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

Viant Appoints Longtime Medical Device Leader to CEO

Viant, a leading global services provider to the medical device industry, announced today that its board of directors has appointed Alton E. Shader to chief executive officer, effective July 15, 2019.  Mr. Shader, who brings more than 20 years of medical device leadership experience to Viant, will spearhead the company’s continued expansion.  He assumes the CEO position from Brian King, who will continue to serve as a senior advisor to the company.

Mr. Shader is highly regarded for driving growth across a range of medical device companies.  As president of Front Line Care for Hill-Rom Holdings, Inc., he spearheaded two major acquisitions, including Welch Allyn, to establish the company’s fastest-growing and most profitable global business. Mr. Shader previously led North America for Hill-Rom, where he designed and implemented a customer-focused commercial organization, which achieved record levels of profitable growth.  Prior to Hill-Rom, Mr. Shader held senior positions in Europe for Baxter International before being promoted to general manager of its U.S. Renal business. He most recently served as president and CEO of Vein Clinics of America.

“Alton’s laser focus on serving the customer, combined with his operational discipline and extensive global experience make him the ideal leader to guide Viant through the company’s next stage of expansion,” said John Greisch, chairman, Viant.  “I want to take a moment to thank Brian for helping us to establish Viant’s strong foundation. We have a tremendous opportunity to build on Viant’s global network of solutions to address the full continuum of our customers’ manufacturing services needs.”

Viant has bolstered its portfolio of manufacturing solutions to the medical technology industry.  Over the past three years, the company has made significant organic investments and completed three strategic acquisitions to become one of the world’s leading outsourced contract manufacturers of medical devices.

“Viant’s commitment to becoming a long-term strategic partner to the world’s leading medical device companies is why I wanted to become part of this organization.  I’m excited to build on Viant’s end-to-end solutions to support our customers by expanding their product offerings, optimizing their supply chains, and improving quality while managing costs on a global scale,” said Mr. Shader.

About Viant

Viant is a global strategic manufacturing partner that helps medical device OEMs bring complex medical devices and components to market. Our deep materials expertise, combined with our experience in design, manufacturing, assembly, and packaging, allow us to bring our customers’ medical technology solutions to life. With nearly 6,000 associates across 24 locations worldwide, we are the perfect combination of big company scale and small company attention. For more information, visit www.viantmedical.com.

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Perrigo Announces Another FDA Approval in Partnership with Water Street Company

Perrigo Company plc (NYSE; TASE: PRGO) today announced its product development partner received final approval from the U.S. Food and Drug Administration for its AB-rated Abbreviated New Drug Application (“ANDA”) referencing Metrogel-Vaginal® (metronidazole vaginal gel 0.75%).  Perrigo will acquire full ownership of the ANDA under a pre-existing arrangement with its partner within 30 days and anticipates launching this product immediately thereafter.

Annual market sales for MetroGel-Vaginal® for the 12 months ending May 2019 were approximately $100 million as measured by IQVIA™.

The product is manufactured by Perrigo and was developed through its partnership with Capstone Development Solutions, a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

Perrigo Executive Vice President and President Rx Pharmaceuticals Sharon Kochan stated, “This launch exemplifies Perrigo's commitment to developing and launching products within the extended topicals category. Our robust R&D pipeline remains focused on introducing more products that will create savings for patients and the U.S. healthcare system.”

 About Perrigo

Perrigo Company plc (NYSE;TASE: PRGO) is dedicated to making lives better by bringing “Quality, Affordable Self-care Products™” that consumers trust everywhere they are sold. The Company is a leading provider of over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Visit Perrigo online at http://www.perrigo.com.

