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Water Street Company to Acquire Corgenix

Corgenix Medical Corporation (OTC QB: CONX.OB), a worldwide developer and marketer of diagnostic test kits, today announced that it has entered into a definitive merger agreement to be acquired by Orgentec Diagnostika, a leading specialty diagnostics company headquartered in Mainz, Germany.

The strategic acquisition will extend both companies’ global distribution network and broaden their portfolio of specialty diagnostic assays.

Under the terms of the agreement, which has been approved unanimously by Corgenix’s Board of Directors, Corgenix shareholders will receive $0.27 in cash for each share of common stock they own, in a transaction valued at approximately $16 million. The per-share price represents a 29% premium to the Corgenix average share price of $0.21 over the 90-day period prior to the Company’s announcement on March 12, 2014, that it was exploring strategic alternatives.

Together, Orgentec and Corgenix will 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 a combined company, they will 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.

“The Corgenix brand is very respected in our industry space, and this transaction provides excellent value to Corgenix shareholders,” said Corgenix President and CEO Douglass Simpson.     “After a robust auction process and a thorough review of all alternatives, including staying as an independent company, the Company’s Board of Directors strongly believes that acceptance of the Orgentec offer is the best choice to maximize our shareholders’ value.”

Werner Hofacher, CEO of Orgentec, added, “Our agreement with Corgenix is an important step toward achieving our strategy of building Orgentec into a global specialty diagnostics leader.  It will give us an immediate direct presence in the United States, where Corgenix is highly regarded for its quality and innovation.  Together, we will offer a unique portfolio of complementary tests and automated instruments that help health care providers diagnose rare conditions and diseases across key medical specialties.”

The agreement to acquire Corgenix is Orgentec’s first significant step toward expanding its position in the global specialty diagnostics market since partnering with Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. Orgentec, which was founded in 1988, announced its partnership with Water Street in May 2014.

“Corgenix is a key component of Water Street’s strategic plan to build Orgentec into a global specialty diagnostics leader,” said Scott Garrett, a senior operating partner with Water Street and chairman of Orgentec.  “We will continue to invest in targeted acquisitions, and research and development initiatives that will further expand Orgentec’s strong platform of highly specialized diagnostic solutions.”

The transaction is subject to approval by Corgenix shareholders and other customary closing conditions, and is expected to close in the fourth calendar quarter of 2014.

Inverness Advisors, a division of KEMA Partners LLC, acted as financial advisor to Corgenix in connection with the transaction.

About Corgenix Medical Corporation

Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases (including the world’s only non-blood-based test for aspirin effect), bone and joint disorders and a line of unique detection products for viral hemorrhagic disease. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience in product submissions to the FDA and other worldwide regulatory authorities. Additionally, Corgenix contract develops and manufactures products for key medical and life science companies in state-of-the-art facilities in Colorado. The company operates under a Quality Management System that is ISO 13485:2012 certified and compliant with FDA regulations. More information is available at www.corgenix.com (Corporate website) and www.corgenix.net (Contract Services website).

About Orgentec

Orgentec offers a portfolio of more than 300 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 www.orgentec.com.

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HealthPlan Services CEO Receives Leadership Award

Jeff Bak, president and CEO of HealthPlan Services (HPS), was named Ernst & Young’s Florida Entrepreneur Of The Year in Health Care Services.

Under Bak’s guidance, HPS has become the nation’s leading technology, sales, retention and administrative services provider for the insurance and managed care markets, including the top administrator of public and private health insurance exchange members.

The Entrepreneur Of the Year Award recognizes outstanding high-growth individuals who demonstrate excellence and extraordinary success in such areas as innovation, financial performance and personal commitment to their businesses and communities. Selected by an independent judging panel made up of previous award recipients, leading CEOs and other regional business leaders, award recipients were recognized at a special gala at the Hilton Orlando.

