Prism Clinical Research, a privately held clinical trial company in St. Paul, has sold a majority stake in the business to Australian research organization Nucleus Network for $7 million.
Prism Clinical Research runs a 52-bed research facility in the University Enterprise Laboratories, a biotech-heavy business incubator along Highway 280 just north of the University Avenue interchange. The Prism facility specializes in early-stage clinical research. Current clients include five UEL tenants.
"Prism has long been what can best be described as an anchor tenant in our facility," UEL Executive Director Diane Rucker said in an announcement. "The company … is a vital partner for many of our tenants, helping them validate their technology to increase the likelihood of their commercial success."
Exact terms of the deal were not released. A filing with the Securities and Exchange Commission says Prism received a $7 million investment on Aug. 8, and the deal announcement says the all-cash investment secured an unspecified majority stake in the company.
Nucleus, which calls itself Australia's largest Phase I clinical research organization, conducted an extensive search for a U.S. facility before settling on Prism and its UEL facility.
"The investment will allow Prism to consider expansion opportunities, both in the size of its facility and in its full- and part-time personnel," the emailed announcement says.
Prism is known for its ability to conduct Phase I trials in "diverse therapeutic populations." The company's website says Prism has a dedicated recruitment department, and it can run studies for conditions including HIV, renal problems, type 2 diabetes, epilepsy, MS, CPOD and hypertension.
