Paul Evans and Velocity are on the move again buying another research site in their quest to build a seamlessly integrated national clinical research site organization. Now the team has acquired Omega Medical Research in Providence, Rhode Island, and Buynak Clinical Research in Valparaiso, Indiana, extending the company’s geographic footprint to 12 sites in 9 states across all four continental U.S. time zones.
Morphing Research Sector
TrialSite News has emphasized the pressure for consolidation in the fragmented dedicated clinical investigational site sector. With private equity flowing into the market, the landscape will evolve in exhibiting more sophistication, capability and competency—especially when it comes to business development and corporate development imperatives. The COVID-19 pandemic more than likely will accelerate this trend as the business of clinical research starts moving again. Founded in 2017, Velocity was first conceived by Bruce Tomason, former chief executive of One Call Medical, Alterna and Copernicus. Mr. Tomason now sits on the board of this fas- moving site organization, and alongside Mr. Evans, the duo represent a formidable lead backed by the capital of Navimed Capital.
Velocity Clinical Research
And it is this combination of vision, expertise and financial wherewithal that propels Velocity Clinical Research’s execution on a steady, strategic growth trajectory that contributes both geographic and therapeutic diversity to its expanding list of wholly-owned clinical research sites. On target with its expansion plans, Velocity Clinical Research will continue to build its high-volume, high-quality, multi-site business throughout 2020.
Although Mr. Evans tends to favor growth through acquisition (he understands that that model can be harnessed and directed most effectively), a healthy partnership is embraced where it makes sense. Most recently, the venture partnered with Elite Research Network, a key firm involved with the multi-site vaccine trial market. Velocity acquired six experienced vaccine sites in Q4 2019 with the purchase of Advanced Clinical Research (ACR) and Rapid Medical Research (RMR). ACR, RMR, and Omega are all longstanding members of the Elite Research Network. The new agreement enhances Elite’s offering to include Velocity’s legacy sites in Cincinnati, OH; Medford, OR; and Hallandale, FL, to its existing and future clients. Velocity will benefit from Elite’s strong relationship with clients and robust vaccine study pipeline.
CEO Point of View
Paul Evans has embarked on a vision that is guided by extensive corporate and entrepreneurial experience ranging from directing key leadership functions for some of the largest CROs to intensive entrepreneurial activity as founding managing director for Synexus. Mr. Evans expressed his excitement due to these latest acquisitions involving highly experienced investigators, management and support staff. Indicating Velocity’s ramp up for coronavirus and COVID-19 treatment trials, Evans indicates a healthy business pipeline of studies.
Emphasizing the commitment—and a recognition of the business need—for both high-volume vaccine business as well as high value therapeutic expertise, Evans acknowledges what is required to keep a private equity group-backed research site business “healthy and strong.”
Now with an inked partnership with Elite Research Network, led by Chris Hoyle, Velocity will drive intelligently to achieve what Evans describes as “industry-leading numbers of patients and healthy volunteers to sponsors with a single stroke of the pen.” And relationships do matter because it is only through engagement over time that one can know what the value the other brings—and in this case, both Evans and Hoyle have partnered in two global CROs. Hoyle has an extensive pedigree in managing vaccine research.
Buynak Clinical Research
Buynak Clinical Research in Valparaiso, Indiana, comes to Velocity with a first-class clinical research team, experience in a wide range of internal medicine therapeutic areas, and access to an underserved population in northwest Indiana. The clinic was founded by Robert Buynak, MD, in 2005. Dr. Buynak is a Board-Certified physician specializing in Internal Medicine. He received his undergraduate degree at the University of Notre Dame and his medical training at Harvard Medical School and the Mayo Clinic.
Omega Medical Research
Omega Medical Research in Providence, Rhode Island, was founded by Johnna Pezzullo, BSN, RN, and Lynne Haughey, MSN, FNP in 1993. Omega is one of the largest independent clinical research sites in the state. They have conducted nearly 500 clinical trials in a wide range of therapeutic areas with significant experience in a long list of internal medicine indications, vaccines, and pediatric studies. Medical Director David L. Fried, MD, is Board Certified in Internal Medicine and serves as Clinical Assistant Professor of Medicine at Brown University.
Call to Action: Sponsors seeking to expand clinical trials in the U.S. should review the capabilities of Velocity Clinical Research.