 Forward-Looking Statements

Certain statements in this press release are “forward-looking statements.” These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “forecast,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, including: the timing, amount and cost of any share repurchases; future impairment charges; the success of management transition; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company’s appeal of the Notice of Assessment (the “NoA”) issued by the Irish tax authority and the Notice of Proposed Assessment (“NOPA”) issued by the U.S. Internal Revenue Service and the impact that an adverse result in such proceedings would have on operating results, cash flows, and liquidity; potential third-party claims and litigation, including litigation relating to the Company’s restatement of previously-filed financial information and litigation relating to uncertain tax positions, including the NoA and the NOPA; potential impacts of ongoing or future government investigations and regulatory initiatives; the impact of tax reform legislation and healthcare policy; general economic conditions; fluctuations in currency exchange rates and interest rates; the consummation of announced acquisitions or dispositions and the success of such transactions, and the Company’s ability to realize the desired benefits thereof; and the Company’s ability to execute and achieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives.  Statements regarding the separation of the RX business, including the expected benefits, anticipated timing, form of any such separation and whether  the separation ultimately occurs, are all subject to various risks and uncertainties, including future financial and operating results, our ability to separate the business, the effect of existing interdependencies with our manufacturing and shared service operations, and the tax consequences of the planned separation to the Company or its shareholders. Furthermore, the Company may incur additional tax liabilities in respect of 2016 and prior years or be found to have breached certain provisions of Irish company law in connection with the Company’s restatement of previously-filed financial statements, which may result in additional expenses and penalties. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2018, as well as the Company’s subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

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Eversana Announces Acquisition

EVERSANA,™ the leading independent provider of commercial services to the life science industry, today announced the acquisition of Alamo Pharma Services®, Inc. and BexR Logistix®, LLC Telesales from Mission Pharmacal® Company.  Headquartered in Doylestown, Pa., Alamo is a leader in field sales, marketing and clinical solutions for pharmaceutical and biotech companies. BexR Telesales, operated from Broomfield, Colo. and previously a part of BexR Logistix, is also included in today’s acquisition.

EVERSANA offers a fully integrated and independent commercial services platform designed to solve pricing, access, reimbursement, adherence and product delivery challenges in the life science sector. With the acquisition of Alamo and BexR Telesales, EVERSANA adds comprehensive Field Solutions powered by digital and data capabilities, including sales representatives, telesales, reimbursement specialists, key/national account managers, clinical nurse educators, medical science liaisons, recruiting, training and complete back office operational support.

“Pharmaceutical companies face unprecedented challenges and need a fully resourced partner to drive commercial success from planning and operations to front-line brand representation,” said Jim Lang, CEO. “Field solutions are rapidly becoming more sophisticated, clinically oriented and data-driven. Adding Alamo’s leadership in this space to our full commercial platform creates a seamless experience where we can both describe value and capture the data to measure value for all patients, payers, and providers.”

Alamo and BexR Telesales operations will transition to the EVERSANA brand in the coming quarter and Alamo’s Chief Operating Officer Peter Marchesini will become president, Field Solutions and his team will transition immediately to EVERSANA.

“For our clients and employees, this is the perfect move during a pivotal time in the life science services industry,” shared Marchesini. “Being a part of EVERSANA’S emerging platform gives our current clients immediate access to expanded best-in-class services and solutions to address any commercial challenge. Additionally, our employees will grow with an organization that offers impressive benefits and opportunities for professional growth. We’re excited for the next chapter and adding value for all.”

Financial details of the acquisition are not being disclosed.

About EVERSANA™

EVERSANA™ is the leading independent provider of global services to the life science industry. The company’s integrated solutions are rooted in the patient experience and span all stages of the product lifecycle to deliver long-term, sustainable value for patients, prescribers, channel partners and payers. The company serves more than 500 organizations, including innovative start-ups and established pharmaceutical companies to advance life science solutions for a healthier world. To learn more about EVERSANA, visit eversana.com or connect through LinkedIn and Twitter.

