Ryecroft Glenton Corporate Finance (RGCF) has advised decentralised clinical trials specialist Medical Research Network Ltd (MRN) on a significant fundraise that will support its growth ambitions.
The Milton Keynes-based company has completed a significant, multi-million-pound, private investment round, and has also put in place a £3m working capital facility with Shawbrook Bank.
As a result of the investment, MRN is targeting further growth as it aims to enhance its market leading operational reach having already built market leading positions in North America, Europe and Australasia. It already operates in five of the six key global geographies for clinical trials and is currently involved in around 120 projects globally.
MRN works with some of the world’s largest pharma, biotech and CRO companies, specialising in conducting clinical trials in patients’ homes as well as supporting clinical trial sites with specialist nursing resources.
In addition to growing its geographic expansion, the company is aiming to expand its offering through further development of its R&D capabilities.
Graham Wylie, founder and CEO of MRN, 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.
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.”
“The team at RGCF really helped us to clarify our objectives, to fully understand the full range of options and to successfully implement the optimum funding solution.”
Nick Johnson, Corporate Finance Partner at 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 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.”
Sarah added: “’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.”