Portfolio & Case Studies

Sector: Health Care Services

Investment Date: 2011

Description: Outsourced Medical Professionals Staffing

Status: Current

Headquarters: Houston, TX

www.amerisurg.com

American Medical Staffing is a leading healthcare staffing company. The Company markets its services to hospitals, surgeons and outpatient surgical centers throughout the country.

Sector: Health Care Services

Investment Date: 2011

Description: Outsourced Radiology Services

Status: Exited

Headquarters: Hudson, OH

www.arisradiology.com

Aris Radiology is a leading outsourced provider of radiology services to hospitals, imaging centers, and radiology groups seeking to more efficiently manage radiology operations. Aris works in concert with hospitals and health systems nationwide to provide a comprehensive solution to its clients by providing high quality radiologists, on-site physician coverage, 24/7 sub-specialty support, 24/7 operations support and quality assurance data.

Background
Autism Learning Partners (“ALP”) was founded in 1988 to provide Applied Behavior Analysis (“ABA”) services to children, predominantly in California, with autism and other related disorders. The Company used a broad spectrum of ABA techniques, employing empirically validated approaches as needed by the autistic child. ALP’s curriculum included development skills required for success in all facets of life. However, the founder wanted to accelerate the growth of the business without the need for additional personal guarantees on bank debt, and also wanted a partner who would provide him with partial liquidity of his ownership.

Challenges
At the time that Great Point identified ALP, the Company had become one of three leading providers of ABA services on the West Coast and wanted to expand its coverage to become the leading provider across the US, specifically focusing on states with implemented or pending insurance coverage. ALP had historically grown organically and wanted to work with Great Point Partners to execute strategic tuck-in acquisitions that would broaden their service offering, accelerate growth and also provide partial liquidity to the founder.

How Great Point Partners Helped
Great Point Partners had a tuck-in pipeline of seventeen strategic tuck-in acquisitions for ALP at the time of the recapitalization in 2010. Over the course of Great Point’s eight-year investment, ALP completed six tuck-in acquisitions that diversified the business geographically, expanding its operational footprint from three to over thirty states, and increasing ALP’s services to include speech, occupational and physical therapy.

Importantly, Great Point worked diligently to help ALP navigate the California budget crisis. During this time, the Company suffered slowing referrals, reduced hours per case and reimbursement rate cuts from the State of California, its largest customer. Slower than normal payments for services by the state increased receivables and required significant additional investment to fund working capital. In addition to investing more capital, working with lenders and leading numerous refinancings, Great Point recruited a seasoned CEO and CFO to help the Company manage through those challenges.

Results
As a result of Great Point’s hard work with the Company and management team, ALP was ultimately able to increase its revenue by 30% annually and grow from three state to thirty-two state (10 fold increase) and approximately 300 therapists to 1,800 therapists (six fold increase) during the eight-year partnership with Great Point. Great Point sourced four of the six accretive tuck-ins and ultimately helped the business become the largest ABA provider in the country.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2019

Description: Clinical Trial Software and Services

Status: Current

Headquarters: Toronto, Canada

www.axiommetrics.com

Axiom Real-Time Metrics is a leading clinical trial software and services company that focuses on Electronic Data Capture (“EDC”), Clinical Trial Management Systems (“CTMS”), Randomization (“IWRS”), Electronic Patient Reported Outcomes (“ePRO”) and other technology and service solutions for pharmaceutical sponsors conducting clinical trials.  Founded in 2002 and based in Toronto, Canada, the Company leverages its technology system and superior customer service to meet the needs of small to mid-size biotech and pharmaceutical companies.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2019

Description: Contract Development and Manufacturing Organization

Status: Current

Headquarters: Fremont, CA

www.bionovascientific.com

Bionova Scientific is a leading specialized biologics contract development and manufacturing organization (“CDMO”).  Founded in 2014 and based in Fremont, CA, Bionova helps clients manage all aspects of biologics development and manufacturing, from early stage research material generation to process development to contract manufacturing services. Great Point’s growth equity investment allows Bionova to complete the build out of a 57,000 square foot GMP facility in Fremont, CA with the capability to manufacture clinical grade protein therapeutics for its global customer base.

