company’s production capacity. He is currently leading initiatives to develop new technologies and extend Temptime’s presence into China and other markets.

“I am proud of Temptime’s recent accomplishments and performance, and want to thank the executive team and our employees for their continued passion and commitment to our mission,” said Mr. Van den Hooff. “It is exciting to lead Temptime in expanding its services and developing new technologies that will support the safe storage and distribution of a wide range of medical products across the globe.”

Mr. Van den Hooff has more than 30 years of global health care leadership experience. Prior to joining Temptime, he was worldwide president of Johnson & Johnson’s joint venture with Merck. He also held management positions with Johnson & Johnson in Belgium, the United Kingdom and the United States. Mr. Van den Hooff received a degree in economics from VEH – Brussels, Belgium and a master’s degree in marketing from the Vlerick Business School at the University of Ghent, Belgium. He serves as vice chairman of the board of a leading chapter of the National Multiple Sclerosis Foundation.

About Temptime

Temptime is the world leader in time-temperature indicators to the health care industry. The company plays a vital role in improving global health by providing solutions that monitor temperature-sensitive medical and biological products and devices. The world’s largest health organizations and manufacturers use Temptime’s indicators to support them with safely distributing medical products and supplies around the world. Temptime is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. To learn more about Temptime, please visit www.temptimecorp.com.

Expand

Orgentec Acquires Corgenix

Orgentec Diagnostika, a leading specialty diagnostics company in Europe, announced today that it has acquired Corgenix Medical Corporation (OTC QB: CONX.OB).

Headquartered in Broomfield, Colo., Corgenix develops and markets specialty diagnostic test kits in the United States and worldwide. The acquisition extends Orgentec’s global presence in the specialty diagnostics market following its partnership with Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

Corgenix broadens Orgentec’s portfolio of specialty diagnostic assays and expands its global footprint into the United States.   Together, Orgentec and Corgenix offer more than 350 tests, primarily enzyme-linked immunosorbent assays (ELISA) that diagnose a range of conditions, including autoimmune, vascular, infectious disease and organ function.   As one company, Orgentec and Corgenix serve thousands of hospitals and reference laboratories throughout Europe and the U.S., as well as the emerging markets of Asia, Latin America and the Middle East.

“We are pleased to expand our unique menu of diagnostic tests with Corgenix. The company gives us an immediate and important presence in the United States,” said Werner Hofacher, CEO, Orgentec.   “This acquisition is one of many initiatives that we have underway to build Orgentec into a global leader focused on helping health care providers diagnose rare conditions and diseases.”

Founded in 1988, Orgentec is an established leader in the European specialty diagnostics market. In the past three years, the company has launched more than 30 new assays. It partnered with Water Street in 2014 and several months later, reached an agreement to acquire Corgenix. A leading U.S. developer and manufacturer of diagnostic tests, Corgenix is the only company to have created a non-blood-based test that measures urinary thromboxane metabolites to determine aspirin effect.

“This acquisition brings together two highly regarded innovators in the specialty diagnostics market,” said Scott Garrett, chairman of Orgentec and senior operating partner, Water Street. “Water Street will continue to invest in Orgentec’s research and development initiatives and pursue targeted acquisitions that will further expand the company’s global platform of highly specialized diagnostic solutions.”

About Orgentec

Orgentec offers a portfolio of more than 350 tests, primarily enzyme-linked immunosorbent assays (ELISA), that help diagnose rheumatology, thrombosis and gastroenterology disorders, as well as infectious diseases. It also offers a fully automated instrument and associated test kits that enable laboratories to complete multiple assays and deliver faster results than traditional ELISA tests. Orgentec has a well-established position in Europe and a growing presence in Asia, Latin America and the Middle East. Orgentec is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information, visit orgentec.com.

Expand

Breg Promotes Brad Lee to CEO

Breg, Inc., a premier provider of sports medicine products and services, announced today that its board of directors has promoted Brad Lee to president and chief executive officer.

A 22-year veteran of the medical device industry, Mr. Lee, 49, has served as president of Breg for the past six years. Under his tenure, Breg has doubled its revenues and grown at two times the industry average.

