(CHEVY CHASE, MD) April 2, 2013 – Precision for Medicine, Inc., formed in 2012 to support next-generation approaches to drug development and commercialization, today announced that it has secured $150 million in private equity financing to support acquisitions and development. Precision for Medicine is building a comprehensive platform of specialized development and commercialization services to support life science companies that are seeking to capitalize on the benefits of patient centered, precision medicine. Oak Investment Partners, J.H. Whitney and Company along with Precision’s Co-Founders Ethan D. Leder and Mark P. Clein provided the financing.
Ethan D. Leder and Mark P. Clein, co-founders of the Maryland-based company, said the funding will be used to acquire the expertise and infrastructure necessary to guide innovative medical products from discovery to patients. Precision for Medicine is the most recent endeavor in a series of highly successful health care businesses the two have created over the past 20 years. Their most recent company, Chevy Chase, MD based United BioSource Corporation, employed approximately 1,600 researchers prior to its sale to Medco Health Solutions (NYSE-MHS) in 2010 for an estimated $750 million.
“Next generation medicine is about placing greater emphasis on the patient as the focal point of all product development activity,” says Ethan D. Leder, CEO. “Life science companies that are moving to embrace precision medicine will fundamentally improve the efficiency of drug development and will deliver products that offer better results for patients. Our mission is to build the services and infrastructure to support life science innovators as they develop new products that deliver the best outcomes to patients.”
“This financing will allow us to aggressively acquire and grow a unique portfolio of capabilities designed to deliver lower development costs, speed the time to market, and improve success rates,” said Mark P. Clein, President.
Precision for Medicine’s growing team of over 130 employees includes recognized experts in regulatory sciences, clinical development, commercialization, and product strategy. Precision’s experts collaborate with clients to speed approval, reduce costs, and optimize market launch through solutions that combine innovative approaches to patient selection with a deep understanding of payers, regulators, science, and policy.
Precision also provides next generation bioservices solutions including biorepository, sample management and cellular products from its state-of-the-art biorepository facilities in Frederick and Gaithersburg, MD managing more than 15 million samples. The Precision Bioservices team has a distinguished reputation and many long-term relationships with life science and academic research institutions, including the US Government’s National Institutes of Health.
About Precision for Medicine
Precision for Medicine is a specialized service company providing services and infrastructure to support life science companies as they develop new products in the age of precision medicine. Precision brings expertise, technology and project execution to support innovative, patient centric solutions from discovery through commercialization. The company is headquartered in Chevy Chase, MD with offices in Gaithersburg, MD, Frederick, MD and Cambridge, MA. For more information about Precision, visit www.precisionformedicine.com.