Pittsburgh, PA– Monday February 1, 2010 – invivodata, inc., the industry leader in patient reported outcomes (PRO) solutions and consulting services for global clinical research, announced that it has secured an undisclosed amount of financing from MMV Financial (“MMV”).
invivodata has led the industry in developing innovative patient- and site-based electronic PRO solutions that enable researchers to overcome the limitations of paper-based diaries and capture real-time data that meets FDA guidance regarding the reliability of PRO data in clinical trials. invivodata is privately held with investment from River Cities Capital Funds, Peninsula Equity Partners, Hawthorne Partners, Glynn Capital Management, Stanford University, The Entrepreneurs' Funds, Novus Ventures, Horizon Ventures and Resource Ventures.
“invivodata will use this financing to bolster our sales and marketing efforts to support our continued growth and to address new opportunities,” said Doug Engfer, CEO, invivodata. “We are extremely pleased with MMV’s flexibility in structuring a deal that suited us and their commitment to a deadline. We look forward to our new relationship with MMV.”
“invivodata has exhibited a strong growth in its scientific and regulatory consulting business and expanded its partnerships with the world’s top Contract Research Organizations” said Ron Patterson, Executive Vice President, MMV Financial. “We believe that the Company is well positioned to extend its leadership in the ePRO market and continue delivering consistent results to new and existing customers. We have high confidence in the Company leadership and are excited to be a part of their ongoing success.”
About invivodata
invivodata combines behavioral science, information technology, and clinical research expertise to capture high quality clinical trial data directly from patients. invivodata’s electronic Patient Reported Outcomes (ePRO) solutions, which are based on over 20 years of research, deliver reliable patient self-reported data by driving patient compliance with the protocol and eliminating recall biases that plague paper-based self-report data. invivodata’s solutions include comprehensive trial-support services that facilitate the collection of ePRO data, web-based access to study data and operational reports that give researchers and sponsors visibility into study progress, and scientific and regulatory consulting on the use of PRO data in a regulated environment. invivodata’s solution has been used in more than 275 clinical programs and is the industry-leading ePRO system in delivering primary efficacy data for FDA drug approvals. invivodata inc. is a privately held company with global headquarters in Pittsburgh, Pa., USA; its European headquarters is in London, England; and its technology development center is in Scotts Valley, Calif., USA. For more information visit www.invivodata.com
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, Fonds de Solidarité des Travailleurs du Québec, HSBC Bank Canada, NewStar Financial Inc., ROI Capital, and Wells Fargo Company. For more information please visit: www.mmvf.comm
For more information contact:
Doug Engfer
Chief Executive Officer
invivodata, inc.
Tel: (412)390-3000
Fax: (412) 390-3020
Ron Patterson
Executive Vice President
MMV Financial Inc.
Tel: (416) 977-9718
Fax: (416) 591-1393