“We are pleased to promote Brad to president and chief executive officer, the culmination of a rigorous process that we initiated several years ago," said Stuart Essig, chairman of the board of directors, Breg. "Brad is an enormously talented executive and effective competitor.  He has led Breg through a tremendous period of growth to position the company as an industry leader and innovator.  He is the right leader to continue to drive Breg’s expansion and profitability."

Since joining Breg in 2008, Mr. Lee has transformed the company from a products business into an organization offering comprehensive solutions to address the changing needs of orthopedic providers. In 2012, he partnered with Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, to transition Breg from a division of Orthofix International N.V. to a standalone company. Together with Water Street, he has expanded the company’s capabilities and completed three acquisitions, including United Orthopedic Group, to position Breg as a leading provider of sports medicine, rehabilitative products and services. The company recently was honored as one of San Diego’s top workplaces by the San Diego Union-Tribune.

“I am very excited about the current trajectory here at Breg and look forward to the continued success I envision for the business,” said Mr. Lee. “I am particularly encouraged by the rapid adoption of our orthopedic solutions, which focus on improving the quality of the orthopedic episode for patients and caregivers. Our partnership with Water Street has also provided key resources and expertise, which have enabled the creation of a market-leading organization.”

Prior to his career with Breg, Mr. Lee led business development for the orthopedics, biologics and sports medicine divisions of Orthofix.   Previously, he held senior-level positions with Biosite, a cardiovascular diagnostic testing company and LMA North America, a company specializing in anesthesia airway products. Mr. Lee also held management positions of increasing responsibility at ALARIS Medical Systems. He received his bachelor’s degree in chemical engineering from North Carolina State University and a master’s degree in business administration from The Fuqua School of Business at Duke University.

About Breg, Inc.

Breg provides premium, high-value sports medicine products and services that advance orthopedic patient care. From pioneering cold therapy and innovative bracing to caring customer service and award-winning orthopedic practice business solutions, Breg delivers a 360⁰ customer experience unmatched in the industry. Founded in 1989, Breg is based in Carlsbad, Calif., and is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. Visit www.breg.com.

Expand

Water Street Announces New Investment

Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has invested in Custopharm, Inc., a generic injectable drug services company.

Water Street’s team, which has years of experience in the pharmaceutical services sector, has committed equity to both acquire and expand the Carlsbad, Calif.-based company. The health care firm has recruited William Larkins, Ph.D., former vice president and general manager of Bedford Laboratories, to serve as chief executive officer of Custopharm.

“Water Street’s partnership with us is much greater than a financial one,” said Dave McCleary, co-founder and president, Custopharm. “Over the past year, its team has worked with us to develop a strategic plan and engage an experienced leader who will help us build Custopharm into a premier provider of generic injectable drug services. I am excited to work with Bill and the Water Street team to offer our customers more extensive services long-term.”

Custopharm specializes in generic injectable product development and regulatory consulting services. Its team of scientists has completed formulation and methods work on a range of generic injectable products. The company has drafted and filed hundreds of abbreviated new drug applications (ANDAs) on behalf of its customers. Founded in 2005, Custopharm has grown to serve more than 100 organizations across the pharmaceutical industry.

“Generic injectable products are a multi-billion dollar industry growing at a double-digit annual rate,” said Alan Heller, operating partner, Water Street. “Custopharm excels at sourcing materials and completing formulations to develop high-quality generic injectable products. We will expand the company’s development capabilities and regulatory consulting services to meet the increasing demand for generic injectable products as more branded drugs come off patent.”

Mr. Heller, who has more than 35 years of leadership experience in life sciences, will serve as chairman of Custopharm. Prior to joining Water Street, he was president and chief executive officer of American Pharmaceutical Partners Inc. (APPI). Dan Robins, Ph.D., and George Zorich, who both have extensive experience in the generic injectable drug industry, will also join the board of directors.

“It is rare to have an opportunity to work with such an impressive group of executives,” said Dr. Larkins. “This board brings experience from all perspectives of the generic injectable industry. I look forward to working together to build on Custopharm’s strong foundation.”