About Mission Pharmacal

Mission Pharmacal Company is a privately held pharmaceutical company based in San Antonio, Texas. For more than seven decades, the company has been improving the lives of people through every stage of life by manufacturing and delivering innovative, high-quality prescription, over-the-counter, and dietary supplement products in the therapeutic areas of women’s health, urology, pediatrics, dermatology, and primary care. For additional information, please visit missionpharmacal.com.

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Perrigo Announces FDA Approval in Partnership with Water Street Company

Perrigo Company plc (NYSE; TASE: PRGO) today announced its partner received final approval from the U.S. Food and Drug Administration for its AB rated Abbreviated New Drug Application (ANDA) referencing Voltaren® Gel, 1% (diclofenac sodium topical gel, 1%). Perrigo will acquire full ownership of the ANDA under a pre-existing arrangement with its partner within 30 days. The Company anticipates launching this product within the next two months.

Annual market sales for Voltaren® Gel, 1% for the 12 months ending March 2019 were approximately $350 million as measured by IQVIA™.

Perrigo will manufacture diclofenac sodium topical gel 1% in its plant in Israel. The product was developed through its partnership with Capstone Development Solutions, a company of Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry.

Perrigo Executive Vice President and President Rx Pharmaceuticals Sharon Kochan stated, “This is our fifth extended topical ANDA approval in 2019 which demonstrates our commitment to delivering high quality affordable extended topical products for patients in important categories.  Our strategic partnership with Water Street enables us to accelerate this commitment and lower the cost of healthcare for consumers.”

About Perrigo

Perrigo Company plc (NYSE;TASE: PRGO) is dedicated to making lives better by bringing “Quality, Affordable Self-care Products™” that consumers trust everywhere they are sold. The Company is a leading provider of over-the-counter health and wellness solutions that enhance individual well-being by empowering consumers to proactively prevent or treat conditions that can be self-managed. Visit Perrigo online at http://www.perrigo.com.

Forward-Looking Statements

Certain statements in this press release are “forward-looking statements.” These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Company or its industry to be materially different from those expressed or implied by any forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “forecast,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, including: the timing, amount and cost of any share repurchases; future impairment charges; the success of management transition; customer acceptance of new products; competition from other industry participants, some of whom have greater marketing resources or larger market shares in certain product categories than the Company does; pricing pressures from customers and consumers; resolution of uncertain tax positions, including the Company’s appeal of the Notice of Assessment (the “NoA”) issued by the Irish tax authority and the Notice of Proposed Assessment (“NOPA”) issued by the U.S. Internal Revenue Service and the impact that an adverse result in such proceedings would have on operating results, cash flows, and liquidity; potential third-party claims and litigation, including litigation relating to the Company’s restatement of previously-filed financial information and litigation relating to uncertain tax positions, including the NoA and the NOPA; potential impacts of ongoing or future government investigations and regulatory initiatives; the impact of tax reform legislation and healthcare policy; general economic conditions; fluctuations in currency exchange rates and interest rates; the consummation of announced acquisitions or dispositions and the success of such transactions, and the Company’s ability to realize the desired benefits thereof; and the Company’s ability to execute and achieve the desired benefits of announced cost-reduction efforts and strategic and other initiatives.  Statements regarding the separation of the RX business, including the expected benefits, anticipated timing, form of any such separation and whether  the separation ultimately occurs, are all subject to various risks and uncertainties, including future financial and operating results, our ability to separate the business, the effect of existing interdependencies with our manufacturing and shared service operations, and the tax consequences of the planned separation to the Company or its shareholders. Furthermore, the Company may incur additional tax liabilities in respect of 2016 and prior years or be found to have breached certain provisions of Irish company law in connection with the Company’s restatement of previously-filed financial statements, which may result in additional expenses and penalties. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2018, as well as the Company’s subsequent filings with the United States Securities and Exchange Commission, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this press release are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

 

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Orgentec Appoints Gary Winer to President & CEO

Orgentec Diagnostika, a leading specialty diagnostics company, announced today that its board of directors has appointed Gary Winer to president and chief executive officer, effective immediately.  Mr. Winer will leverage his global healthcare leadership experience to further Orgentec’s long-term growth and position as one of the world’s premier providers of diagnostic assays specializing in autoimmune and infectious diseases.

