Collin Brooks

Pro-ficiency to Accelerate Growth with Major Investment from NovaQuest Private Equity

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Pro-ficiency to Accelerate Growth with Major Investment from NovaQuest Private Equity
NovaQuest acquires majority interest in leading, simulation-based clinical trial training innovator
For immediate release: 23 February 2021

RALEIGH; DURHAM, NC –(BUSINESS WIRE)– February 23, 2021 — NovaQuest Private Equity (“NovaQuest”) today announced its strategic growth equity investment in Pro-ficiency, LLC (“Pro-ficiency”), a leading provider of tech-enabled training and compliance solutions for clinical trial investigators and site staff.

Based in Durham, NC, Pro-ficiency provides innovative, virtual simulation training and HR compliance solutions for clinical trials, supported by original content creation and analytics services. Leading pharmaceutical companies engage Pro-ficiency to deploy customized, study-specific training solutions that improve learning retention and strengthen compliance among investigators and site staff. The company’s platform also provides sponsors and CROs with real-time analytics that help to predict and avoid study errors and protocol violations, ultimately reducing the time, cost, and failure points of clinical trials. This integrated suite of services provides a compelling value proposition to its pharmaceutical customers.

“Pro-ficiency is excited to partner with NovaQuest, a firm with unparalleled global pharma and life sciences relationships and a proven track record of successfully supporting market-leading businesses in their next phase of growth,” said David Hadden, Co-Founder of Pro-ficiency. “With NovaQuest’s growth equity investment, Pro-ficiency is well-funded to continue changing the paradigm of clinical trial training.”

“Our customers are developing innovative products that require rigorous compliance across increasingly complex and global trials,” said JoAnne Schaberick, Co-Founder of Pro-ficiency. “NovaQuest’s expertise in life sciences and clinical trials will be invaluable as we continue to expand our team and offering to consistently surpass expectations and meet the needs of our valued customers.” “Dave and JoAnne are pioneers in the use of simulation-based training to improve healthcare. They have done an outstanding job developing a platform that addresses a critical, unmet need for better clinical trial training solutions,” said Michael Sorensen, Partner at NovaQuest. “We look forward to supporting the Pro-ficiency team as it meets unprecedented demand for its mission-critical clinical trial training solutions.”

Wyrick Robbins served as legal advisor to Pro-ficiency, and Smith Anderson served as legal advisor to NovaQuest. Deal terms were not announced.

About Pro-ficiency:
Pro-ficiency is a leading provider of tech-enabled training and compliance solutions for clinical trials. The Company provides a comprehensive suite of services, including a turn-key offering of customized, virtual training simulations, training and compliance monitoring tools, and real-time data; predictive analytics.
For more information, please visit www.proficiency3.wpengine.com.

About NovaQuest Private Equity:
NovaQuest Private Equity is a leading investor in technology and services companies in the life sciences and healthcare sectors. NovaQuest was formed in 2000 with the vision of building an investment platform to provide strategic capital and operational leverage in partnership with strong management teams. The investment team consists of highly seasoned operational and investment professionals with significant investment experience and deep life science and healthcare expertise. Furthermore, NovaQuest benefits from an extensive network of industry experts and relationships that assist in identifying, analyzing, and growing NovaQuest portfolio companies and investments. For more information, please visit www.novaquest.com.

For further information about Pro-ficiency, please contact:

David Hadden, Co-Founder
(919) 904-0035, dave@pro-ficiency.com

JoAnne Schaberick, Co-Founder
(619) 840-0875, joanne@pro-ficiency.com

For media inquiries, please contact:
Jeremy Milner, BackBay Communications
(401) 862-9422, jeremy.milner@backbaycommunications.com

Dave Farmer

Pro-ficiency to Accelerate Growth with Major Investment from NovaQuest Private Equity

/127 Comments/in /by

Pro-ficiency to Accelerate Growth with Major Investment from NovaQuest Private Equity
NovaQuest acquires majority interest in leading, simulation-based clinical trial training innovator
For immediate release: 23 February 2021

RALEIGH; DURHAM, NC –(BUSINESS WIRE)– February 23, 2021 — NovaQuest Private Equity (“NovaQuest”) today announced its strategic growth equity investment in Pro-ficiency, LLC (“Pro-ficiency”), a leading provider of tech-enabled training and compliance solutions for clinical trial investigators and site staff.