Custopharm is Water Street’s sixth investment in the pharmaceutical sector in the past six years. In 2013, Water Street partnered with one of the world’s leading pharmaceutical companies to create the drug development company Celerity Pharmaceuticals. It also invested in Temptime Corporation, which specializes in time-temperature indicators for medical products. Last year, the health care firm merged BioClinica, Inc. and CCBR-SYNARC to create a leading global provider of specialty outsourced clinical trial services. Water Street also owned AAIPharma Services, Inc., now part of Cambridge Major Laboratories Inc. and OraPharma, Inc., which was acquired by Valeant Pharmaceuticals International, Inc. in 2012.

Water Street is continuing to seek new opportunities to partner with middle-market companies interested in achieving next-level growth and corporations considering divesting non-core health care businesses. The firm targets investments ranging from $50 to $500 million in four health care sectors: specialty distribution, medical and diagnostic products, health care services, and pharmaceutical products and services.

Expand

Premise Health Appoints Chairman

Premise Health, a leading worksite health company dedicated to improving the cost and quality of employee healthcare, announced today that it has appointed Michael Mirt as chairman of the board.  Mr. Mirt, who previously served as president of HealthSpring, Inc., brings to Premise Health more than 30 years of leadership experience in the health insurance industry.

“We are honored to have a leader of Mike’s caliber join our board of directors,” said Stuart Clark, CEO, Premise Health. “His experience in advancing initiatives to improve the cost and quality of health care with the nation’s leading payers will be invaluable to our company. In particular, it will benefit our ongoing work to engage the worksite health center model in new ways to support organizations with improving the health of employees and their family members.”

Mr. Mirt helped spearhead HealthSpring’s transformation into one of the nation’s largest Medicare Advantage plans before the company was acquired by Cigna Corporation in 2012. Previously, he served as executive vice president and chief operating officer of AmeriChoice, a UnitedHealth Group company offering health care coverage to Medicaid and Medicare beneficiaries. Mr. Mirt also served as regional vice president of Cigna Healthcare. He is currently an executive advisor with Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

Water Street invested in and merged CHS Health Services and Take Care Employer Solutions, LLC, a former subsidiary of Walgreen Co., to form Premise Health last year. The company manages more than 500 worksite health and wellness centers for more than 200 of the nation’s leading employers. It provides organizations and their employees with a range of onsite health services including primary care, pharmacy, occupational health, wellness and condition management, physical therapy and fitness center management.

“I am excited to become part of the Premise Health team leading the transformation of worksite health care,” said Mr. Mirt. “We have a unique opportunity to leverage the worksite health center to engage employees in managing their health earlier and more actively than ever. In doing so, we can impact and potentially change people’s behavior to improve health outcomes long-term.”

About Premise Health

Premise Health is a leading worksite health company dedicated to improving the cost and quality of employee healthcare. With more than 40 years of experience, Premise Health manages more than 500 worksite-based health and wellness centers across the country. The company serves more than 200 of the nation’s leading employers, including a significant number of the Fortune 1000. Premise Health is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information on Premise Health, visit www.premisehealth.com.

Expand

CHS & Take Care Announce New Name

CHS Health Services (CHS) and Take Care Employer Solutions, LLC today launched the new name and brand of their combined company: Premise Health.

The brand is designed to reflect the company’s commitment to advancing worksite health, increasing patient engagement and improving health outcomes for employers and their workforces.

“The brand Premise Health captures the core of our mission, which is to engage employees and their families in meaningful ways that change behavior and improve health, so they and their employers can be at their best every day,” said Stuart Clark, CEO, Premise Health. “We will transform worksite health to improve patient, provider and client experiences. To that end, we are investing in technologies that sustainably engage patients, improve the efficiency and satisfaction of providers, and allow employers to track outcomes. We believe the worksite health center can and should be a platform that delivers more.”

Premise Health was formed earlier this year when CHS and Take Care, a former subsidiary of Walgreen Co., merged to create a leading worksite health company. With 85 years of experience, Premise Health manages more than 500 worksite health and wellness centers for more than 200 of the nation’s leading employers. The company provides organizations and their employees with a range of onsite health services including primary care, pharmacy, occupational health, wellness and condition management, physical therapy and fitness center management.

