Cary, N.C.-based Cetero Research has finalized the sale of the company to its investor group, led by Freeport Financial, following the company’s Chapter 11 bankruptcy filing court approval of the sale.

As part of the new ownership structure, the company’s headquarters will move to Fargo, N.D., and the company has been renamed PRACS Institute.

The board of directors has named three executive appointments to lead operational, financial and new business initiatives. James Carlson, Pharm.D, has been named CEO. Carlson has more than 30 years of experience in early phase research. He co-founded and served as CEO of Cetero Research, based in Fargo, N.D., from 1983 to 2006, where he oversaw the conduct of more than 450 studies per year across a range of therapeutic indications and study types.

Mark Ubert, CPA, MBA, has been named CFO. Ubert joined Cetero in 2009 as corporate controller. John Pottier has been named executive vice president, business development. Joining PRACS from Worldwide Clinical Trials, Pottier previously served in business development roles at Novum Research, Cetero Research and PRACS Institute, after beginning his career at the Clinical Research Foundation, now part of Quintiles Transnational.

Founded in 2004 by a group of corporate finance and capital markets professionals, Freeport Financial provides capital and leveraged finance solutions to middle market companies.