During his acceptance speech Bak acknowledged those who have helped him along the way. “It is a real honor to be selected as a recipient of this prestigious award and to represent the State of Florida,” he said. “It was not a solo accomplishment. It took the support and hard work of my executive leadership team and all the employees at HPS whose hard work and dedication made us an industry leader and one of Tampa’s fastest growing companies.”

EY’s Entrepreneur Of The Year is the world’s most prestigious business award for entrepreneurs, recognizing the significant contributions of those who inspire others with their vision, leadership and achievement. As a regional award recipient, Bak is eligible for consideration for the EY Entrepreneur Of The Year National Program. Winners of the National Program will be announced at the annual awards gala in Palm Springs, Calif. on Nov. 15, 2014.

HealthPlan Services (HPS) is the largest independent provider of sales, service, retention and technology solutions to the insurance and managed care industry. Since 1970, HPS has offered customized administration and distribution services to insurers of individual, small group, voluntary and association plans, as well as valuable solutions to thousands of brokers and agents. HPS’ proprietary, scalable technology provides innovative consumer-facing solutions that are turnkey self-service tools for insurance carriers and distribution partners. HPS offers an ever-expanding array of services to a diverse and growing client base, and administers products that include medical (PPO, HMO, indemnity, consumer-driven), dental, vision, life, disability, cancer, critical illness, accident, long-term care, limited medical, as well as various other ancillary insurance. HPS is committed to providing extraordinary service to its customers.

HPS is a company of Water Street Healthcare Partners, a strategic private equity firm focused exclusively on the health care industry. For more information about HPS, visit www.healthplan.com.

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Water Street Completes New Investment

Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry, announced today that it has simultaneously invested in and merged CHS Health Services (CHS) and Take Care Employer Solutions, LLC, a subsidiary of Walgreen Co.

The combination creates a leading worksite health company dedicated to improving the cost and quality of employee health care.

With more than 85 years of combined experience, the new company will manage nearly 500 worksite health and wellness centers across the country.  It will serve more than 200 corporations, including a significant number of the Fortune 1000.  Stuart Clark, who has led CHS for the past eight years, has been appointed CEO of the combined company, which will maintain its headquarters in the greater Nashville, Tenn. area.

“This merger brings together two of the most experienced and highest quality providers in the onsite health care industry.  CHS and Take Care have been instrumental in establishing worksite health care as a primary tool for employers to effectively manage employee health care.  As one company, we offer unparalleled expertise and capabilities that will drive innovation and transform onsite care to play a much larger role in maximizing companies’ return on their health investment,” said Mr. Clark.

Water Street has years of experience and a broad network of relationships in health care services, which it will engage to support the new company with developing and implementing programs and technologies that will expand its offering to employers.  Walgreens, as a strategic investor, will support relationships with employers and continue to manage its existing worksite pharmacies in collaboration with the new company.

“We are pleased that Walgreens and CHS selected Water Street as their strategic partner to build this new company,” said Max Mishkin, principal, Water Street.  “Our team has a strong track record of partnering with global health care corporations to transform their businesses into successful, independent companies, as well as collaborating with middle-market businesses to accelerate growth.  This is a unique opportunity to collaborate with both types of organizations to create a leading provider of employer health care services.”

Water Street’s partnership with CHS and Walgreens is the firm’s eighth investment in the health care services sector.  Over the past nine years, Water Street has invested in a range of services companies specializing in benefits outsourcing, diagnostics, and physical therapy and rehabilitation.  Water Street currently owns a group of 14 health care companies that are leaders in specialty distribution, medical and diagnostic products, health care services, and pharmaceutical products and services.

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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 Orgentec Diagnostika, a specialty diagnostics company headquartered in Mainz, Germany.

The investment expands Water Street’s global presence in the growing specialty diagnostics sector, particularly in Europe and emerging markets.  Scott Garrett, former chairman and CEO of Beckman Coulter, Inc. and senior operating partner with Water Street, will serve as chairman of Orgentec.

