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Oct 19, 2009, 7:00pm

Clinverse Completes $2.2 Million Series A Private Equity Financing

Clinverse, Inc., announced today that it has completed a Series A financing in the amount of $2.2 million. Clinverse is developing ClinPay, the pharmaceutical industry’s first eClinical Trial Payment Network. The investment syndicate comprised current investors and Vital Financial, LLC.

Clinverse also announced that Umair Akeel has joined the company as its Chief Technology Officer (CTO). Mr. Akeel was an inventor and the chief architect during the development of IBM’s InfoSphere Traceability Server.

Clinverse President Steve Ayala said, “We are pleased to have rounded out our investment with significant funding from Vital Financial. Not only is Vital adding to our capital base, but they also are contributing their team’s experience in growing successful software companies. In conjunction with the funding, we are glad to welcome Craig Asher from Vital to our board.”

Tim Immel, Clinverse’s Chairman and CEO, said, “The additional capital allows us to accelerate our build-out of ClinPay, the pharmaceutical industry’s first eClinical Trial Payment Network. ClinPay solves a critical issue for the pharmaceutical industry—providing timely, accurate, and transparent multi-currency payment and reporting for all parties involved in a clinical trial.

“We are thrilled to add Umair Akeel to our team as CTO. Umair’s experience in architecting complex systems specifically for the pharmaceutical industry will enable him to make significant contributions to our product and our development group. He can incorporate his deep knowledge in building robust applications into ClinPay, resulting in a better product for our clients.”

Craig Asher, a principal at Vital Financial, said, “We look forward to supporting Clinverse through its growth with our capital and our background in building successful software companies. We see a significant potential to improve clinical trials by reducing their cost and duration and by improving their reporting transparency with the ClinPay eClinical Trial Payment Network.”

About Clinverse:

Clinverse - www.clinverse.com - is a technology company solely focused on the financial management of clinical trials and associated payments in over 140 currencies. Our flagship product, ClinPay, is a secure on-line eClinical Trial Payment Network that dramatically reduces time spent on the investigator payment process with significant increases in clinical trial productivity. ClinPay links sponsors to investigators in a payment and reporting system that reduces study start-up time, makes possible timely and accurate payments, provides transparency and auditing records, and simplifies compliance.

About Vital Financial:

Vital Financial’s mission is to use our talents, insights, knowledge and experience to find, analyze and structure private equity and venture capital investments in companies so as to provide significantly above-market returns on our own capital and on the funds that co-investors entrust to our stewardship. Our target investment size is $1-2 million for early-stage companies and $2-5 million for later-stage firms. Target industries include software, selected technology segments, and financial services. Given our experience in assessing the value of intellectual property, we also invest in unique IP situations. Vital Financial has offices in Bethesda, MD, Farmington, CT, Newark, DE, Philadelphia, PA, Lincolnshire, IL and Naples, FL. Additional information and contact details can be found at our website located @ www.vitalfin.com.

 

 

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