Background
In 1978, Biotronic was founded in response to new medical evidence that monitoring the function of the somatosensory pathways through the spine could aid in preventing debilitating injuries to the spinal cord during scoliosis surgeries. Biotronic’s goal was to provide the highest-quality, cost-effective intra-operative monitoring services available to physicians and hospitals, anytime, anywhere. By focusing on those core tenets Biotronic became the preeminent provider of intra-operative monitoring solutions.

Challenges
Biotronic had grown steadily through conservative management of cash flow in order to maximize service quality and customer satisfaction. The market for outsourced intra-operative neurophysiological monitoring was highly fragmented, and Biotronic’s management team was confident that with growth capital their firm had significantly greater potential for organic and acquisition driven expansion. They sought a financial partner who could not only fund growth and assist with the Company’s acquisition strategy, but also provide partial liquidity to the founder.

How Great Point Partners Helped
Great Point Partners Partners approached Biotronic in late 2007 about being a capital partner and invested ten months later. The CEO liked how “Great Point’s professionals had conducted a strategic assessment of the industry prior to our first telephone conversation.” Biotronic used the capital to provide partial liquidity to the founder, deepen its market penetration, and make selective acquisitions. “We knew that Great Point Partners Partners would provide the Company with significant capital but more importantly they would help us proactively identify and pursue acquisition targets to make Biotronic a bigger, more dynamic company”.

Results
In the eight years Great Point Partners was invested in Biotronic, revenue grew 150% and EBITDA grew by over 100%. During the partnership, Great Point Partners led a number of organic and inorganic initiatives which grew EBITDA at a compounded annual growth rate in excess of 12.5%, including driving operational improvements, tuck-in acquisitions and refinancing the debt. As a result, we created the largest intra-operative neuromonitoring company in the country at the time of the July 2016 sale to NuVasive.

Background

Facing the need for cash in 2007 to fund its drug development business, Thallion was open to Great Point Partner’s overture to divest its biomarker services subsidiary. “Caprion was not directly related to Thallion’s core strategy,” Martin LeBlanc, co-founder and CEO of Caprion recalls. “We saw the divestiture as an opportunity to access the appropriate growth capital to execute our strategic vision of adding to our market share and leadership position in a rapidly advancing and large market for biomarkers. The newly recapitalized company became well positioned to execute on its mission – delivering differentiated, high value biomarker services to pharmaceutical and biotech companies. The return-on-investment for these services can exceed 3,000%.”

Challenges

Pharmaceutical and biotechnology companies face continuing upward pressure on the cost of developing a new drug driven by more extensive FDA requirements for pre-clinical studies and clinical data regarding target and off-target drug effects prior to approval. There is a need for technology-enabled services, such as Caprion’s biomarker analytics, that can help develop safer, more efficacious drugs and better identify which patients will most likely respond to a drug. LeBlanc saw in Great Point a capital partner capable of completing a complicated cross-border divestiture, funding future growth, and leading the negotiation of tuck-in acquisitions. “We knew from the moment we met the professionals at Great Point that they had more industry knowledge and a longer term vision for building our business than the individuals at other private equity firms.”

How Great Point Partners Helped

We invested equity in Caprion in 2007 and helped arrange for a more flexible and larger debt facility. In 2008, Great Point Partners introduced Caprion to Covance, an international CRO, and helped to negotiate a minority investment as well as a strategic marketing and distribution alliance. In late 2009, Caprion acquired PPD’s proteomics-based biomarker services division. Great Point also introduced Caprion to new customers at the annual life sciences offsite held for the CEOs of the investments made by BMVF, the GPP public equity fund.

Results

Caprion grew its biomarker services revenue over 70% per year from 2007 through 2011. Caprion continues to be a cutting edge leader in the proteomics services industry serving customers around the world. Martin LeBlanc has continued his affiliation with Great Point Partners by serving as a member of our CEO Advisory Board, as a Board member of Softbox Systems, a GPP II portfolio company, and as a former Board member of Cytovance Biologics in GPP I.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2021

Description: Manufacturer of Cell and Gene Therapies

Status: Current

Headquarters: San Diego, CA

https://cellipont.com/

Cellipont Bioservices is a leading contract and development manufacturing organization (“CDMO”) of cell therapy products for biopharmaceutical companies.  Founded in 2002 and based in San Diego, CA, the Company leverages its world-class expertise in cell manufacturing and master cell banks, regulatory track-record and technical expertise to maintain a leading position as a global CDMO focused on cell therapy.

