Medica Group acquires RadMD LLC
Medica acquires US-based RadMD, a leading Imaging Contract Research Organisation (iCRO).
Medica Group PLC is pleased to announce they acquired RadMD, a leading Imaging Contract Research Organisation (iCRO), headquartered in Philadelphia. Following on from the purchase of Global Diagnostics Ireland in November 2020 this acquisition represents a further diversification of customer base, geographical operations and an entry into the exciting Clinical Trials market.
RadMD was founded in 2006 by Dr Richard Patt and Dr Kohkan Shamsi who together have more than 40 years of combined expertise in imaging for clinical trials. RadMD employs 17 staff and contracts with over 250 clinical trial readers to provide high-value imaging expertise services. The company applies its considerable market experience together with advanced systems to reduce costs and improve efficiency in drug and device development to pharmaceutical/biotech and contract research organisations (CROs).
Dr. Stuart Quin, CEO of Medica Group said:
“In line with our strategy, Medica has been exploring ways in which we can harness our leading expertise in teleradiology to underpin diversification in other areas. We are pleased to deliver this with the acquisition of RadMD, which accelerates our ambition to provide radiological image reading for pharmaceutical and biotech companies. This acquisition provides entry into a new and exciting market for Medica with opportunities for growth and penetration in new markets and customers. Whilst RadMD serves different customers to Medica, the need to provide a highly specialised network of radiologists reading cases remotely, using excellent systems and supported by high quality clinical governance is akin to our existing core strengths and expertise. RadMD is a high-quality business strongly rooted in a passion for radiology and, as a result, many clients now trust the RadMD team to design and deliver important clinical trials to the highest quality standards.”
“RadMD has been our focus for many years and we are confident that in Medica, we have found a partner to help the company to move to the next level and accelerate growth. Medica will help to support the operations and business strategy allowing us to devote more time to supporting clients and driving new opportunities for the combined company. Medica shares the same ethos in terms of delivering high quality services and we have been impressed by the commitment of the Medica team to help to accelerate the growth and evolution of our company and very much look forward to working together.”