Paragon Biomedical Sold to North Carolina CompanyTuesday, September 25, 2012
Paragon Biomedical Inc. of Irvine has been sold to Clinipace Worldwide Inc. for an undisclosed price.
Paragon runs clinical trials for drug makers, medical device makers and biotechnology companies. It specializes in managing second- and third-phase clinical trials on human subjects.
Morrisville, N.C.-based Clinipace manages global clinical research, strategic product development, regulatory and other projects for medical device and drug makers.
Clinipace said that no offices would be closed. The combined company will have 430 workers and is forecast to have $55 million in full-year revenue.
Clinipace said that Gena Reed, Paragon’s founder and chief executive, will remain with the combined company as a strategic advisor and join its board. Reed received a Women in Business Awards honor from the Business Journal in 2009.
Mark Harvill, Paragon’s president, will be Clinipace’s chief operating officer.