iuvo BioScience Acquires Promedica International

iuvo BioScience, a prominent Partner Research Organization (PROTM), announced its successful acquisition of Promedica International, a California Corporation, specializing in ophthalmology-focused clinical Contract Research Organization (CRO) services.

The strategic move is poised to create a global leader in delivering comprehensive laboratory, consulting, and clinical development services with a primary focus on ophthalmology and the broader medical device market.

The combined organization will cater to all aspects of ophthalmic clinical research, spanning from the front to the back of the eye, bolstered by an expanded team of experts boasting centuries of collective experience in the field of ophthalmology. As part of the acquisition, iuvo BioScience has appointed Shannon Stoddard as the President of Clinical Research for the unified clinical research business. Additionally, Shannon will serve on the Board of Directors of iuvo BioScience.

Ben Burton, President and CEO of iuvo, expressed enthusiasm about the acquisition, highlighting the compatibility between the two organizations. "I have known Shannon and the PMI team for several years, and have great respect for their expertise and industry-leading position in the marketplace. Shannon's employee-centric and Sponsor-dedicated approach is a perfect strategic and cultural fit with the iuvo team."

Stoddard, who brings a wealth of experience to her new role, outlined her vision for the combined entity. "The PMI team is thrilled to join iuvo BioScience. Our company was formed nearly forty years ago with the sole focus of providing differentiated clinical research services to medical device and pharmaceutical companies across the globe."

Stoddard emphasized the collaborative nature of the partnership, stating, "Throughout the years, our Sponsors have remarked that when working with PMI, they consider our team to be more than a vendor, but instead an integral part of their clinical department."

The transaction positions the combined business, backed by private equity firm Ampersand Capital Partners, as a formidable force in the medical research landscape. The unified organization will be the sole niched ophthalmology service provider capable of supporting customers from early pre-clinical and laboratory stages through all phases of clinical development within one integrated framework. The move is expected to foster continued growth and solidify the organization's standing as a global leader in the rapidly evolving medical research and development sector.