Sector: Health Care IT Enabled Services

Investment Date: 2014

Description: Technology-enabled population health management

Status: Exited

Headquarters: Morrisville, NC

www.citrahealth.com

Citra offers technology and service solutions to health care providers that allow them to deliver higher quality coordinated care, improve population health management capabilities and increase efficiency while positively impacting their own financial success. MZI HealthCare (“MZI”), which was acquired simultaneously with our investment in Citra, is a provider of health care software solutions designed to meet new clinical and performance requirements for accountable care and health care reform. The combined offerings of Citra and MZI enable providers to capitalize on the opportunities presented by provider risk-sharing models.

Background

Clinical Supplies Management (“CSM”) was founded in 1997 by Dr. Gerald Finken, Ph.D., a pharmacist and entrepreneur. CSM had grown from a niche provider of drug returns and reconciliation (the final stage in the clinical trials supplies life cycle), to a full service solutions provider managing the complete spectrum of a pharmaceutical company’s clinical trial needs (drugs, placebos, supplies, randomization, etc.). When Gerald first met with Great Point Partners, the Company was experiencing 25% annual growth as he had boot-strapped the business and re-invested profits in the Company’s infrastructure and in expanding its “just-in-time” delivery capabilities. It was the most significant independent clinical trials supplies company focused exclusively on specialty pharmaceutical and biotechnology clients.

Challenges

Through conversations with CSM’s management, it became clear that a European physical facilities presence would be essential for its continued growth as it strived to increase wallet share with current customers and compete against larger companies. Historically, CSM was able to serve its clients in U.S.-only Phase II and Phase III trials, but since CSM did not have a facility in Europe, it was unable to fully service the majority of global Phase III trials that are typically conducted jointly in the U.S. and Europe. Additionally, larger clinical packaging businesses had not focused on flexible and high touch service and tended to favor large pharma customers, leaving mid-size biotechnology and specialty pharmaceutical companies with poor service and low customer satisfaction. This created an enormous opportunity for additional growth, but also the need for growth capital.

How Great Point Partners Helped

CSM was impressed by Great Point Partners’ knowledge of the clinical packaging industry, tuck-in acquisition sourcing capabilities and its $600 million public equity life sciences fund, which had invested in and maintained CEO and CFO-level relationships with several hundred biotechnology companies. CSM partnered with Great Point Partners in late 2016 to embark on an accelerated growth strategy and to provide partial liquidity to the Founder. Given the Founder’s desire to expand CSM’s footprint into Europe, Great Point Partners helped the Company source and execute two European acquisitions within the first four months of the investment. Theorem Clinical Supplies, based in Frankfurt, Germany, was sourced by Great Point Partners through a London business broker and was acquired in December 2016. In January 2017, CSM acquired the B&C Group, based in Brussels, Belgium. B&C had collaborated with CSM in the past on a small number of joint U.S.-Europe trials. As the Company began to scale globally, Great Point Partners also helped CSM’s Founder and Owner transition to Chairman of the Company by recruiting Scott Houlton, former President of Catalent’s Clinical Services division, to lead CSM in its next phase of growth.

Results

Sector: Health Care IT Enabled Services

Investment Date: 2012

Description: Sales Automation & Exchange Technology

Status: IPO in December 2014

Headquarters: Brookfield, WI

www.connecture.com

Connecture is the leading provider of web-based technologies that effectively assist consumers and employees with the health insurance shopping and purchasing process and minimize back-office administrative tasks, such as workflow and health plan management, application processing, renewal processing and integration with health plans and state and federal programs. More than 25 million Americans purchase their health insurance through systems built by Connecture and more than half of the nation’s 20 largest plans rely on Connecture’s technologies and services to sell, administer and manage their plans and products effectively.