Water Street has committed equity to both acquire a majority position in Orgentec and invest in future acquisitions that will build the company into a global leader in its field.  Orgentec currently specializes in diagnostic assays for autoimmune and infectious diseases.  It offers a portfolio of more than 300 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.

Dr. Wigbert Berg, who co-founded Orgentec in 1988, said, “I’m excited to partner with Water Street to expand Orgentec into new areas of testing and increase our presence in emerging markets.  Water Street has incredibly deep knowledge and extensive relationships in our industry.  Its team has worked closely with us to create a plan that supports our goal of thoughtfully growing Orgentec into a global leader that will bring greater value to our customers and employees.”

Dr. Berg will maintain an ownership position in Orgentec and serve on the company’s board of directors.  He and Water Street have appointed Werner Hofacher, an executive with more than 30 years of experience in the diagnostics industry, to serve as CEO.  Mr. Hofacher most recently led European operations for Beckman Coulter, Inc. and previously held leadership positions at Baxter and Dade Behring.

“It is an honor to be selected by Water Street and Dr. Berg to build on Orgentec’s history of success.  For more than 25 years, the company has led the industry in developing new tests for complex diseases that were previously difficult to diagnose,” said Mr. Hofacher.  “With Water Street’s support, we have a unique opportunity to expand Orgentec’s global position and to grow its portfolio of tests in order to help providers detect rare conditions and positively impact millions of lives.”

In the past three years, Orgentec has launched more than 30 new assays. The company recently was awarded a grant to participate in EuroTeam, a joint research project for arthritis management, to develop new approaches to predict the onset of rheumatoid arthritis.  It also has new technology in development that will allow labs to simultaneously run multiple tests and turn around results more quickly than they can today.

“Water Street is focused on collaborating with strong industry players who want to build their businesses into market leaders,” said Mr. Garrett.  “We are pleased that our ongoing discussions with Dr. Berg on new strategies to grow Orgentec helped lead to this partnership.  We are excited to use Orgentec as a platform to build a significant player in the global specialty diagnostics market through investments in research and development initiatives and targeted acquisitions.”

Orgentec is Water Street’s third investment in a European-based business and its second new transaction announced in the past six weeks.  Last month, Water Street signed agreements to acquire and merge CHS Health Services and Take Care Employer Solutions, LLC, a subsidiary of Walgreens.  Since Water Street was founded in 2005, the firm has completed nearly 50 transactions to create and grow a diverse group of market-leading health care companies.

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.

About Orgentec

Since its inception in 1988, Mainz-based ORGENTEC Diagnostika has been a world market leader in the development, production and marketing of test systems for laboratory autoimmune diagnostics.  ORGENTEC has developed more than 300 highly specific ELISA test systems, as well as blot and immunofluorescence tests for diagnosing autoimmune diseases (autoimmune disease diagnostics) and infection serology (infectious disease diagnostics).  Many of these are protected by patent rights.  For more information about Orgentec, visit orgentec.com.

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Walgreens Signs Agreement with Water Street

Walgreen Co. (NYSE: WAG) (Nasdaq: WAG) announced today that it has signed a definitive agreement with Water Street Healthcare Partners (Water Street), a strategic investor focused exclusively on the health care industry, in which Water Street will acquire a majority interest in Take Care Employer Solutions, LLC. Take Care Employer Solutions is a Walgreens subsidiary that manages more than 360 worksite health centers nationwide.

Water Street also has signed an agreement to simultaneously invest in CHS™ Health Services (CHS), a premier provider of more than 130 worksite health centers. Water Street will merge Take Care Employer Solutions and CHS to form a new company dedicated to providing worksite health centers that improve the cost and quality of employee health care. The new company will have more than 85 years of combined experience in employer health solutions and will serve more than 200 leading corporations through nearly 500 worksite health and wellness centers located across the country.