Over the course of his more than 20-year career, Mr. Winer has held senior leadership positions on an international scale with numerous diagnostic and pharmaceutical businesses, including AbbVie, Inc., Abbott Laboratories and Pfizer.  He has spearheaded successful launches and growth of blockbuster product lines, namely Celebrex and Humira, in the United States, Latin America, Asia and Japan.  During his nearly 10 years with Abbott, Mr. Winer managed the company’s diagnostic business in the U.S., Canada and Latin America before being promoted to lead Abbott Japan, the company’s largest affiliate outside the U.S.  In addition to driving strong growth, Mr. Winer was instrumental in helping the business to achieve “Best Places to Work” recognition three years in a row.  He continued in this leadership role after planning and completing the separation of Abbott’s pharmaceutical business in Japan to form AbbVie.

“The combination of Gary’s diagnostic and global experience is the ideal match for Orgentec. We’re thrilled to gain the benefit of his years of industry expertise and insight as we build and enhance Orgentec’s global reach, sizeable installed instrument base, and unique menu of diagnostic tests to support health care providers around the world with identifying rare conditions and diseases,” said Scott Garrett, chairman, Orgentec.

Founded in 1988, Orgentec is an established leader in the specialty diagnostics market, serving hospitals and reference laboratories throughout Europe and the U.S., as well as the emerging markets of Asia, Latin America and the Middle East.  Since partnering in 2014 with strategic healthcare investor Water Street Healthcare Partners, Orgentec has expanded its global footprint and menu of more than 300 tests through a combination of organic initiatives and acquisitions.  Water Street worked with Orgentec’s leadership team to recruit Mr. Winer to continue the company’s strategic expansion.

"I’m delighted to join Orgentec at this important point in the company’s evolution to becoming a world-class specialty diagnostics provider.  I’d like to thank Water Street and the board for their confidence in me to build upon the successful foundation established by my predecessor, Jim Widergren,” said Mr. Winer.  “I look forward to working with the outstanding team of professionals across the company to continue to expand our product offerings, particularly for our Alegria product line with its proprietary autoimmune and infectious disease testing menu."

In addition to his appointment as president and CEO, Mr. Winer will serve as a member of Orgentec’s board of directors.  Jim Widergren will continue to lead Corgenix, Orgentec’s U.S. business subsidiary, and also will continue to serve as a member of Orgentec’s board.

About Orgentec

Headquartered in Mainz, Germany, ORGENTEC Diagnostika offers one of the industry’s most comprehensive portfolios in autoimmune diagnostics and cardiovascular diagnostics with additional strengths in infectious disease and organ function testing. Alegria®, the automated instrument for autoimmune and infectious disease serology enables labs to complete multiple assays and deliver faster results at minimum cost. With subsidiaries in Austria, Hungary, France, U.S. and China, as well as an established global network of distribution partners, ORGENTEC’s products are benefitting patients in over 100 countries around the world.  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.

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Cato Research Appoints Life Sciences Leader & Innovator to Executive Chairman

Cato Research, LLC (CATO), a global provider of regulatory and clinical research services, announced today that its board of directors has appointed Mark Goldberg, M.D. to executive chairman, effective immediately.  Dr. Goldberg brings to CATO more than 25 years of leadership and innovation experience in building premier life sciences businesses.

Dr. Goldberg recently served as president and COO of PAREXEL International Corporation.  During his 21 years with the company, Dr. Goldberg leveraged his medical, technical and clinical research expertise to drive business results and build PAREXEL into one of the world’s leading biopharmaceutical service providers.  He joined PAREXEL to start the company’s Medical Imaging business and later helped to found its technology subsidiary, Perceptive Informatics (later renamed PAREXEL Informatics).  Dr. Goldberg began his career as a radiologist and clinical director of Teleradiology at Massachusetts General Hospital (MGH) after completing his postdoctoral training at Brigham & Women’s Hospital and MGH.  He also helped found a telehealth spin-off from MGH.  Dr. Goldberg currently serves on the board of Intensity Therapeutics, Inc., a clinical-stage biotechnology company.

