When pharma-focused mobile clinical trial data collection company Clinical Ink and CentrosHealth, formerly MyHealthBook, which makes configurable mobile apps for clinical trial patient engagement,merged last month, at least $9.8 million in equity and stock was exchanged as part of the merger, according to an SEC filing. According to the filing, some of that money went to the acquired company's owners and some was invested into the newly merged entity.
In a section of the SEC document that asked if the offering is "being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer", Clinical Ink checked yes and wrote in the clarification: "There was a merger of two entities and some stock was issued in connection with the merger. A new round of financing was also obtained in connection with the merger."
At the time of the merger, the companies announced that, MPM Capital, which founded CentrosHealth, would make an additional investment in Clinical Ink, as would F2 Ventures, FCA Venture Partners, and other existing Clinical Ink investors.
The announcement from Clinical Ink also said the company is embarking on a new partnership with Novartis, though Clinical Ink has been working with Novartis on its “Clinical Trials of the Future” initiative since at least November 2013, when Clinical Ink raised $4.3 million.
Clinical Ink makes SureSource, a Windows-based tablet software for healthcare providers to collect clinical trial data electronically at the point of care. They use Windows tablets because stylus-entry allows for unstructured as well as structured data entry — doctors can not only fill out forms, but also make margin notes that can be referenced later.
Clinical Ink CEO Ed Seguine told MobiHealthNews in 2013 that Clinical Ink doesn’t collect data on paper and then input it into an electronic database nor does it collect data directly from the patient. Clinical Ink is distinct from others in the market because it’s provider-facing, and also natively digital.
CentrosHealth, meanwhile, focuses on patient-facing apps for facilitating clinical trials. These include medication adherence tools and self-tracking tools, some of which integrate with connected medical devices.
“The pharmaceutical industry is at an inflection point in its embrace of mobile technologies,” Todd Foley, managing director for MPM Capital, said in a statement at the time. “The combined Clinical Ink-CentrosHealth platform delivers a truly new operating model for clinical trials of the future and represents the most compelling solution to improve the clinical trial process for sites, sponsors, CROs, and patients involved in the $50 billion annual business of conducting clinical trials.”