When we first invested in global clinical trial transparency leader TrialScope in 2014, we were impressed with its software leadership in the clinical trials registration space, evidenced by very strong market share across global pharmaceutical companies.
In partnership with our friends at NewSpring Capital, we funded a spinout of the business from Deloitte Analytics to enhance the technology platform and fortify the management team. Members of Edison Director Network Jeff Kozloff, former CEO of Edison portfolio Verilogue, and Jim Walker, former CEO of Octagon Solutions, both joined the company’s Board of Directors.
In 2018, Kozloff took the helm as CEO. A case study in leadership, Jeff deserves a lot of credit for successfully transforming the company. He brought in a new executive team, invested heavily in product, and energized the salesforce. Today, TrialScope’s integrated platform is now being used by 16 of the top 20 clinical trial sponsors in the world, and its customers are responsible for more than 40 percent of all industry trials on ClinicalTrials.gov.
Notably, Jeff guided a strategy to broaden the company’s footprint beyond clinical trials operations/registration into patient engagement and recruitment. He led the acquisition of upstart Clinical Trials Connect, which connects trial recruiting companies with pharma sponsors. Early in 2020, the company launched TrialScope Connect, which recently supported the patient recruiting efforts for Moderna’s recent COVID vaccine.
Last year, TrialScope caught the eye of London-based Informa, an analytics and insights provider and consultancy for the biopharma industry. The company helps pharma companies recruit participants for clinical trials and connect them with pharma sponsors, powering around half of the clinical trials in the world.
Today, we’re very pleased to share that we have exited our investment in TrialScope with a 3X return on investment. The combination brings TrialScope’s powerful clinical trials registration technology with Informa’s market intelligence data to help the broader pharmaceutical and biomedical industry make smarter decisions and mitigate risk.
We’re incredibly grateful to Jeff and the Trialscope management team for their hard work in creating this great outcome. TrialScope is one of the top companies in New Jersey, Edison’s home state where we have completed nearly 50 investments in Edison’s history. Current New Jersey-based investments include Northpass, Health Recovery Solutions, and Zelis Healthcare.
It has been very humbling to play a small part in supporting the clinical trial for an approved COVID-19 vaccine, and we wish TrialScope and Informa the best as they continue to play a vital role in the clinical trials industry.