Background
Founded in 2000 by leading rheumatologists, Corrona was dedicated to advancing the care of patients with rheumatoid arthritis and other chronic diseases. It was a leading provider of clinical Real World Evidence when, in 2013, Great Point was first introduced to the Company to finance a merger. Corrona provided clinical and observational data to pharmaceutical companies and research organizations in comparative effectiveness research, post-marketing safety surveillance, and clinical research.

Challenges
When Great Point Partners vetted the rationale for the merger with management it became clear that growth capital, acquisition expertise and partial founder liquidity from Great Point made more sense than the merger they were considering. The Company recognized the potential for growth into psoriasis and other chronic diseases with stronger financial backing. Lacking the equity capital and bank relationships required to deliver this growth, Corrona decided to accept Great Point Partners as a partner to help it become a multi-market competitor in real world evidence.

How Great Point Partners Helped
Corrona was impressed by Great Point Partners’ impressive knowledge of comparative effectiveness and post-market safety surveillance and chose Great Point as a partner to help the Company grow into new therapeutic areas and geographies. Great Point led a growth recapitalization in 2014 to fund expansion into other chronic diseases, provide partial liquidity to its founders and also to grow the Company’s infrastructure. Great Point secured the Company’s first ever bank acquisition line and recruited as Executive Chairman and CEO, Ray Hill, formerly President of inVentiv Health Clinical, a multi-billion dollar Contract Research Organization.

Results
With Great Point Partners’ continued support, Corrona has expanded into other disease and product areas such as psoriasis and multiple sclerosis while leveraging its research and data capabilities across the entire continuum of drug development.

Background
Cytovance was a contract manufacturer (“CMO”) of mammalian biologic drugs for biotechnology and pharmaceutical companies. The Company specialized in the production of complex and difficult to manufacture therapeutic proteins and monoclonal antibodies from mammalian cell cultures. Cytovance offered a comprehensive and collaborative approach to manufacturing biologics that added significant value by partnering with biopharmaceutical companies to advance their recombinant protein, antibody and cell-based therapeutic products rapidly and cost-effectively from the laboratory bench, through clinical development and to commercial launch in domestic and international markets. In addition to their cGMP manufacturing services, Cytovance offered process development, cGMP cell banking, in-house analytical development and testing and a full complement of client support services.

Challenges
Cytovance had experienced tremendous growth since completing their state-of-the-art facility and bringing on a seasoned management team. In order to maximize the Company’s potential at their current facility, however, Cytovance needed a professional private equity partner to fund facility expansion, assist in recruiting key personnel, help secure a $20 million covenant light loan and expand the equity incentives for management.

How Great Point Partners Helped
Great Point Partners invested in Cytovance Biologics in March 2011. GPP’s Operating Partner, who has 30 years of CFO experience, led a recruiting effort to identify their first CFO, Richard Vaillant from Boston Scientific. GPP also introduced Bernhard Hampl, the former CEO of Eon Labs and the Sandoz Division of Novartis, who became Co-Chairman of the Board and who assisted in strategy development and key customer sales. Great Point identified a growth minded senior lender that provided $20 million of non-dilutive senior debt to fund capital expenditures and working capital. The equity investment from Great Point enabled Cytovance to meet growing client demand for clinical trial and commercial scale cGMP manufacturing by funding facility, service and personnel expansion at its advanced research and manufacturing operation in Oklahoma City.

Results
Cytovance had a revenue growth rate compounding at 45% annually and grew its EBITDA 10-fold from the time of Great Point’s investment in March 2011 to the sale in October 2015. Darren Head, CEO of Cytovance, summarized the partnership as follows: “It has been an at times bumpy but wonderful ride that would not have been successful if it weren’t for the fact I picked GPP four years ago to be Cytovance’s private equity partner. Hands down one of my best business decisions! Keep me in mind in the future as I would love to work with you and your team again.”

Sector: Health Care Services

Investment Date: 2022

Description: Virtual Therapy for PreK-12 Schools

Status: Current

Headquarters: Flagstaff, AZ

www.electronic-therapy.com

Description
Founded in 2009, E-Therapy is a rapidly growing provider of speech-language pathology and mental health services via telehealth in K-12 schools. E-Therapy provides care across four service lines: speech therapy, occupational therapy, physical therapy , and mental health.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2022

Description: Global Contract Research Organization providing outsourced statistical programming services

Status: Current

Headquarters: Iselin, NJ

www.ephicacy.com

Description
Ephicacy is a rapidly growing, global service provider of design and development of technology solutions and advanced clinical and healthcare analytics for Pharmaceutical, Biotech, and Healthcare organizations worldwide.

