Dear , 

Cisiv has been a pioneering developer of technology solutions for pharmaceutical companies, enabling customers to capture new levels of information on the use of their products and treatments in real world settings.

A specialist in large scale phase IV observational studies, Cisiv’s next generation Web-based software platform enables pharmaceutical customers to capture, analyse and share patient data quickly, simply and effectively. With new levels of intelligence harnessed utilising the Baseline Plus platform, they can demonstrate the effectiveness of treatments and identify additional patient value and healthcare benefits way beyond that which can be achieved through traditional means.

The Product

Cisiv has developed Baseline Plus, a highly differentiated software tool for managing studies of licensed medicines (late phase ‘real world’ studies) that has been deployed by many large pharma companies. The company has a partnership with a top-two global late phase CRO (clinical research organisation), with Baseline Plus as the chosen late phase technology. 

The Model

Cisiv’s business model is highly scalable and revenues are largely recurring. The company is led by a strong team with proven expertise in the CRO trials industry. Sales through partners have recently started to accelerate significantly. This financing round is being utilised to develop the commercial team to capitalise on current opportunity, strengthen account management to ensure continuing success with global partners and finalise the move to SaaS to further improve scalability.

The late phase electronic data capture (EDC) market is estimated to be $500m - $1bn, growing at 30% to 40% annually.

The Team

Dominic Farmer, CEO, has over 25 years experience in both healthcare technology and observational research. He set up Cisiv to provide technologies for use in real world research following extensive experience with leading global Pharma companies in the software development and implementation of large-scale global studies. 

Steve Powell, Chairman, has been in the clinical research space for over 20 years. He has Extensive experience gained through senior roles in finance, IT, business development, commercial and manufacturing within the Pharmaceutical industry. Steve was instrumental in the establishment of Phase Forward as a global leader in the provision of software as a service (SaaS) to the Pharmaceutical industry prior to its sale to Oracle.

Ruth Whittaker, Finance Manager and Founder, has been responsible for all Cisiv financial activities since 1998. Since the foundation of the company she has been closely involved in all strategic decisions and in setting the direction of the business.

Elaine McAuley, Operations Director, has 13 years of experience in the pharmaceutical industry, managing the successful delivery of products and services.

Investment Case

Post regulatory and approval trials for new drugs, are a fast growing sector as regulators seek to get more data once the drug is being used in the real world and pharmaceutical companies seek to build data on their new drugs as differentiation in the burgeoning personalised medicine market becomes key.

These post regulatory trials tend to be GP rather than clinic based and as such the gathering and recording of data completely different. Much of the GP data is observational rather than empirical. In addition GP’s have little time for training and their time is limited. 

The existing software used by CRO’s in their existing clinical trials is relatively cumbersome and needs training. This is where Cisiv seems to be attractive. In a new rapidly growing market they have developed software specifically for it and are unencumbered with the past. As a result it is much more user friendly for the participants than the legacy software. As the CRO’s set-up new departments to satisfy their clients need to do more late stage clinical trials they are looking for differentiators to help develop the market. This helps explain Cisiv’s success so far, having a contract with the second largest CRO in Europe and one of the leaders in Japan. The revenue model is sticky and repeatable and in the next couple of years should expand significantly.

As the software becomes embedded in the late stage clinical trial process the likelihood of a trade sale increases and in our view that may start to get traction in around four years time.

Parkwalk are delighted to announce that Gordon Lawson has been appointed non-executive Chairman of Parkwalk.
Gordon has 30 years City experience, as head of equity proprietary trading and EMEA equity, derivatives and convertible bond risk at Salomon/Citigroup and then as the founder of Pendragon Capital, the event-driven hedge fund. He is an adviser to several hedge funds, fund-of-funds and sits on the Advisory Board of Bridges Ventures, the sustainable impact investment fund. Gordon has Chaired various listed investment Trusts and is a Justice of the Peace and sits as a magistrate in London.

This is not a recommendation to buy or sell shares. This financial promotion is issued by Parkwalk Advisors Limited (Parkwalk), which is authorised and regulated by the Financial Conduct Authority.  Investments referred to in this newsletter are not suitable for all investors.  Interested parties are strongly recommended to seek specialist financial and tax advice before investing in any product.  Capital is at risk and investors may not get back the full amount invested. Tax treatment depends on the individual circumstances of each investor and may be subject to change. Past performance is not a reliable indicator of future results, and the value of investments may go down as well as up. Projections and forecasts are also not a reliable indicator of future performance. Investments in small and unquoted companies carry a higher risk than many other forms of investment. Any investment in a Parkwalk product must only be made on the basis of the terms of the full Information Memorandum. Parkwalk is not able to provide advice as to the suitability of investing in any product.