“Walgreens, CHS and Water Street share a goal of maximizing employers’ return on their health care investment,” said Dr. Jeffrey Kang, Walgreens senior vice president of health and wellness services and solutions. “This strategic decision to bring together our organizations’ expertise, capabilities and resources to create a leading worksite health and wellness company provides us an opportunity to play an even greater role in improving the cost and quality of workforce health care. Through our continued involvement in the business and as a preferred strategic partner with Water Street, Walgreens expects to accelerate tighter connections with employers – an important stakeholder in the health care delivery system.”

“CHS and Take Care Employer Solutions are both deeply committed to finding new ways to drive positive health care outcomes for our clients and their employees. This merger will provide us with a significant opportunity to transform onsite health care. Together, we will have the experience and resources to create innovative strategies that will improve patient engagement and positively impact health outcomes,” said Stuart Clark, CEO, CHS.

Water Street will own a majority interest in the new company, and Walgreens will own a significant minority interest and have representatives on the new company’s board of directors. The new company will be led by Stuart Clark, CEO. Trent Riley, divisional vice president, Take Care Employer Solutions Group, will serve as COO. The name of the new company will be determined during the integration process.

“We are pleased that Walgreens and CHS have selected Water Street to collaboratively and strategically grow their businesses. We will leverage our team’s experience and network of relationships in health care services to expand the new company’s capabilities and create greater long-term value for the business and clients,” said Steve Cosler, an operating partner with Water Street who has more than 20 years of experience in outsourced health care.

Walgreens will continue to manage its existing worksite pharmacies in collaboration with the new company.

Healthcare Clinic at select Walgreens, with more than 400 in-store clinic locations that formerly operated under the Take Care Clinic name, is not part of this transaction. Walgreens will continue to manage these clinics.

Comprehensive Health Services, Inc. (CHSi), an entity related to CHS that specializes in government contracting health services and logistics, is not part of this transaction. It will remain an independent organization with no changes to its ownership structure or leadership team.

Financial terms of the agreement were not disclosed. Walgreens anticipates the transaction will not have a material impact on earnings per share in fiscal year 2014. The transaction is subject to satisfaction of regulatory requirements and other conditions, and is expected to close by mid-calendar year 2014. Until the close of the transaction, Take Care Employer Solutions and CHS will operate business as usual and as separate companies.

About Walgreens

As the nation's largest drugstore chain with fiscal 2013 sales of $72 billion, Walgreens (www.walgreens.com) vision is to be the first choice in health and daily living for everyone in America, and beyond. Each day, Walgreens provides more than 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 8,210 drugstores in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens also manages Healthcare Clinic at select Walgreens, with more than 400 locations throughout the country.

About Take Care Employer Solutions

Since its formation through the combination of CHD Meridian, Whole Health Management and Walgreens workplace pharmacy operations in 2008, Take Care Employer Solutions has built its business to become the nation’s premier provider of employer-based health care services. Take Care Employer Solutions serves 180 clients across multiple industries, and has more than 360 health centers, pharmacies and fitness centers located across 45 states, the District of Columbia and Guam. Take Care Employer Solutions has received AAAHC Medical Home accreditation, recognizing that all of its primary care worksite health centers meet AAAHC requirements to be considered a patient-centered medical home – embodying best practices and operating in compliance with nationally-recognized standards of care.

About CHS

Founded in 1975, CHS is one of the largest providers of worksite health centers for employers in the United States. The company operates more than 130 employer-based worksite health centers that focus on patient engagement and behavioral change to improve health and mitigate costs. CHS customizes its programs to align with each employer’s benefits strategy and goals. The company is headquartered in Brentwood, Tennessee.

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Temptime Announces Strategic Alliance

Temptime Corporation, the world’s leading provider of time-temperature indicators to the health care industry, today announced a strategic alliance with Thin Film Electronics ASA (“Thinfilm”) (OSE: THIN.OL), a leader in the development of printed electronics.

The companies will collaborate to develop the health care industry’s first temperature indicators featuring electronic technology that will alert people through digital display if medical products have been exposed to potentially damaging temperatures.