“We’ve been searching for additional leadership talent to support our goal of building CATO into a leading clinical and regulatory services provider.  Mark is the perfect fit with his wealth of experience in our industry,” said Lynda Sutton, co-founder and president, Cato Research.  “I’m excited to have Mark on our team to help guide our growth and I look forward to working with him.”

Dr. Goldberg’s appointment follows CATO’s partnership in 2018 with strategic healthcare investors, Water Street Healthcare Partners and JLL Partners.  The firms worked with CATO’s leadership team to recruit Dr. Goldberg to continue CATO’s expansion and support their collective goal of building CATO into a leading clinical and regulatory services provider.

“I’m honored to have the opportunity to join Cato Research, which has built an exceptional reputation for regulatory expertise and clinical excellence over the past three decades.  This is a credit to the company’s leadership and employees.  I look forward to working together to drive growth and expand CATO’s capability set to continue to deliver outstanding service and results on behalf of our customers,” said Dr. Goldberg.

About Cato Research

Founded in 1988 by Dr. Allen Cato and Lynda Sutton and headquartered near Research Triangle Park, North Carolina, Cato Research is a full-service contract research and development organization providing strategic and tactical support for clients in the pharmaceutical, biotechnology, and medical device industries. Services range from design and management of preclinical and clinical studies to submission of regulatory documents required for marketing approval. With a staff of approximately 300 and offices located in the United States, Europe, Canada, Israel, and South Africa, the Cato Research team consistently demonstrates an unsurpassed level of responsiveness, flexibility, attention to detail, and passion for bringing their clients’ products to market with speed and cost-effectiveness.  For more information about Cato Research, visit cato.com.

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Discovery to Add the HudsonAlpha Genomic Services Laboratory to Expand Scientific Capabilities

Discovery Life Sciences (Discovery) announced today that it has entered into an agreement to add the Genomic Services Laboratory (GSL) of the HudsonAlpha Institute for Biotechnology, one of the world’s premier gene sequencing and bioinformatics laboratories, to form a new division: HudsonAlpha Discovery.

The new division, in combination with Discovery’s current global biospecimen and analytic services, will provide the highest quality of clinically and scientifically annotated biospecimens, gene sequencing, bioinformatics, and laboratory services to the global pharmaceutical, biotechnology, and diagnostics industries.

This agreement comes on the heels of Discovery’s recent European acquisitions and expansion which cemented the company’s position as the global leader in biospecimen analysis, procurement, processing, and distribution. Genetic sequencing and bioinformatics services are a natural extension of Discovery’s core capabilities. Its new HudsonAlpha Discovery division adds outstanding scientists, clinicians, analysts, and bioinformaticians to provide solutions to complex and sophisticated research challenges—for the first time through a single strategic global provider.

“The HudsonAlpha Institute for Biotechnology is a remarkable place. We embrace its vision of advancing science and education to improve health around the world,” said Discovery CEO Glenn Bilawsky. “We are so very proud that the Institute selected Discovery to be the stewards of the Genomic Services Laboratory going forward, and of their investment in the future of our company. The HudsonAlpha Discovery platform is one of the largest global installations of the newest Illumina NovaSeqä technology, which gives us the scale, speed, and quality to tackle the size and complexity of any sequencing project. With HudsonAlpha Discovery, Discovery Life Sciences is the largest and most capable company to satisfy global market demand for a single strategic partner to provide biospecimens, pathology, immunohistochemistry, flow cytometry, sequencing, and bioinformatics services to accelerate product development.”

