etrials Worldwide, a provider of software for the clinical trial process, has secured an additional $2.5 million to bring its Series A investment round to $5 million.
Newlight Associates, a New York-based venture capital group was the principal investor in this secondary close for Morrisville-based etrials.
Etrials secred the first $2.5 million of its Series A round in September. The investment was led by Prodea, a Texas-based venture capital firm, and included existing investor Infologix (BVI) Limited, and individual investors familiar with the eClinical market.
The completed $5 million of Series A financing will be used to fund additional growth both in the U.S. and abroad, etrials said, and completes one of the most successful financial quarters in the company’s history.
“etrials has capped another strong year with impressive results,” said CEO John Cline. “This investment demonstrates a level of confidence bolstered by etrials being profitable, as well as from having our fourth year in a row of triple-digit growth. We’re excited to have Newlight as a part of our team and look forward to benefiting from their operational expertise.”
Recently, etrials reported its first profitable month and saw the end of year contract backlog grow by 250 percent over 2002. The company adds that it also has increased its cash position and reduced debt and long-term obligations.
In conjunction with the investment, Newlight Managing Partner Robert Brill has been appointed to the etrials board of directors. Prior to his work with Newlight, Brill was a general partner of PolyVentures. He also has served as CEO at two technology companies, Algorex and Sipex.
“etrials is a perfect fit for our investment strategy,” Brill said in a statement. “We engage with companies that have excellent management teams, transforming technologies, and the momentum to become market leaders. Most importantly, we like to work with companies that get results. etrials has earned a reputation in the industry for getting things done where others couldn’t.”
etrials: www.etrials.com
