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Dr. Milen Vrabevski, CEOComac provides a broad range of clinical research services from the conduct of clinical trials phase I-IV BA/BE, central laboratory services, interventional Phase I/II/III & IIIb/IV and non-interventional trials, patient recruitment, project management, and medical writing. In addition to having a full-service offering, Comac operates a fully equipped unit for Phase I, BA/BE Studies in Sofia with 42 hospital beds and 24-hour emergency care along with clinical and bioanalytical laboratory. The unit is powered by a highly dedicated medical and operational team to carry out clinical trials effectively and efficiently. “Our local CRA can communicate and conduct activities by minimizing local cultural and administrative hurdles. In addition, we can easily reallocate additional support of CRAs, project leaders, regulatory advisers, and many other clinical research specialists, as our business model is flexible and adaptive to the client’s needs,” explains Dr. Vrabevski.
Boasting of a sustained reputation of quality and timely delivery, Comac has clients across Europe, U.S., Japan, and Canada. In an instance, Comac recently carried out a challenging study in pediatric asthma with an objective to demonstrate the therapeutic non-inferiority of the bronchodilator responses over 12 hours.
We have full-service capabilities resulting in cost and process effectiveness, which is why our repeat business rate is above 70 percent
To strengthen its CRO services, Comac recently collaborated with Health Decisions, Inc., a leading full-service women’s health specialty CRO. “We were delighted at the expansion of our strategic alliance with Health Decisions for the conduct of clinical trials in women’s health.” With this strategic alliance, the company will provide biopharma companies with comprehensive clinical development services for women’s health products in Europe and the U.S. “These regions offer advanced regulatory environments and both the funding and the investigational sites for most of the world’s clinical trials,” extols Vrabevski.
Comac has also formed a spin-off branded International Research Network (IRN) which is less than three years old with an aim to address the high need for implementing efficient patient sourcing techniques and speed up recruitment of patients and subjects. “IRN manages the clinical trial sites to ensure faster recruitment, rapid start-up, and quality of the study data and offers tailored solutions wrapped around the study requirements,” quips Dr. Vrabevski. In keeping with its spirit of innovation, Comac will continue to provide specialized services for clinical researches with its highly talented resource pool. “The greatest challenge of being a niche service provider is to remain resourceful when in parallel ensuring quality, excellence, and timely milestone delivery. In order to achieve that, we are maintaining expertise in abroad spectrum of Therapeutic Areas for delivering innovative solutions,” he concludes.
Company
Comac Medical
Management
Dr. Milen Vrabevski, CEO
Description
Provider of clinical research offering innovative and non-conventional solutions of high quality for unmet pharmaceutical industry needs
Headquartered in Sofia, Bulgaria, and established in 1997, Comac Medical is the leading full-service clinical research organisation (CRO) in Southern Eastern Europe, present in more than 30 countries and providing a comprehensive range of early to late-phase drug development services to the global pharmaceutical and biotech industries across a variety of therapeutic areas.
Chris Backes, EdgeCap's co-founder, said: "We are excited to invest in Comac Medical, which over the past 25 years has grown under Milen's leadership into an outstanding business that customers overwhelmingly praise for its quality of service, deep medical expertise in early phase clinical development as well as its speed and agility, specifically with regards to patient recruitment across therapeutic areas and rare indications. We think Comac is uniquely positioned to capitalise on the CRO market's favourable growth prospects and untapped potential."
Kristjan Piilmann, EdgeCap's co-founder, said: "Our investment in Comac reflects EdgeCap's thematic focus on the healthcare & life sciences industry, as well as our commitment to partner with exceptional founders and management teams. We look forward to working alongside Milen and his team to accelerate the Company's growth organically and to drive consolidation in the CRO space via a targeted buy-and-build strategy."
Dr. Milen Vrabevski, Comac Medical's founder, said: "This transaction is a significant milestone for Comac Medical and its over 350 employees who contribute to our success daily. To continue our strong growth trajectory in the years to come and to meet our customers' needs, we are looking to significantly expand operations while preserving our unique culture that has served as the foundation of our success. EdgeCap supports this vision and is committed to investing significant resources to capitalise on an exciting opportunity ahead. I am thrilled to start this next chapter in our journey and partner with Kristjan and Chris as we work towards the growth and success of Comac Medical."
The transaction has been completed in June 2023. Kristjan Piilmann, Chris Backes, and Dr. Günter Schmid, Senior Operating Partner for EdgeCap, will join Comac's Board of Directors.
Financial terms of the deal were not disclosed.
WOLF THEISS provided legal counsel to EdgeCap, and Kingsley Napley LLP provided legal counsel to the shareholders of Comac Medical in connection with the transaction. Deloitte LLP conducted financial and tax due diligence, and Health Advances LLC conducted commercial due diligence for EdgeCap.