Forest Pond Associates, Inc. | Application Preview
Forest Pond Associates, Inc. is seeking government grants to support the launch of their clinical research business. The funding will be used to hire a principal investigator (MD/DO) and a full-time clinical research coordinator, as well as to purchase essential equipment like a centrifuge and basic clinical tools. The business aims to conduct two clinical studies in the first year, generating around $100,000 in net revenue per trial, and to grow by adding two trials each subsequent year, targeting a total of approximately $1 million in net revenue by the end of five years.
The founder's extensive experience in clinical research, spanning various institutions and roles since 2011, showcases a strong background in addressing patient needs and utilizing technology effectively. A personal connection to the mission, stemming from a history of family loss to cancer and personal health struggles, drives the founder's commitment to improving patient experiences.
The local competition is limited, with nearby centers focusing on specific areas like nutrition or oncology without the technological support needed for broader underserved populations. Forest Pond Associates plans to leverage its strategic location, expertise, and a patient-friendly environment to stand out. The chosen facility will be accessible and welcoming, featuring amenities like childcare services and a cafe, addressing common barriers faced by participants. Overall, the application highlights a sustainable growth strategy and a dedication to enhancing clinical research participation in the region.
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General Information
Business Registration Number: 87-3734321
Location: Bellefonte, PA, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: $100k to $250k
Open to Loans: YES
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Funding Usage
Funding will be used to hire our first principal investigator (MD/DO), a requirement of the FDA, our first full time clinical research coordinator, make some reservations in our building, and purchase seed equipment we will need to conduct the studies (centrifuge, packaging material, vital signs and basic clinical equipment).
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Business Plan
Starting with a goal of two clinical studies in my first year at ~$100k annual net revenue per trial I will increase by two trials each year for five years; by the end of five years that equates to roughly $1M of net revenue. To support this, I will ensure a 1:3 ratio of studies to clinical research coordinators for a total of three by year five. I will similarly partner with as many doctors to serve the indications of the trials as needed. I have served in various roles in clinical research since 2011 from Geisinger to Penn State Hershey College of Medicine to two business to business (B2B) software as a service (SaaS) vendors and most recently a site management organization; my focus has been doing the work I will now be hiring for this business but with an emphasis on patient experience and technology that no one else in this geographic region has. While working for one of the vendors I found a market of unmet needs in electronic health record integrations, pitched it to my senior leadership, and build a service offering that still maintains $12M ARR in my absence to this day. I'm gifted at anticipating needs and defining a solution out of amorphous requirements. On a personal note, I lost both parents to cancer when I was younger and I have been a multiple sclerosis/neuroimmunology patient since 2012, so I get what it is like. We are all patients.
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Self Identified Competition
There are not many direct competitors in our area and those that are, have different focuses: (1) Penn State clinical research center - I worked here previously; it is very nutrition, sleep medicine, and academic focused on research efforts mostly pertaining to enrolling college students (2) Altoona Clinical Research Center - this is 45 minutes away and focuses on mostly rheumatology based studies or a lyme disease vaccine trial; it is a long standing well respected clinic but is often not convenient for the average patient to drive so far and has a limited set of trials they conduct (3) Mt Nittany research - they are a very small group with a primary focus in oncology versus other indications; they also only see Nittany patients and do not have the technology background we have to support the broader underserved population this catchment (geographic) area has Location, expertise, and convenience. In order to break down barriers often commonly cited, the business will be housed in a converted church I will buy which is easy in/out access off a road connecting two major areas and is equipped with 36 parking spaces. Similarly, I will hire a childcare professional and a cafe manager to ensure the participants who come are greeted with convenience and a place that does not feel sterile like most hospitals; they will also not have to worry about finding a sitter which is the #1 cited barrier for women participants.
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Contact Applicant
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