Based in Durham, NC, Pro-ficiency provides innovative, virtual simulation training and HR compliance solutions for clinical trials, supported by original content creation and analytics services. Leading pharmaceutical companies engage Pro-ficiency to deploy customized, study-specific training solutions that improve learning retention and strengthen compliance among investigators and site staff. The company’s platform also provides sponsors and CROs with real-time analytics that help to predict and avoid study errors and protocol violations, ultimately reducing the time, cost, and failure points of clinical trials. This integrated suite of services provides a compelling value proposition to its pharmaceutical customers.

“Pro-ficiency is excited to partner with NovaQuest, a firm with unparalleled global pharma and life sciences relationships and a proven track record of successfully supporting market-leading businesses in their next phase of growth,” said David Hadden, Co-Founder of Pro-ficiency. “With NovaQuest’s growth equity investment, Pro-ficiency is well-funded to continue changing the paradigm of clinical trial training.”

“Our customers are developing innovative products that require rigorous compliance across increasingly complex and global trials,” said JoAnne Schaberick, Co-Founder of Pro-ficiency. “NovaQuest’s expertise in life sciences and clinical trials will be invaluable as we continue to expand our team and offering to consistently surpass expectations and meet the needs of our valued customers.” “Dave and JoAnne are pioneers in the use of simulation-based training to improve healthcare. They have done an outstanding job developing a platform that addresses a critical, unmet need for better clinical trial training solutions,” said Michael Sorensen, Partner at NovaQuest. “We look forward to supporting the Pro-ficiency team as it meets unprecedented demand for its mission-critical clinical trial training solutions.”

Wyrick Robbins served as legal advisor to Pro-ficiency, and Smith Anderson served as legal advisor to NovaQuest. Deal terms were not announced.

About Pro-ficiency:
Pro-ficiency is a leading provider of tech-enabled training and compliance solutions for clinical trials. The Company provides a comprehensive suite of services, including a turn-key offering of customized, virtual training simulations, training and compliance monitoring tools, and real-time data; predictive analytics.
For more information, please visit www.proficiency3.wpengine.com.

About NovaQuest Private Equity:
NovaQuest Private Equity is a leading investor in technology and services companies in the life sciences and healthcare sectors. NovaQuest was formed in 2000 with the vision of building an investment platform to provide strategic capital and operational leverage in partnership with strong management teams. The investment team consists of highly seasoned operational and investment professionals with significant investment experience and deep life science and healthcare expertise. Furthermore, NovaQuest benefits from an extensive network of industry experts and relationships that assist in identifying, analyzing, and growing NovaQuest portfolio companies and investments. For more information, please visit www.novaquest.com.

For further information about Pro-ficiency, please contact:

David Hadden, Co-Founder
(919) 904-0035, dave@pro-ficiency.com

JoAnne Schaberick, Co-Founder
(619) 840-0875, joanne@pro-ficiency.com

For media inquiries, please contact:
Jeremy Milner, BackBay Communications
(401) 862-9422, jeremy.milner@backbaycommunications.com

David Hadden

Is Your Trial Training Compliant With FDA and ICH Regulations?

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Are you outsourcing any of your protocol, GCP, or Safety training for investigations and site staff?

Training is important for study quality and patient safety. There is no point in investing tens of millions in a clinical trial and not training the sites appropriately.

Many training outsourcing opportunities exist from CROs and training companies to assist you with training your site staff which are based on old and ineffective technology, and are not validated according to FDA and ICH standards.

Training can impact people’s decisions which can impact subjects in turn. In if you are providing training in support of a GxP activity, you must provide evidence that the person creating the content was qualified or provide evidence that the person noted actually completed the training. This can only be verified through an audit trail of a validated system.

The Pro-ficiency online platform and the simulation-based training content housed there is fully validated and audit-ready according to CFR 21 parts 820 and 11 and applicable sections of ICH GCP E6(R2).

  • Use the best training for your sites
  • Play it safe by using validated systems and content that meets CFR 21 820/11 and ICH E6(R2).
  • Protect patient safety by validating site training content before it is delivered

Predictive Analytics (real-time access)

The Pro-ficiency dashboard shows investigator performance in the training simulations across dozens of critical protocol and GCP metrics (the vertical columns). A blue checkmark indicates that a specific decision was made appropriately. If the learner makes a mistake, then a brief video-based corrective action is launched and they get a yellow icon. If the learner makes that mistake again, they get red icon. Lots of yellow icons indicate that, while knowledge gaps were identified, they were also easily corrected. Lots of red icons means those investigators are either not trying or they are having real problems understanding the protocol.

Based on the performance of the 2 sites above, which one would you trust more with your protocol and expect better performance from?

Pro-ficiency World HQ
4242 Six Forks Road
Suite 1550
Raleigh, NC 27609

info@pro-ficiency.com

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