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SHAWNEE, Kansas – Kansas Venture Capital Inc. has purchased for an undisclosed sum a clinical research organization that was once a division of AAIPharma.
The acquired company, to be called KCAS LLC, was founded 30 years ago by two professors from the University of Missouri-Kansas City, and helps pharmaceutical firms test and evaluate new drug candidates. KCAS had most recently been owned by North Carolina-based ZeeCRO Inc., which changed its name from AAIPharma earlier this year.
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The acquisition marks Kansas Venture Capital’s first foray into life sciences, the Kansas City Business Journal reported. KCAS posted revenue around $8 million last year, but Kansas Venture Capital “would be disappointed” if the company’s sales fail to hit $25Â million in five years, the Business Journal reported.
KCAS focuses on small-molecule drug testing but hopes to expand into newer large-molecule drugs. It also wants to move into testing finished products and materials, KCAS President Dari Dadgar told the Business Journal.