Background
The US health care system is highly complex and suffers from both escalating prices and numerous process inefficiencies. Russell Sherlock and John Ansay, two proven health care entrepreneurs, saw this as an opportunity. They founded Equian to provide a wide variety of solutions designed to assist payors in lowering the cost of medical care through utilization management, fraud and abuse detection, negotiation services, medical audit services, bill repricing, bill review services, and state-of-the-art information technology. The Company also eased the administrative burdens of its clients by serving as an outsourced solution for complex claims management and other back office functions.

Challenges
The market for medical cost management services is highly fragmented and an opportunity existed for Equian to become a dominant provider and reap the benefits of a market leading position. “By early 2007 we were thinking about bringing in a strong capital partner with tuck-in acquisition expertise to help us take full advantage of the opportunities before us,” said Sherlock. “We needed help in sourcing, negotiating and structuring acquisitions and in obtaining non-dilutive acquisition debt financing from a cash-flow lender as we did not have a lot of hard assets on our balance sheet.”

How Great Point Partners Helped
Russ and John chose Great Point Partners for growth financing, to provide liquidity to non-management shareholders in 2007, and to establish an acquisition facility with a senior lender. Great Point led the growth recapitalization and arranged for $80 million in senior debt financing from a major financial institution for eleven future acquisitions. Of those eleven tuck-in acquisitions, GPP identified and led the negotiation of eight. After five years of torrid growth, GPP assisted in recruiting an operations-minded CEO, Scott Mingee, when the Company’s founders decided to assume Chairman and Vice Chairman roles in order to focus on acquisitions and strategy.

Results
In the eight years Great Point partnered with Equian management, revenue grew at a 31% compound annual growth rate and EBITDA grew over ten-fold from $1.8 million in 2007. Equian is now one of the leading providers of payment integrity services to the health insurance marketplace.

Sector: Health Care Services

Investment Date: 2020

Description: Provider of Home Care Services Based in the Pacific Northwest

Status: Current

Headquarters: Liberty Lake, Washington

www.familyresourcehomecare.com

Family Resource Home Care is the largest provider of home care services based in the Pacific Northwest and one of the largest in the United States. The company provides home care services that include but are not limited to personal care such as bathing, dressing and help with medications, meal planning and preparation, light housekeeping, and companion care. The company also provides care for clients facing dementia and Alzheimer’s Disease as well as end-of-life, transitional and respite care.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2022

Description: Provider of Cell-based Products and Discovery Services

Status: Current

Headquarters: San Diego, CA

https://www.ixcellsbiotech.com/

Founded in 2014 and based in San Diego, CA, iXCells Biotechnologies is an innovative cell biology and cell technology company that provides preclinical drug discovery solutions with the focus on disease relevant cellular models enabling technologies and services to the academic, biotech and pharma communities to accelerate the pace of drug discovery. iXCells offers customers access to high quality primary and iPSC derived cells, custom iPSC services, functional bioassay development and drug screening.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2022

Description: Healthcare Communications & Marketing

Status: Current

Headquarters: Washington, D.C.

www.jpa.com

JPA Health is a public relations, marketing, and patient advocacy firm, providing pre- and post-approval medical communications services for large pharma and small to mid-size biotech organizations. Additionally, the Company provides medical communications services for the federal government and for NFPs (not-for-profits). JPA has approximately 80 employees. JPA’s health care focus, high quality work product, professional attitude, and strategic client engagement differentiate the Company from the broader competitive landscape of public relations firms.

Sector: Health Care Services

Investment Date: 2019

Description: Operator of Pediatric Urgent Care Clinics

Status: Current

Headquarters: San Antonio, TX

https://www.littlespurspedi.com/

Little Spurs Pediatric Urgent Care is a leading provider of pediatric urgent care services, operating 12 clinics in Texas.  The Company’s clinics treat children with acute illnesses or injuries in an urgent care setting, providing a convenient and cost-efficient alternative to emergency room treatment, while maintaining the highest quality of care.

