Wilson Partners Corporate Finance has provided financial and tax due diligence services to Octopus Investments on its growth capital investment in TRI, a leading global provider of Risk-Based Monitoring (RBM) solutions for clinical trials. The fundraising will accelerate development of its core technology platform, OPRA, and expand its international presence.
“Our mission is to improve clinical trial outcomes through the intelligent application of technology,” said Duncan Hall, CEO and founder. “We couldn’t be more excited with the progress to date and the opportunities our partnership with Octopus Investments brings. This funding allows us to accelerate OPRA development and ensure our position as the ‘must-have’ solution for improving operational efficiency, trial quality, and patient safety.”
Grant Paul-Florence, head of intermediate capital at Octopus Investments, added: “We’re very pleased to have completed this investment and have enjoyed working with the highly experienced team at TRI. We believe they have the right skills, product and ambition to develop OPRA into the world’s leading RBM platform and we are delighted to be able to support the team on this journey”.
Triumph Research Intelligence (TRI) is a leading provider of Risk-Based Monitoring (RBM) solutions for clinical trials. It is based in Cambridge, UK, and Raleigh, North Carolina in the United States. Over 45% of failed drug trial submissions are due to data quality and cost the industry hundreds of millions of dollars each year. TRI was founded in 2011 by CEO Duncan Hall to address this issue directly. TRIs products, solutions and services are designed to optimize trial quality by improving data reliability and at the same time increase patient safety and operational efficiency.
Dan James, director at Wilson Partners, added: “We were delighted to support Octopus on this investment. TRI represents an exciting opportunity to support a strong management team with state of the art technology being deployed to a growing market sector.”