NovaQuest Private Equity (NovaQuest) has made a strategic growth equity investment in Pro-ficiency, a 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 customised, 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,” says 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,” says 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,” says 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.