Sector: Health Care IT

Investment Date: 2023

Description: Physician Compensation & Contract Management

Status: Current

Headquarters: Nashville, TN

Founded in 2012 by industry veteran Gail Peace and trusted by hundreds of hospitals nationwide, Ludi’s DocTime Suite helps hospitals track, manage and audit any type of payment to physicians. The proprietary technology enhances the financial performance of health care systems by optimizing their entire physician payment processes, increasing physician satisfaction and reducing compliance risk and administrative burden on hospital teams.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2018

Description: Cell and Gene Therapy Contract Manufacturing

Status: Exited

Headquarters: Charleroi, Belgium

www.masthercell.com

Founded in 2011 and based in Charleroi, Belgium, MaSTherCell leverages its world-class facilities, regulatory track record and technical expertise to maintain a leading position as a global manufacturer of cell and gene therapies. From technology transfer to end logistics, the Company provides a wide range of services to help biotechnology companies develop and produce their novel drugs. MaSTherCell has facilities in Belgium, South Korea, Israel, and following the GPP investment, will build an additional facility in the United States.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2011

Description: Cell Culture Media

Status: Acquired by Corning in 2011

Headquarters: Manassas, VA

www.cellgro.com

Mediatech was a leading, rapidly growing supplier of specialized and custom biological media products including cell-culture media, molecular biology reagents, basal-salt-solutions, antibiotics, and sera, to the life sciences industry. The Company manufactured, marketed and distributed over 800 SKUs, which were used by biopharmaceutical companies as well as academic and government institutions in research applications and in the production of biotechnology products.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2019

Description: Central Laboratory

Status: Current

Headquarters: Mönchengladbach, Germany

www.mlm-labs.com

MLM Medical Labs is a Central Laboratory dedicated exclusively to clinical trials. MLM offers full laboratory services, including a whole range of analytics: standard safety profiles, such as blood counts, coagulation, urinalysis and clinical chemistry, and analyses of biomarkers, drug compounds, metabolites and molecular diagnostic parameters.

Background
Founded in 1995, Softbox had grown to become a leading provider of passive temperature controlled packaging (“TCP”) solutions to the pharmaceutical, biotechnology, and third-party logistics industries when in 2012 Great Point Partners first reached out to the CEO about growth capital. The Company differentiated itself through the high quality and broad range of its TCP product line and was driven by deep domain knowledge and a commitment to innovation for its customers. Its proprietary designs provided a higher level of insulation and temperature integrity than the solutions of its competitors. Servicing most of the largest names in the pharmaceutical industry with manufacturing operations in four continents and distribution capabilities across six continents, Softbox was the fastest growing provider of passive pharmaceutical packaging in the world.

Challenges
Softbox had experienced tremendous growth in its market with exceptional customer retention due to its competitively priced yet more innovative shipping solutions. However, its majority shareholder sought to diversify his net worth while also retaining a portion of his ownership on a go forward basis to participate in future value creation as the Company continued its torrid growth rate. Softbox management knew that it could benefit from a U.S. private equity partner to help it reach its full potential in the North American market it had targeted for its next leg of growth. It also saw synergy with Great Point Partners’ public BioMedical Value Fund which had completed over a hundred direct investments in biopharmaceutical companies over the prior twelve years.

How Great Point Partners Helped
After exploring the cold chain distribution space for two years, Great Point Partners led a growth recapitalization of Softbox in 2014, bringing with it a strong pipeline of complementary acquisition targets that could enhance the Company’s product and service offerings. Additionally, GPP’s public BioMedical Value Fund investment team brought long-standing relationships with pharmaceutical and biotechnology companies that could accelerate Softbox’s sales. Great Point was particularly well positioned to assist in Softbox’s geographic expansion into the U.S. market, where Softbox’s sales were relatively modest despite the fact that the region constituted 50% of total global cold chain services sales.

