Medical Research Network completes private investment round
Medical Research Network Ltd (MRN), the decentralised clinical trials market leader, is planning to expand its geographic presence further following a successful private investment round that includes a £3m working capital facility from Shawbrook Bank.
The firm, based in Milton Keynes, Buckinghamshire, is targeting further growth as it aims to enhance its operational reach having already built market leading positions in North America, Europe and Australasia.
It works with some of the largest pharma, biotech and CRO companies in the world, specialising in conducting clinical trial visits in patient’s homes as well as supporting clinical trial sites with specialist nursing resources.
In addition to geographic expansion, the firm is aiming to increase its offerings through further development of its Research & Development capabilities
MRN’s ambitions are being supported through a £3m working capital facility from Shawbrook Bank.
Graham Wylie, MRN’s CEO – which already operates in five of the six key geographies for clinical trials and is currently involved in around 120 projects globally – said:
“MRN is a hugely ambitious organisation and these are hugely exciting times for us as we look to take the next step in the firm’s growth strategy.
Our aim has always been to make the clinical trials process as efficient as possible by allowing patients to take part from the comfort of their own home, workplace or school.
Our HTS services through the current pandemic has not only allowed patients to have access to potential medications they wouldn’t normally be able to access, but we have been fundamental in rescuing multi-million dollar clinical trials that would have collapsed due to the lack of access to hospitals.”
Clinical trials typically extend over many years with patients requiring regular attendance at hospital, or another investigator site, for testing, check-ups and possibly drug administration.
However, travelling to these central sites can prevent potential patients entering the studies. Overtime those demands can even result in patients pulling out and being lost to the study – thus driving up trial completion times, increasing drug development costs and reducing the time on the market post license until patent expiry.
Graham, a well-known and respected industry leader, said:
“Having been a customer of Shawbrook’s for several years, they have stepped up to fully support our strategy through this facility.
They know our business really well and it is both refreshing and reassuring to have a lender that is a true specialist in this field. Like us, they see the true potential in MRN and in the market and we are delighted to have their continued support.”
Nick Johnson, Corporate Finance Partner at Ryecroft Glenton Corporate Finance (RGCF), said:
“I have known Graham and MRN since its early years.
With such a great proposition and strong management team it was always a business that was going to have an exciting future and it is fantastic to see it leading the way in innovating the global market for decentralised trials with the support of long-term partners like Shawbrook.”
Sarah Laverty, Director in Shawbrook’s Corporate Lending team for the North West region, said:
“MRN is an exciting, ambitious and successful client which we have supported for a number of years and it is fantastic to see their growth plans.
For Shawbrook, MRN represents an excellent opportunity for the bank to support a very well-regarded existing customer, with a proven model and historic success in a growing global market.
They have proved the value of ‘decentralised clinical trials’ well before the Covid pandemic hit and the demand for this service has only increased since then.
We are delighted to be supporting them.
At home clinical research is here to stay and, with MRN being market leaders in this field, we are genuinely excited to see what the future holds in the coming months.”
Shawbrook was introduced to this project by Ryecroft Glenton and were advised by Shoosmiths LLP.