“Temptime is highly regarded as the pioneer and leading authority on the science behind temperature monitoring technology. The company serves the world’s largest healthcare organizations and leading manufacturers,” stated Davor Sutija, CEO of Thin Film. “I’m delighted Temptime has selected Thinfilm technology to deliver new and leading-edge products to its customers.”

The proper storage of temperature-sensitive medical products such as pharmaceuticals, vaccines and medical devices is critical to a product’s efficacy and patient safety profile.  The digital display on Thinfilm’s smart labels eliminates any ambiguity around temperature readings and clearly indicates if an excursion has occurred. Temptime is the first company that will invest in adding the smart labels with integrated electronic sensing and digital display technology to its portfolio of devices that support the world’s leading health organizations with their efforts to safely distribute medical products around the world.

“This agreement is another initiative that supports Temptime’s mission of improving global health and patient safety through solutions that alert people to the risk of using medical products damaged by extreme temperatures,” said Renaat Van den Hooff, president, Temptime. “We are pleased to align with Thinfilm, an equally innovative company, to develop and produce cost-effective, electronic temperature indicators that accurately communicate critical temperature threshold data.”

Terms of the deal include a development-related investment from Temptime and commercial pre-orders for samples that can be shared with customers, the timing for which is still to be determined.

In addition to Thinfilm’s own technology and logic, key components of the smart labels will be provided by several Thinfilm ecosystem partners, including thermistors from PST and electrochromic displays from Acreo.

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.

About Thin Film Electronics ASA

Thin Film Electronics ASA (Ticker: THIN.OL) is a leader in the development of Printed Electronics. The first to commercialize printed rewritable memory, Thinfilm is creating printed system products that will include memory, sensing, display and wireless communication-at a cost-per-functionality unmatched by any other electronic technology. Thinfilm’s roadmap of system products integrates technology from a strong and growing ecosystem of partners to enable the Internet of Things by bringing intelligence to disposable goods. Company headquarters are in Oslo, Norway, with product development in Linköping, Sweden, sales offices in San Francisco, USA, and Tokyo, Japan, and manufacturing in Pyongtaek, South Korea. www.thinfilm.no

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Water Street Completes Merger of CCBR-SYNARC & BioClinica

Water Street announced today that it has completed the merger of its company CCBR-SYNARC with BioClinica, Inc. to create a leading global provider of specialty outsourced clinical services.

Water Street invested in  CCBR-SYNARC in 2013 and reached an agreement earlier this year with JLL Partners to combine the company with BioClinica.  Together, BioClinica and CCBR-SYNARC offer a comprehensive suite of services that support the world’s largest pharmaceutical and biotechnology companies with reducing the cost and time of global clinical trials.

“This merger creates a market leader uniquely positioned to support pharmaceutical companies with managing key components of their clinical trials,” said Peter Strothman, partner, Water Street.  “Together, CCBR-SYNARC and BioClinica offer the industry’s most comprehensive clinical imaging program across all major therapeutic areas that can interact with any contract research organization.  In addition, they offer complementary services and software solutions in the high-growth areas of patient recruitment and clinical development.”

Dan Agroskin, partner, JLL Partners, added, “Pharmaceutical and biotechnology companies are increasingly turning to outside specialists to help them manage the cost and complexities of drug development.  As one entity, CCBR-SYNARC and BioClinica offer a combination of scientific expertise, clinical trial experience and advanced technologies that solve challenges across the drug development continuum.  Their solutions are proven to reduce clinical trial costs, shorten drug development time, and improve data quality and compliance.”

