New Life Scientific acquires PharmaTrials for $2.5 million

By Angela McDaniels

Seattle, Jan. 26 - New Life Scientific Inc. said it will acquire PharmaTrials Inc. for $1.5 million in common stock and a $1 million funding commitment for working and expansion capital.

New Life Scientific expects the deal to close before March 31.

Jerry Piotrovski, president and founder of PharmaTrials, will continue managing the company's day-to-day operations and will join New Life Scientific's board of advisors.

PharmaTrials is a Hillsborough, N.J.-based site management organization that helps pharmaceutical, biotechnology and medical device companies manage their clinical research programs.

New Life Scientific also acquired related company PharmaTrials International, which has offices in the United States, Canada, Poland and Ukraine, in December for $1.5 million in common stock.

New Life Scientific is a clinical research organization based in Freehold, N.J., that develops and commercializes biotechnology and pharmaceutical products.

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