Galen Associates, Tullis-Dickerson, Delphi Lead Investment Round; New Company is First 'Clicks & Mortar' Solution to Pharmaceutical Industry Needs
GURNEE, IL / OWINGS MILLS, MD (January 10, 2000) AmericasDoctor.com Inc. and Affiliated Research Centers Inc. announced today that the companies have merged, establishing the first Internet healthcare company to significantly impact the pharmaceutical industry's development of new medicines and therapies.
The new organization will offer business-to-business solutions to unmet research and development needs of the pharmaceutical and contract research organization (CRO) industries, as well as solutions to assist research communications, improve new drug introduction and market positioning. The merger creates the first dedicated Internet solution to volunteer recruitment for clinical trials, the pharmaceutical industry's No. 1 obstacle in getting its products to the marketplace.
The AmericasDoctor.com/Affiliated Research Centers merger is an industry landmark, representing the first time a consumer-oriented Internet entity and a clinical trials management organization have combined resources on a large scale to meet a common objective. Pharmaceutical industry estimates show that a delay in bringing a product to market results in the loss of more than $1 million in revenues each day.
The new "clicks and mortar" organization also represents an early entry into the next generation of Internet healthcare companies, whose business strategy from inception integrates a traditional healthcare entity with the strengths of the Internet. The result offers a revolution in e-research and the role of the Internet to position, promote and develop new pharmaceuticals.
Also announced today, Galen Associates Inc., a leading late-stage healthcare venture group based in New York, has led the new company's initial $16 million investment round. Other venture