Clinical Trials of America, a startup that had planned to offer services to life sciences companies, has agreed to merge with Next Fuel, a Delaware-based alternative fuel technology firm.
Also at Clinical Trials, Peter Coker of Tryon Capital in Chapel Hill, has joined the firm’s board.
The merger will make Next Fuel a public company. The deal is expected to close around July 31.
Clinical Trains trades as an over-the-counter stock under the symbol CLLL.OB.
Next Fuel was incorporated in 2008. It focuses on hydrogen for use in fuel cells. The firm says it has developed an “on demand” hydrogen generation system.
Coker has more than 35 years of experience in investment management and financial transactions. A graduate of N.C. State University, Coker is a member of the board for the NCSU Investment Fund. He joined the Clinical Trials board on April 6.
Once the merger is complete, Clinical Trials will change its name to Next Fuel.
Clinical Trials launched in Nevada in 2007. According to a Securities and Exchange Commission report, the firm had $815 in capital as of Dec. 31 and reported a loss of $148,362 for the year.
“We currently do not have enough cash to satisfy our minimum cash requirements for the next twelve months,” the company said in the filing.