The HudsonAlpha GSL was built at the Institute by renowned genomic scientist, Shawn Levy, PhD, establishing itself as one of the world’s largest academic genomics laboratories. It has supported thousands of research projects and processed hundreds of thousands of biospecimens for healthcare institutions, companies, and investigators around the world. Its scientists provide insights into the understanding of many complex disorders, including cancer, autism, ALS, bipolar disorder, schizophrenia, diabetes, and rare and undiagnosed diseases. HudsonAlpha Discovery is the Institute’s tenth research and technology transfer for commercialized use and the largest to date.

“We are taking two organizations with amazing proficiencies and joining them to achieve capabilities that neither could accomplish alone,” said Dr. Levy. “We have limitless opportunities as a specialized development partner. Together with the Discovery Partners' clinical network, we can offer high-density genomic data to provide insights to any project.”  Dr. Levy joins Discovery Life Science’s executive team as chief scientific officer, Genomics, and will continue as a faculty investigator with HudsonAlpha Institute.

About Discovery Life Sciences

Discovery Life Sciences is a global market leader in biospecimen analysis, procurement, and distribution for the pharmaceutical, biotechnology, and diagnostics industries. Driven by science, the Discovery team engages with customers in an innovative, consultative approach to overcoming obstacles and reaching a faster end result. We are Science at your Service! For more information, visit dls.com.

About HudsonAlpha Genomic Services Lab

The HudsonAlpha Genomic Services Laboratory (GSL) is a globally recognized service laboratory that leverages the most current genomic research technologies to comprehensively support discovery, translational, and clinical research. The GSL’s expertise focuses on high-throughput sequencing, workflow optimization, and developing cutting-edge analytical pipelines.

About HudsonAlpha Institute for Biotechnology

HudsonAlpha Institute for Biotechnology is a nonprofit institute dedicated to developing and applying scientific advances to health, agriculture, learning, and commercialization on one campus. Opened in 2008, HudsonAlpha’s vision is to leverage the synergy between discovery, education, medicine, and economic development in genomic sciences to improve the human condition around the globe. To learn more, visit hudsonalpha.org.

 

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Water Street’s Development Partnership Achieves Another FDA Approval

Water Street announced today that its development partnership with a leading medical products company has resulted in the U.S. Food and Drug Administration (FDA) approval and launch of the ready-to-use cardiovascular medication, eptifibatide.  It is the first and only presentation of eptifibatide in a flexible container.

The approval of eptifibatide marks the seventh drug product successfully developed by Water Street’s company, Celerity Pharmaceuticals, LLC. Celerity both funded and led the development and approval of eptifibatide through its strategic partnership with the medical products company. Following FDA approval of eptifibatide, Celerity transferred ownership to its partner, which is commercially launching the new product in the United States.

“We are honored that our partner entrusted us to develop this new presentation of eptifibatide – the first of its kind available in a flexible container,” said Dan Robins, Ph.D., president, Celerity.  “We’re pleased that our work together has advanced our partner’s goal of engaging its innovative technologies with medicines that will benefit both patients and clinicians.”

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Water Street Announces New Investment

Water Street announced today that it has completed a new investment in Irvine, Calif.-based diagnostic solutions company, Pathnostics.  Water Street’s team, which has years of experience in the diagnostic and laboratory services sector, will partner with the fast-growing company to invest in and expand its innovative technology and portfolio of products.

Founded in 2014, Pathnostics specializes in diagnostic tests and services across a range of therapeutic areas, including urology, women’s health, gastroenterology and cancer.  The company has grown rapidly in recent years as increasing numbers of urologists have adopted its Guidance UTI test, which simultaneously diagnoses and guides antibiotic treatment for complex, recurring urinary tract infections.  This test utilizes proprietary technology featuring combined phenotypic sensitivity and genotypic resistance to conquer unresolved infections and rapidly provide therapeutic guidance to physicians. Studies show that Pathnostics’ patented technology has strong potential to reduce hospitalizations and improve patient satisfaction – a significant need and priority across the health care industry.