Together, CCBR-SYNARC and BioClinica support pharmaceutical and biotechnology companies with a portfolio of specialized outsourced services that include:

• Medical Imaging analysis and consultation that track the effectiveness of new drugs and medical devices across major therapeutic areas, including oncology, neurology, musculoskeletal and cardiology;

• Patient Recruitment through a global network of 26 dedicated research centers that enroll and retain qualified patients from targeted geographies to participate in trials;

• Software Solutions and consulting services that improve the efficiency and management of the drug development process, including EDC, CTMS and IVR/IWR solutions;

• Cardiovascular safety and efficacy that measure the effects of compounds under development on cardiac health, and;

• Central Lab Services that analyze biological samples originating from Phase I-IV trials.

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CCBR-SYNARC Announces Market-Leading Merger

CCBR-SYNARC and BioClinica, Inc. announced today that they have signed an agreement to merge their companies to create a leading global provider of specialized outsourced clinical services.

The combined company will offer a portfolio of services uniquely tailored to conducting and managing global clinical trials on behalf of the world’s premier pharmaceutical and biotechnology companies.  Jeffrey McMullen, vice chairman of inVentiv Health, Inc., will serve as chairman of the combined company.  Mark Weinstein, president & CEO of BioClinica, will serve as CEO.

Mr. McMullen, who has more than 40 years of experience in the drug development industry, said, “This is a ground-breaking merger that will bring together two of the industry’s most experienced providers of specialized clinical trial services.  Combining CCBR-SYNARC and BioClinica into a single company will offer customers exceptional scientific expertise and sophisticated technologies to support their drug development processes and accelerate the pace of their innovation.”

As one entity, BioClinica and CCBR-SYNARC will become the market-leading provider of four highly specialized services that increase the speed and efficiency of global clinical trials.  The combined company will provide customers with medical imaging services that track the effectiveness of new drugs across multiple therapeutic areas, including oncology, neurology and musculoskeletal. It will offer an extensive worldwide network of research centers dedicated to recruiting patients for global trials.  It will provide state-of-the-art technology and consulting services to support the overall drug development process, as well as services to monitor the cardiac safety of compounds under development.  It also will offer central lab capabilities to analyze biological samples originating from clinical trials.

This merger comes at a time when demand for outsourced pharmaceutical services is projected to grow more than five percent per year over the next five years. Pharmaceutical companies are increasingly turning to specialists to help them manage their drug development processes. Together, BioClinica and CCBR-SYNARC will serve the world’s leading pharmaceutical and biotech companies through board-certified oncologists, radiologists, cardiologists and medical researchers located in centers throughout Asia, Europe and The Americas.  With nearly 50 years of combined experience, BioClinica and CCBR-SYNARC have completed more than 5,000 clinical trials to support customers with introducing new medicines across key therapeutic areas.

The transaction is expected to close in the first quarter of 2014.  Financial terms are not being disclosed.

About CCBR-SYNARC CCBR-SYNARC is a highly specialized provider of clinical services to the world’s largest pharmaceutical and biotechnology companies.  The company’s SYNARC business specializes in imaging services, consultation and analysis to track progress throughout a clinical trial’s life cycle.  Its CCBR business features 26 clinical centers located around the world to recruit patients for trials conducted in those centers.  CCBR-SYNARC is a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

About BioClinica, Inc. BioClinica, Inc. is a leading global provider of integrated, technology-enhanced clinical trial management services. The 2013 merger with CoreLab Partners has created a new standard in imaging core lab services including electronic transfer, management, and independent review; cardiovascular safety monitoring including automated ECG, Thorough QT studies, Holter monitoring, ambulatory blood pressure monitoring and pulse wave analysis; and eClinical solutions for electronic data capture, randomization, clinical trial management, and clinical supply chain forecasting and optimization. BioClinica operates state-of-the-art, regulatory-body-compliant imaging core labs on two continents, and supports worldwide comprehensive cardiovascular safety, and eClinical and data management services from offices in the United States, Europe and Asia. BioClinica is owned by JLL Partners, Inc. and Ampersand Capital Partners.  For more information, please visit www.bioclinica.com.

