Little Falls, NJ (PRWEB) June 8, 2006
Sentrx, the leading provider of drug safety services, announced today that it closed a new round of financing. The investment will be used to enhance information technology, increase sales and marketing activities, and expand client support.
The financing was led by Argosy Partners, a new investor for Sentrx. Argosy Partners is a leading source of growth capital for middle market manufacturing and service companies.
“Sentrx is in the midst of its strongest sales year ever," said Joseph Albano, Chief Executive Officer of Sentrx. “This investment will allow us to capitalize on the momentum, and we are delighted to have Argosy join the Sentrx team.”
“We are excited to support the continued expansion of Sentrx,” said Keven Shanahan, Associate of Argosy Partners. “The strong management team, best of breed technology, and singular focus on the growing arena of drug safety and pharmacovigilance made Sentrx an attractive investment.”
Edison Venture Fund continued to show confidence in Sentrx by participating in the round. Edison is the largest investor in Sentrx, providing funding in 1999 and 2002.
“Combining technology and drug safety expertise, Sentrx has emerged as the outsourcing leader to mid-tier pharmaceutical and biotechnology companies,” commented John Martinson, Edison Managing Partner. “This investment will accelerate growth.”
The round of financing was organized by Mufson Howe Hunter & Company (MHH), a Philadelphia-based investment bank. MHH provides financing services as well as merger and acquisition services to growth companies.
Sentrx is a leading provider of technology-enabled solutions and services for global drug safety. Its mission is to help pharmaceutical, biotechnology, medical device, and consumer health companies demonstrate the safety of their products and respond rapidly to any potential risks detected. Through its multilingual Safety Response Center, Sentrx delivers a unique combination of highly skilled people, exclusive technology, and best practices in drug safety monitoring. To learn more about Sentrx, please visit their website at http://www.sentrx.com, or call 1-888-399-8032, extension 261.
About Edison Venture Fund
Established in 1986, Edison partners with entrepreneurs, service providers and other financing sources to build successful companies. Edison provides capital and value-added services to expansion stage ($5 to $20 million revenue) information technology businesses. Initial investments range from $4 to $7 million. Edison typically serves as a sole or lead investor in financings up to $10 million. In addition to providing expansion capital, Edison funds management buyouts, recapitalizations, spinouts and secondary stock purchases.
Edison’s 18 investment professionals are based in Lawrenceville, NJ, West Chester, PA, and McLean, VA. Industry specialties include application software, communications, financial services, healthcare and pharmaceutical IT and electronics. Edison’s successes include Assessment Systems, BTG, Eastern Telelogic, E-Transport, Liberty Technologies, Netegrity, Strategic Diagnostics, Thermacore, Visual Networks, Vocus and many other information technology leaders, which have a combined market value exceeding $5 billion. Edison currently has $420 million under management and is actively making new investments. For more information, visit http://www.edisonventure.com