“Pathnostics’ one-of-a-kind technology is a breakthrough. Its proven ability to swiftly deliver highly accurate therapeutic guidance enables physicians to immediately treat complex and chronic infections.  We have a significant opportunity to leverage this unique technology across medical specialties to substantially improve patient care and reduce the cost of problematic infections.  We’re excited to be Pathnostics’ partner as they develop new tests and expand their product portfolio into new therapeutic areas, and continue their impressive growth,” said Scott Garrett, senior operating partner with Water Street and former chairman and CEO of Beckman Coulter.

Dave Pauluzzi, co-founder of Pathnostics, will continue to lead the company as CEO. Mr. Pauluzzi previously collaborated with Water Street when he was president and CEO of PLUS Diagnostics to grow the company into a national anatomic pathology leader.

“I’m thrilled to be working again with the Water Street team,” said Mr. Pauluzzi.  “Their industry expertise and network of resources will give us the ‘lift’ we need to take Pathnostics to the next level to benefit our customers and achieve our long-term vision of building Pathnostics into a diagnostic solutions leader.”

Pathnostics marks Water Street’s fifth investment in the diagnostics sector and first new investment of 2019.  Since its founding in 2005, the health care firm has completed more than 100 strategic transactions to build 30 market-leading companies in key sectors of health care.  Water Street targets investments ranging from $50 million to $500 million in four health care sectors: specialty distribution, medical and diagnostic products, health care services and pharmaceutical products and services.

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Discovery Launches European Expansion

Discovery Life Sciences™ (Discovery) announced a major expansion into Europe today, acquiring Sofia Bio and its extensive network of human biospecimen collection sites in Bulgaria, Romania, Poland, and the Czech Republic. Discovery also has entered into an agreement to become the exclusive industry distributor of East West Biopharma, which maintains the largest biocollection network in Ukraine.

These initiatives cement Discovery’s position as the global leader in biospecimen analysis, procurement, and distribution for the pharmaceutical, biotechnology, and diagnostics industries, and create the largest venture of its kind in Europe.

Discovery’s expansion will enhance the company’s ability to provide excellent service, capacity, and specificity of biospecimens to researchers across Europe, within 24 hours of collection.  Globally, Discovery’s clinical network will grow by more than 100 sites, to nearly 280; researchers will benefit from Discovery’s added capabilities of rapid sourcing, processing, and analysis of rare and high-demand biospecimens from Eastern Europe that have the potential to advance the diagnosis and treatment of life-threatening and chronic diseases.

“Sofia and East West Bio are highly regarded suppliers in the region and have been long-standing Discovery partners; they provide timely and high-quality services in compliance with all consent and industry regulations,” Discovery’s CEO Glenn Bilawsky said.  “As we knit this territory together, we will streamline logistics and further invest in providing outstanding processing and analytic services to the global medical research community.”

Leveraging its partnership with Water Street Healthcare Partners, Discovery’s continued expansion comes on the heels of its recent merger of four complementary bioanalytic and biospecimen businesses: Conversant Bio, Folio Bio, Discovery Life Sciences, and Phylogeny. This created a global leader in biospecimen analysis and procurement, offering the world’s largest repository of biospecimens.

The European expansion addresses the acute need for discovery, research, and development support services across the continent. “Eastern Europe’s clinical, academic, and research communities are seeking expanded opportunities to participate in the rapid growth of research and development of new diagnostics and therapies.” Bilawsky said. “Discovery’s expansion will answer that need.

About Discovery Life Sciences

Discovery Life Sciences is a global market leader in biospecimen analysis and procurement for the pharmaceutical, biotechnology, and diagnostics industries.

Driven by science, the Discovery team engages with customers in an innovative, consultative approach to overcoming obstacles and reaching a faster end result. We are Science at your Service™! For more information, visit dls.com.

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