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Corrona

Corrona
Joel Kremer Founder "Great Point demonstrated their potential value to Corrona during our first meeting and stood out from other potential private equity partners who were generalists and had a superficial understanding of drug registries. The Great Point team was impressively knowledgeable about the business of clinical drug monitoring and research from numerous directly relevant investments. Corrona will benefit from their new insights and experiences along with additional capital to address our growth goals."

Sector: Biopharmaceutical Supply Chain

Investment Date: 2014

Description: Nationwide Provider of Post Approval Drug Registries

Status: Current

Headquarters: Southborough, MA

www.corrona.org

Background
Founded in 2000 by leading rheumatologists, Corrona was dedicated to advancing the care of patients with rheumatoid arthritis and other chronic diseases. It was a leading provider of clinical Real World Evidence when, in 2013, Great Point was first introduced to the Company to finance a merger. Corrona provided clinical and observational data to pharmaceutical companies and research organizations in comparative effectiveness research, post-marketing safety surveillance, and clinical research.

Challenges
When Great Point Partners vetted the rationale for the merger with management it became clear that growth capital, acquisition expertise and partial founder liquidity from Great Point made more sense than the merger they were considering. The Company recognized the potential for growth into psoriasis and other chronic diseases with stronger financial backing. Lacking the equity capital and bank relationships required to deliver this growth, Corrona decided to accept Great Point Partners as a partner to help it become a multi-market competitor in real world evidence.

How Great Point Partners Helped
Corrona was impressed by Great Point Partners’ impressive knowledge of comparative effectiveness and post-market safety surveillance and chose Great Point as a partner to help the Company grow into new therapeutic areas and geographies. Great Point led a growth recapitalization in 2014 to fund expansion into other chronic diseases, provide partial liquidity to its founders and also to grow the Company's infrastructure. Great Point secured the Company's first ever bank acquisition line and recruited as Executive Chairman and CEO, Ray Hill, formerly President of inVentiv Health Clinical, a multi-billion dollar Contract Research Organization.

Results
With Great Point Partners’ continued support, Corrona has expanded into other disease and product areas such as psoriasis and multiple sclerosis while leveraging its research and data capabilities across the entire continuum of drug development.