CTI Announces Acquisition of Community Research
News Feb 07, 2014
CTI Clinical Trial and Consulting Services (CTI) has announced the acquisition of Community Research.
Community Research is a dedicated, multi-specialty clinical research site with three locations throughout Greater Cincinnati, Ohio. Community Research conducts 40-60 phase I-IV clinical trials annually in a variety of therapeutic indications, including internal medicine, dermatology, psychiatry, and sleep disorders, as well as trials in healthy volunteers.
Community Research operates a hospital-based, residential phase I facility, which can accommodate drug and device trials, and has a special emphasis on first-in-human studies in various patient populations. Since its inception nearly 20 years ago, Community Research has completed over 650 clinical trials.
David Mayleben, PhD, President and Co-Founder of Community Research, will become a Vice President at CTI, and will continue to lead the research centers, while Co-Founder, Dr. Bruce Corser, will serve as a consultant for CTI, but will not be involved in day-to-day activities. The team of over 50 employees from Community Research will also be joining CTI.
“This is a great opportunity to strengthen the offerings that Community Research provides to those in the pharmaceutical and biotechnology industries,” according to David Mayleben, Co-Founder and President of Community Research. “We have worked with CTI many times over the past several years and are excited for this new endeavor.”
“We are looking forward to the integration of both companies and adding the strong operational expertise Community Research has to our own organization,” according to Kevin Schwarz, Chief Operating Officer of CTI. “We feel that Community Research provides us with even greater service offerings for our clients, who include more than 70 pharmaceutical and biotechnology companies around the world.”
According to Timothy Schroeder, CEO and Founder of CTI, “This new addition will be particularly important with the increasing number of early stage trials that we are working on. Some of the most groundbreaking research is being done in phase I units for areas such as rare diseases, regenerative medicine, and oncology. This type of research will only increase in its importance in the next several years.”
The terms of the acquisition were not disclosed. Plante Moran and Fifth Third Bank provided support to CTI, while DeVita Howe, LLP, Edgemont Capital Partners, and JD Cloud assisted Community Research.