MRN completes private investment round with support from Shawbrook
Decentralised clinical trials business Medical Research Network Ltd (MRN) is planning to expand its geographic presence further, following a successful private investment round that included a £3m working capital facility from Shawbrook Bank.
The firm, based in Milton Keynes, aims to enhance its operational reach having already built market standing in North America, Europe and Australasia; MRN also aims to increase its offerings through further development of its research and development capabilities.
Shawbrook was introduced to this project by Ryecroft Glenton and was advised by Shoosmiths LLP.
Graham Wylie, 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.
“Our aim has always been to make the clinical trials process as efficient as possible by allowing patients to take part from the comfort of their own home, workplace or school.
“Our HTS services through the current pandemic has not only allowed patients to have access to potential medications they wouldn’t normally be able to access, but we have been fundamental in rescuing multi-million dollar clinical trials that would have collapsed due to the lack of access to hospitals.”
Wylie added: “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.”
Nick Johnson, corporate finance partner at Ryecroft Glenton Corporate Finance (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, corporate lending at Shawbrook, 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 have 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.”
Laverty 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.”