The company’s team members, customers and partners provided input throughout the naming and branding process. More than 1,000 names were reviewed before the company’s associates selected Premise Health. Premise Health will showcase its new brand at the 12th Annual Congress on On-Site Employee Health Clinics in Las Vegas, January 22-23, 2015.

About Premise Health

Premise Health is a leading worksite health company dedicated to improving the cost and quality of employee healthcare. With 85 years of experience, Premise Health manages more than 500 worksite-based health and wellness centers across the country. The company serves more than 200 of the nation’s leading employers, including a significant number of the Fortune 1000. Premise Health is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. For more information on Premise Health, visit www.premisehealth.com.

Expand

BioClinica Appoints CEO

BioClinica®, Inc., a leading provider of specialty outsourced clinical trial services, announced today that it has appointed John Hubbard, Ph.D., FCP, as chief executive officer and a member of the board of directors.

A seasoned pharmaceutical executive, Dr. Hubbard, 58, will join the company from Pfizer Inc., where he has served as senior vice president and worldwide head of development operations. Dr. Hubbard will assume the CEO position on January 5, 2015 from Mark Weinstein.

“John is ideally suited to lead BioClinica. His breadth of experience in virtually every aspect of the drug development process gives him a unique understanding of our customers’ needs, and how BioClinica can support them in efficiently managing the complexities of their trials,” said Jeffrey McMullen, chairman, BioClinica.

He added, “On behalf of the board, I’d like to thank Mark for his years of service to BioClinica. He has done an outstanding job of bringing together BioClinica and CCBR-SYNARC’s capabilities following their merger earlier this year. The company is strongly positioned to offer customers a comprehensive suite of clinical trial solutions, including imaging services, patient recruitment, cardiac safety and eClinical services.”

During his 30-year career, Dr. Hubbard has spearheaded pharmaceutical research and development initiatives for some of the industry’s premier organizations. At Pfizer, he was responsible for more than 450 Phase 1-4 clinical projects per year. He also served on the taskforce that redesigned Pfizer’s research and development organization. Prior to Pfizer, Dr. Hubbard was group president of ICON plc’s clinical research services business, the company’s largest business division. During his tenure, ICON was named one of the country’s fastest growing companies by FORTUNE. Dr. Hubbard also has held management positions at PAREXEL International Corporation, Revlon Health Care Group and Hoechst Marion Roussel Pharmaceuticals (now owned by Sanofi).

“I am delighted to become part of the BioClinica organization. We have a unique opportunity to partner with pharmaceutical companies and contract research organizations as they navigate unprecedented pressures, which I have experienced firsthand, and to improve the efficiency and effectiveness of drug development,” said Dr. Hubbard. “BioClinica has exceptional scientific acumen, sophisticated technologies and specialized services that I believe will be instrumental in helping customers overcome these challenges and achieving their goals for bringing new products to market.”

Dr. Hubbard is a member of the Society of Clinical Pharmacology and Therapeutics, Drug Information Association and has served on its Special Interest Advisory Committee on Project Management. He is a board certified diplomat in applied pharmacology and was elected as a fellow of the American College of Clinical Pharmacology (ACCP). Dr. Hubbard has authored and co-authored articles and chapters on biopsychology, cardiovascular, clinical pharmacology and global drug development. He received his bachelor’s degree in biopsychology from the University of Santa Clara and a doctorate from the University of Tennessee. Dr. Hubbard was a National Institute of Health postdoctoral fellow in cardiovascular and clinical pharmacology at the University of Texas Health Sciences Center.

About BioClinica, Inc.

BioClinica accelerates the development of new medical therapies by delivering expertise and technologies that enhance clinical research, worldwide. Our industry-leading medical imaging services, cardiac safety, patient recruitment and management, and enterprise eClinical platform bring a new level of quality and efficiency to every phase of clinical development. Our experience spans three decades and includes thousands of studies in all therapeutic areas, from design and management, through submission and post-approval. BioClinica serves more than 400 pharmaceutical, biotechnology, and device companies – including all the top 20 - through a network of offices in the U.S., Europe and Asia.

Expand