PHILADELPHIA, SHANGHAI and VERONA, Italy, March 1, 2023 -- ClinChoice Medical Development is pleased to announce its acquisition of CROMSOURCE S.r.l., an ISO-certified full-service contract research organization with its corporate headquarters in Verona, Italy and its US headquarters in Cary, NC. CROMSOURCE has operational subsidiaries in the US and seven countries throughout Western and Eastern Europe, along with field-based staff across various locations in Europe and across the US.

Founded in 1997, CROMSOURCE has a proven track record of supporting global pharmaceutical, biotechnology, and medical device clients with exceptional clinical research and staffing capabilities. The acquisition will strengthen ClinChoice's global network and deepen its full-service capabilities.

ClinChoice's commitment to best-in-class quality and on-time delivery of its services has resulted in a strong track record of successful execution of clinical trials and functions including biometrics, regulatory, safety, medical, and clinical operations. ClinChoice provides these services across the drug, medical devices, vaccines, cosmetics, and consumer health sectors utilizing both project-based and FSP models. As a global CRO, ClinChoice provides solutions across the development lifecycle for pharmaceutical, biotechnology, medical device, and consumer products companies worldwide. The Company's clientele ranges from the largest multinational companies to startup and emerging companies. ClinChoice has completed over 1,500 clinical studies across multiple therapeutic areas, including oncology, CNS, rare disease, ophthalmology, metabolic, and respiratory, amongst others.

"We are excited to work with CROMSOURCE and expand our coverage in Europe and the US to better meet our global clients' needs and accelerate product development and support lifecycle management. Strategically, the acquisition of CROMSOURCE provides us with a highly experienced team of operational and technical experts in Europe and North America, adding to our existing capabilities in clinical development and staffing solution services," said Ling Zhen, Chairman and Global CEO of ClinChoice.

"The acquisition of CROMSOURCE brings significant enhancement to our talent pool. It enhances our operational capabilities with additional delivery hubs to complement our current network in Europe and the US. This merger also expands our data science technology offerings in many areas including decentralized clinical trials and risk-based monitoring," said John Balian, Co-Founder and CEO of ClinChoice, Inc, who leads the company's US, European, and Southeast Asia operations.

CROMSOURCE Founder and CEO Oriana Zerbini, MD noted: "We are thrilled to be combining CROMSOURCE's deeply experienced and talented team with that of ClinChoice. The two companies offer such clear synergies that it was a very easy decision to join Ling, John, and the rest of the impressive ClinChoice team. We look forward to becoming the CRO partner of choice for any client anywhere in the world."

CROMSOURCE was advised by Fairmount Partners, and ClinChoice was represented by Crosstree Capital.

SOURCE ClinChoice