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Temptime Expands Product Offering with Acquisition

Temptime Corporation, the world’s leading provider of time-temperature indicators to the health care industry, announced today that it has acquired Enfield, Conn.-based William Laboratories to expand into blood temperature monitoring solutions.

Temptime’s acquisition is a significant step toward expanding its capabilities since it partnered in September with Water Street Healthcare Partners, a strategic investor focused exclusively on health care.

Temptime’s devices are used by the world’s largest health organizations and pharmaceutical companies to alert them if vaccines and other medical products have been exposed to temperatures that could damage or alter their effectiveness.  Temptime’s acquisition of William Laboratories expands the company into devices that monitor the temperature of blood and other biological products.  William Laboratories’ core product, the Safe-T-Vue® temperature indicator, has been employed by hospital blood banks, operating and emergency rooms, and trauma services for more than two decades to store and transport blood within temperatures approved by the FDA.

“Our acquisition of William Laboratories is one more initiative that we are leading to achieve Temptime’s mission of improving global health through solutions that protect people from the risk of using medical products damaged by extreme temperatures,” said Renaat Van den Hooff, president, Temptime.  “We are deeply committed to our customers, and will continue to look for opportunities to extend Temptime’s support of our customers’ distribution practices to encompass a full range of medical and biological products.”

Lois Sharpless, president, William Laboratories, added, “We are honored to become part of Temptime.  It is a prestigious organization that does so much good around the world.  Our products and customers will be in the hands of experts who are dedicated to the highest standard of time-temperature indicator technology.  With Temptime, our products will reach and make a difference in many lives.”

Founded in 1987, Temptime and its scientists developed the first technology to monitor temperature exposure of vials containing the oral polio vaccine.  In September 2013, the company chose to partner with Water Street to expand its capabilities and grow its business.  In addition to acquiring William Laboratories, Temptime and Water Street plan to make strategic investments to expand Temptime’s products to new markets, advance the company’s research and development program, and increase its production capabilities.

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.

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Water Street Sells Medical Specialties Distributors

Water Street announced today that it has sold Stoughton, Mass.-based Medical Specialties Distributors, LLC (“MSD”) to New Mountain Capital.

Water Street partnered with MSD’s management team in 2010 to build the company into the nation’s leading distributor and solutions provider to the growing alternate-site home infusion therapy market.

MSD has achieved strong double-digit growth annually since Water Street invested in the company.  Working with management, Water Street developed and executed a strategic plan that expanded MSD’s capabilities and extended its offering into new markets as demand for intravenous (IV) therapy in the home increased.  In June 2013, MSD acquired Medical Technology Resources, LLC (“MTR”) to further its leadership position in the home infusion market.  Today, MSD serves more than 4,000 health care providers across North America with a total enterprise solution comprised of infusion therapy products, supplies, biomedical services and information technology solutions.

“Water Street has been instrumental in our company’s success. Its team helped us generate new ideas and expand our relationships with the industry’s leading manufacturers and multi-site health care providers. We transformed MSD’s products and services into a holistic offering uniquely tailored to the needs of our customers.  We look forward to building on the strong foundation we created with Water Street,” said Jim Beck, president and CEO, MSD.

“We were fortunate to partner with a terrific management team, led by Jim, to build MSD into a market leader.  Together, we developed and executed a strategic plan that expanded the company’s core capabilities and positioned MSD as the only distributor that can support customers with a total enterprise solution of products and value-added services,” said Rob Womsley, partner, Water Street.

Water Street’s sale of MSD is the health care firm’s fourth divestiture in the past two months.  It recently sold its pharmaceutical services company AAIPharma Services Corp. to Cambridge Major Laboratories.  In October, Water Street sold two laboratory services companies: ConVerge Diagnostic Services to Quest Diagnostics and PLUS Diagnostics to Miraca Life Sciences.  Water Street also recently invested in Temptime Corporation, which specializes in time-temperature indicators, as well as a company that is developing multiple generic product families on behalf of a global pharmaceutical leader.

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