Parallel 6 acquired by PRA Health Sciences, Inc.
San Diego, CA (August 8, 2017) - HCAP Partners, a California-based mezzanine debt and private equity firm, announced today that it has exited its investment in Parallel 6, Inc. (“P6” or the “Company), a mobile clinical (“mClinical”) SaaS platform designed to recruit, enroll, engage and manage patients in clinical trials. P6 was recently sold to PRA Health Sciences, Inc. (“PRA”, NASDAQ: PRAH). Terms of the transaction were not disclosed. Tim Bubnack, Managing Partner, and Nicolas Lopez, Principal, managed HCAP Partners’ investment with P6 and were active with the Company as board observers.
Founded in 2010, P6 provides a cloud-based solution that engages patients for trials and is devices agnostic – mobile, tablet, desktop and wearable devices. Its end-to-end solution allows stakeholders to have a turn-key clinical trial technology stack that puts the patient at the center of the trial and weaves the trial into the life of the patient. The Company’s patient-centric technology for registry, virtual, hybrid and traditional studies can be developed in as little as 90 days, and deployed as a ‘Bring Your Own Device’ (“BYOD”) solution. This displaces traditional ‘procured device’ alternatives while speeding up recruitment, addressing patient retention, dropping overall trial costs, and increasing compliance and speed of research.
“HCAP’s financial support and advice were valuable to P6 and its employees,” stated David Tuner, P6’s President, Chief Technology Officer and Founder. “Their understanding of the software market in the clinical trial space enabled us to further accelerate our very successful product, and allowed us to focus our strengths on such areas as mobile and cloud.”
Tim Bubnack, Managing Partner, commented, “Since our initial investment back in January 2015, P6 has done a great job building out its software platform in the clinical trial space. We were pleased to work with Allan Camaisa, former CEO, David Turner, President and Founder and the P6 team to support the successful launch and deployment of their mClincial SaaS solution. We look forward to their continued success and growth with PRA.”
H2C Securities, a healthcare-focused investment banking firm, acted as the exclusive financial advisor to P6 in connection with this transaction.
About Parallel 6, Inc.
Founded in 2010, Parallel 6 is currently transforming an industry that has primarily relied on paper based methods. The Company’s technology digitally enrolls, engages and manages patients using mobile endpoints. Now sponsors and clinical research organizations can connect directly with and manage patients anywhere in the world, seamlessly integrating into their daily lives. The firm’s headquarters is in San Diego, CA with additional offices in Washington D.C. For more information, visit http://www.parallel6.com.
About PRA Health Sciences, INC.
PRA Health Sciences, Inc. (NASDAQ: PRAH) is one of the world’s leading global CROs by revenue, providing outsourced clinical development services to the biotechnology and pharmaceutical industries. PRA’s global clinical development platform includes more than 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East, and over 14,000employees worldwide. Since 2000, PRA has participated in approximately 3,500 clinical trials worldwide. In addition, PRA has participated in the pivotal or supportive trials that led to U.S. Food and Drug Administration or international regulatory approval of more than 70 drugs. For more information, visit http://www.prahs.com.
About HCAP Partners
HCAP Partners was founded in 2000 and is a provider of mezzanine debt and private equity for underserved, lower-middle market companies throughout California and the Western United States. The firm seeks to invest $2 million to $9 million in established businesses generating between $10 million and $75 million in revenues in the healthcare, software, services, and manufacturing industries. HCAP Partners has invested in over 50 companies since it was founded and through ongoing, active engagement with portfolio companies the team at HCAP Partners provides value-added resources to help optimize performance and increase enterprise value. The firm has been recognized as an ImpactAssets 50 fund four years running and, through its Gainful Jobs Approach, works to facilitate a positive impact on underserved businesses, their employees, and their communities through active portfolio engagement. Partners Tim Bubnack, Morgan Miller, Frank Mora, Nicolas Lopez, and Hope Mago lead HCAP Partners’ investment team. For more information, please visit http://www.hcapllc.com.