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PRESS ARCHIVE
NextStage Advisors Helps
Octagon Raise $3.8 Million in First Round Financing
Collegeville, PA – December 23,
2002 – With the
help of T. Williams Consulting's (TWC's) Business Launch
team, Octagon Research Solutions received $3.8 million in
first round financing from Edison Venture Fund and Milestone
Venture Partners. The newly raised funds will be used to
execute sales and marketing initiatives.
Based in King of Prussia, PA, Octagon Research Solutions
offers software and services to the pharmaceutical industry
to manage the entire drug development cycle, from clinical
trial to FDA submission. The company had grown organically
as a services business since its incorporation in 1999. They
engaged TWC in October to help them prepare for fundraising.
Much of TWC's efforts were focused on assisting Octagon with
commercialization of their proprietary, in-house software.
According to Dan McKinney, managing director of Business
Launch at TWC, most services companies have difficulty
becoming a product-focused company. To better position
Octagon for meeting investors, TWC helped the company to
define its product architecture, pricing strategy, product
roadmap, and go-to-market strategy.
TWC was also instrumental in refining Octagon's services
strategy. "Together, TWC and Octagon identified
distinct services modules," said McKinney, "Then,
we tied the modules into a methodology that leverages
Octagon's proprietary software. In the end, we created a
very unique and compelling product/services offering. No
other competitor has both products and services that span
the whole drug development cycle."
TWC's Business Launch team helps early stage clients prepare
for their first fundraising effort by making rapid, focused
improvements to their businesses. The goal is to position
clients as "Investments of Choice" and to increase
their odds of receiving funding in the shortest time
possible. TWC's Executive Search team was also engaged to
help Octagon source and hire a much-needed Assistant
Controller.
Said Octagon president and CEO Jim Walker, "Bringing
TWC in to assist us in refining our market offering and
jump-starting our fund-raising efforts was one of the best
business decisions we could have made. With their
assistance, guidance, and expertise we were able to close on
$3.8 million in Series A financing within 6 months."
About TWC
Founded in 1996, TWC is a world-class
management consulting firm that shapes companies to succeed.
We provide a single point of contact for the outsourcing of
critical needs, including Business Launch Services, Human
Capital Solutions, and Strategic Assessments. From start-ups
to Fortune 1000 firms, our track record of helping companies
achieve success is impressive and includes experience in
Biotech, Energy, Financial Services, Information Technology,
Optics, Pharmaceuticals, Telecommunications, and Wireless.
For more information about TWC, please contact Lisa
Sarachman 610-489-2626, ext. 106 or e-mail l.sarachman@twilliams.com.
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