Results
Softbox is currently working with the Great Point team to leverage their contacts to develop a plan for continued expansion into the U.S. market, as well as additional geographies throughout the world. In 2017, Great Point Partners identified, arranged the debt financing and structured the strategic acquisitions of Tempack, a Barcelona based competitor, and TP3, an English company with a line of thermal blankets, significantly increasing the businesses scale and global footprint.

Sector: Health Care Services

Investment Date: 2018

Description: Physical Therapy Provider

Status: Current

Headquarters: San Diego, CA

www.spineandsport.com

Spine & Sport Physical Therapy (“Spine & Sport”) is a leading provider of physical therapy and rehabilitation services in the San Diego metropolitan area.  The Company operates 16 owned outpatient physical therapy clinics and manages five additional locations in Northern California.  The Company’s outpatient clinics provide treatment to patients suffering from musculoskeletal impairments associated with accidents, sports injuries, surgeries, and various other medical conditions.

Sector: Medical Device Contract Manufacturing

Investment Date: 2019

Description: Contract manufacturing of medical devices

Status: Current

Headquarters: Ireland

www.steripackgroup.com

SteriPack is a leading contract manufacturing and value-added services company serving the medical device and pharmaceutical industries (via drug-device combination products).

Sector: Biopharmaceutical Supply Chain

Investment Date: 2019

Description: Contract Development and Manufacturing for Topical Dermatology Pharmaceuticals

Status: Current

Headquarters: Raleigh, NC

www.terguspharma.com

Tergus Pharma is a leading contract development and manufacturing business for topical dermatology pharmaceuticals.  Tergus provides formulation development, in vitro permeating testing (IVPT), in vitro release testing (IVRT), skin biology, analytical services, and clinical manufacturing services for branded and generic dermatology products. Great Point’s investment will allow Tergus to build a state of the art commercial manufacturing facility in Raleigh, NC.

Background
Valenz was founded in 2004 by Joshua Carder, who had over 14 years of experience in the medical payment integrity world.  Valenz grew from a niche repricing business to a full-service provider for all of their client’s payment integrity needs.  The Company developed a proprietary claims flow system “UCX” that helped identify deep discounts and reprice claims faster than competitors.  Valenz provided this valuable service primarily through the use of out-of-network claims repricing, negotiations, bill review and related services.  Valenz served a variety of health care payors, including self-insured employers, reinsurance carriers and third-party administrators who in turn serve more than 550 self-insured employers’ groups.

Challenges
Valenz needed a partner to help continue its growth trajectory and evolve its service offering. The Founder elected to partner with Great Point Partners in order to achieve this goal due to Great Point’s depth of experience in both health care and prior success and familiarity with payment integrity. Part of the growth plan was to implement an M&A strategy that could help diversity customer base and products.

How Great Point Partners Helped
Great Point had exited its previous investment in payment integrity (Equian) in 2015 and began a search for a new platform investment. After cold calling the Founder of Valenz, Great Point developed a relationship with the Founder that ultimately led to a growth recapitalization of the business in 2017. Great Point Partners then went to work developing an M&A pipeline, augmenting the senior management and sales teams, all which led to significant operational enhancements at the company.

Results
Great Point exited its investment in Valenz in 2022 after completing eight tuck-in acquisitions, six of which were proprietarily sourced by the Great Point team and growing EBITDA at a CAGR of 30%.

Sector: Medical Device Contract Manufacturing

Investment Date: 2021

Description: Contract Manufacturer of Medical Devices

Status: Current

Headquarters: Houston, Texas

https://www.velentium.com/

Velentium is a professional engineering firm specializing in end-to-end support for the design and production of therapeutic and diagnostic active medical devices, intelligent products, and automated test systems for the medical, energy, and manufacturing industries.

Sector: Biopharmaceutical Supply Chain

Investment Date: 2016

Description: Clinical Trial Site Network

Status: Exited

Headquarters: Greenville, SC

www.vitalinkresearch.com

VitaLink Research is a leading clinical trial research site business focused on performing Phase II – IV clinical trials for pharmaceutical companies and contract research organizations. These services include: patient recruitment, patient screening, as well as protocol specific testing, data collection and reporting. These are critical functions of the drug development process creating high demand for sites with access to a large patient database, a history of successful enrollment and quality data reporting. In 2017, VitaLink acquired Upstate Pharmaceutical Research.