TruTechnologies Secures Significant Growth Investment From LLR Partners
BUSINESS WIRE)-- LLR Partners today announced a strategic growth investment in TruTechnologies ™, a leading provider of real-time clinical trial oversight. LLR's growth capital and value creation resources will be dedicated to helping TruTechnologies' expansion as it transforms how pharmaceutical companies, together with clinical research organizations and research sites, oversee, monitor and manage biological samples and study workflows throughout the clinical trial lifecycle.
TruTechnologies aims to enhance workflow efficiency for research sites while enabling real-time visibility and interventions for pharmaceutical companies and clinical research organizations. Its flagship solution, TruLab ®, is a first-of-its-kind mobile-enabled offering for protocol-driven clinical trial oversight, biological sample management and tracking and risk-based monitoring.
'TruTechnologies was founded to solve the ongoing pain point in clinical research of managing biological samples with accuracy, efficiency and compliance,' said Scott Ogle, Co-Founder and CEO of TruTechnologies. 'LLR understands our mission, our customers and our industry. We are excited to partner with LLR as we scale to deliver more value to pharmaceutical companies, clinical research organizations and research sites around the world.'
Building on TruLab, TruTechnologies has launched two complementary solutions: TruDose ™, which provides dosing compliance and deviation monitoring, and TruScreen ™, which enables real-time visibility to trial participant screening visits and associated outcomes.
"After 25 years in drug development, I've seen firsthand how lack of visibility into study conduct significantly impacts clinical trial outcomes," said Rick Graham, PhD, Co-Founder and Chairman of TruTechnologies. 'That's why I'm so proud of what we've built - a solution that finally brings transparency, accountability and oversight to one of the most overlooked aspects of clinical trial execution."
LLR's investment in TruTechnologies builds on its history of partnering with companies driving efficiency and innovation across life sciences and healthcare.
'TruTechnologies has pioneered a differentiated solution in a critical but historically underserved area of clinical trials,' said Zack Sigal, Partner at LLR Partners. William Sadock, Vice President at LLR Partners, added, 'The market TruTechnologies serves is driven by the increasing complexity of clinical trials and demand for more precise, real-time oversight and interventions across the research ecosystem. We are excited to partner with TruTechnologies as they continue to support more clinical teams with real-time insights.'
BofA Securities, Inc. served as the exclusive financial advisor to TruTechnologies in this transaction. Wachtell, Lipton, Rosen & Katz served as legal advisor to TruTechnologies. DLA Piper served as legal advisor to LLR Partners.
About TruTechnologies
Founded in 2018, TruTechnologies is the leading provider of real-time clinical trial oversight, focused on enabling timely, high-quality data and mitigating risks in drug development. The company partners with six top 20 pharmaceutical companies and numerous biotechnology firms to accelerate patient screening and enrollment, drive protocol adherence, and correct deviations. Learn more at TruTechnologies.io and follow on LinkedIn.
About LLR Partners
LLR Partners is a lower middle market private equity firm investing in technology and healthcare businesses. We collaborate with our portfolio companies to define high-impact growth initiatives, turn them into action and help create long-term value. Founded in 1999 and with more than $7 billion raised across seven funds, LLR is a flexible provider of equity capital for growth, recapitalization and buyouts. Learn more at www.llrpartners.com.
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