• SKIP TO CONTENT
  • SKIP NAVIGATION
  • Patient Resources
    • COVID-19 Patient Resource Center
    • Clinical Trial Listings
    • What is Clinical Research?
    • Volunteering for a Clinical Trial
    • Understanding Informed Consent
    • Useful Resources
    • FDA Approved Drugs
  • Professional Resources
    • Research Center Profiles
    • Market Research
    • FDA Approved Drugs
    • Training Guides
    • Books
    • eLearning
    • Events
    • Newsletters
    • White Papers
    • SOPs
    • eCFR and Guidances
  • White Papers
  • Clinical Trial Listings
  • Advertise
  • COVID-19
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Home » Averion Sells Clinical Staffing Services Unit

Averion Sells Clinical Staffing Services Unit

October 8, 2007
CenterWatch Staff

Massachusetts-based contract research organization (CRO) Averion International has sold its clinical staffing services unit to members of the company’s management. The new owners are Harvey Greenawalt and Philip Clark.

The company will be called IT&E Inc.The unit sold for $2.3 million, which includes some contingencies based on the buyer’s ability to generate certain revenue goals from the unit. Averion is due an upfront cash payment of $455,000, deferred payments totaling $250,000 and unsecured promissory notes of $1.6 million. Averion stated the decision was made so that the company could focus on its core CRO business. Averion’s chief executive officer Phillip Lavin called that segment“a financial burden on our operations.”

For the first half of 2007, staffing services’ net service revenues decreased $3.2 million from the same period in 2006. Averion reported a net loss of $2.6 million for the first six months of 2007.

“Our strategy is to enhance our ability to capitalize on the trend toward increased clinical trial outsourcing that is driving industry growth, while taking measures to reach sustainable profitability,” said Lavin.

The clinical staffing unit became part of Averion when the CRO was acquired by IT&E International last August. To complete the reverse merger, IT&E changed its name to Averion International shortly after.

In August, Averion inked a deal with Brazil-based SMO and research center BIOCANCER. The non-exclusive agreement called for the companies to sub-contract and jointly market in their respective markets.

Averion stated the agreement provided it with an expanded patient population, leading investigative sites and access to the South American trial arena. A

Averion also announced it has signed a deal with Albuquerque, N.M.-based Biomoda, a cancer diagnostic technology company. The agreement calls on Averion to provide clinical services such as protocol design and study management for Biomoda.

Upcoming Events

  • 25Apr

    Effective Root Cause Analysis and CAPA Investigations for Drugs, Devices and Clinical Trials

  • 26Apr

    FDA’s New Laws and Regulations: What Drug and Biologics Manufacturers Need to Know

  • 27Apr

    Califf’s FDA, 2023 and Beyond: Key Developments, Insights and Analysis

  • 17May

    2023 WCG Avoca Quality Consortium Summit

  • 21May

    WCG MAGI Clinical Research Conference – 2023 East

Featured Products

  • Spreadsheet Validation: Tools and Techniques to Make Data in Excel Compliant

    Spreadsheet Validation: Tools and Techniques to Make Data in Excel Compliant

  • Surviving an FDA GCP Inspection

    Surviving an FDA GCP Inspection: Resources for Investigators, Sponsors, CROs and IRBs

Featured Stories

  • tablet

    Digital Intake Platforms Effective as Source of Trial Information, Survey Shows

  • Diversity-360x240.png

    Site Spotlight: EmVenio Research Takes to the Road to Promote Trial Diversity

  • Five Ws

    Consider the Five ‘W’s to Understand Potential Participants

  • QandA-360x240.png

    Perspectives from Smaller-Sized CROs: Q&A with Cheryle Evans

Standard Operating Procedures for Risk-Based Monitoring of Clinical Trials

The information you need to adapt your monitoring plan to changing times.

Learn More Here
  • About Us
  • Contact Us
  • Privacy Policy
  • Do Not Sell or Share My Data

Footer Logo

300 N. Washington St., Suite 200, Falls Church, VA 22046, USA

Phone 617.948.5100 – Toll free 866.219.3440

Copyright © 2023. All Rights Reserved. Design, CMS, Hosting & Web Development :: ePublishing