OCTAGON RESEARCH SOLUTIONS RECEIVES $3.8 MILLION IN FIRST ROUND FUNDING
KING OF PRUSSIA, PA – February 3, 2003 – Octagon Research Solutions, Inc., a leading process-centric solutions provider that offers a suite of regulatory electronic submissions, regulatory affairs, clinical data management, statistical, and information technology services to the life sciences industry, announced today that the Company has completed a $3.8 million first round of funding led by Edison Venture Fund. Milestone Venture Partners also participated in the financing which will be used by Octagon to expand operations and increase sales and marketing efforts.
“Octagon’s first round of funding and the impressive group of investors is important validation for the Company and our mission to streamline the entire clinical research and drug development process,” said James C. Walker, President and CEO of Octagon. “Octagon is committed to working with global life sciences companies to help them bring drugs to market quicker and save money, boosting their bottom lines.”
Octagon works with leading global life sciences companies to streamline the entire clinical R&D process. The Company offers a seamless, fully-integrated electronic approach that manages information from the beginning of a clinical trial to the submission of data to health authorities.
“Octagon is uniquely positioned to meet the IT needs of a burgeoning life sciences market segment,” said Bruce Luehrs, Edison General Partner. “Their deep understanding of the entire clinical R&D process is proving to be extremely beneficial to the world’s leading pharmaceutical and biotechnology companies as they seek to improve efficiencies in a very competitive and regulated marketplace.”
About Octagon Research Solutions, Inc.
Octagon is a leading process-centric solutions provider that offers a suite of regulatory electronic submissions, regulatory affairs, clinical data management, statistical, and information technology services to the life sciences industry. Partnering with its clients across the entire clinical research and drug development process, Octagon offers a seamless, fully-integrated electronic approach, that manages information from the beginning of a clinical trial to the submission of data to the health authorities. Streamlining the entire clinical R&D process reduces the submission production time, resulting in a significant cost-savings and quicker product time-to-market. Octagon is headquartered in King of Prussia, PA, with offices in Encinitas, CA. For more information please visit www.octagonresearch.com.
About Edison Venture Fund
Edison, in partnership with entrepreneurs, service providers and other financing sources, builds successful companies. Established in 1986, Edison Venture Fund provides private equity and value-added services to growing information technology businesses. Edison’s 116 investments include venture financings, management buyouts, and secondary purchases. Edison invests in expansion stage ($5 to $20 million revenue) companies located in the mid-Atlantic region. Initial investments range from $3 to $5 million. Edison typically serves as a sole or lead investor.
Edison’s staff includes 15 investment professionals based in three offices: Lawrenceville, NJ, Bala Cynwyd, PA, and McLean, VA. Industry specialties include application software, financial services, communication products/services and electronic products. Edison’s successes include Best Software, Dendrite, Visual Networks, Taratec and many information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $400 million under management and is actively making new investments. www.edisonventure.com.
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