HCAP Partners Announces Exit of Portfolio Company Parallel 6

HCAP’s financial support and advice were valuable to P6 and its employees.

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…

Read the full article from the Source…

Leave a Reply

Your email address will not be published. Required fields are marked *