Denis Connaghan, Clinverse’s chief executive officer, has $9.1 million in new funding (as we reported Tuesday) to exploit changes in the pharmaceutical business that mean more opportunities for his clinical trials technology firm. He also talks about the challenges he has faced in his first year on the job in an exclusive Q&A for WRAL TechWire Insiders.

  • The Triangle as you know is a growing hub for CROs [clinical research organizations such as Quintiles]. Are you doing business with Triangle-based firms and if so is this a target-rich environment for future growth?

The Triangle is definitely an opportunity filled market that we expect to contribute significantly to our future growth. We are currently doing business with a Triangle CRO as well as BioPharma companies and expect these companies to be important components in our short and long term growth.

  • How is the ongoing consolidation within the pharmaceutical industry affecting your business? And as more pharmas rely more on new drug candidates coming from startups how does that affect your business?

We continue to build our business with small and mid-sized biotech companies running Phase 1 and Phase 2 studies. Two of these companies have sold compounds to large BioPharma which will benefit us as these compounds move into global Phase 3 studies.

The consolidation within CROs is especially benefiting us. CROs are seeing our technology as a way to assist in functional integration by automating new standardized processes across a global organization.

  • Drug companies are always looking to bring down costs of clinical trials. Is that the biggest factor in driving your growth?

There is significant interest in improving overall financial management of clinical trials. This involves:

i. Better management of trial expenses and cash flow
ii. Accuracy and visibility of current site payments
iii. Long term financial visibility
iv. Site satisfaction

  • In replacing the founder as CEO, what have been the biggest obstacles you have had to overcome in the past year?

There have not been real obstacles. I see items needing to be addressed more as challenges for ensuring the company was prepared for the market demands and growth opportunities. The basics were definitely in place for developing the company.

  • How have you reshaped or refocused the company in your tenure? And are more changes ahead?

As we continue to be successful with small and mid-sized BioPharma companies, we are also having success with larger BioPharma companies and CROs. With the significant and rapid buildup of larger, more complex opportunities, it has been important for us to focus on operational scalability and accelerate the expansion of our product functionality with new development.

Part One of the Q&A is available online as well.