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

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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