Operating out of a 7700 square foot, state-of-the-art facility in the heart of Research Triangle Park, BioAgilytix Labs is a boutique contract research organization (CRO) that specializes in providing detailed analysis of biological samples. Founders James D. Petrilla, Afshin Safavi and Matthew G. Langevin created the company name to illustrate the combination of biology, agility and analytics, which is what they specialize in providing to pharmaceutical and biotech companies seeking FDA approval of their large-molecule biopharmaceutical products.
Concept to Company
Petrilla, BioAgilytix Labs' president and CEO, was a life science mentor at CED's spring FastTrac® TechVentureTM class and led a group which included Safavi. Petrilla heard his story and saw how passionate Safavi was about starting a specialty CRO with his former co-worker Langevin. After performing a detailed market analysis and financial projections, the three confirmed that there were not enough companies specializing in providing detailed analysis of large-molecule biological samples and were convinced they would succeed. Petrilla's background includes senior roles in management, marketing and sales at several venture backed companies. Safavi and Langevin have worked together at three different biotech companies over the past ten years and have shared a dream of starting their own CRO.
The Future of BioAgilytix Labs
Through personal connections, referrals and networking, BioAgilytix Labs has already managed to set up a dozen meetings with potential clients. Although they are starting with three employees, they have begun hiring and estimate having around forty employees by the end of 2010. The founders aspire to build the next SAS-like company in the Triangle, offering employees great benefits like daycare, an office gym and more. Since May, the company has been operating under bootstrap funding while they fine tuned their business and finance plans; found office and lab space; and furnished their building. The founders are now seeking a single round of angel investment that will enable them to achieve profitability and cash-flow break-even within twelve months.
Entrepreneurial Wisdom
The BioAgilytix Labs idea has come along way since the founders connected at CED's FastTrac® TechVentureTM class. The founders learned that creating partnerships with people you enjoy working with is very important and have managed to solicit help from local entrepreneurial service providers who fit the bill. They are working with CED members, Square1Bank, Wyrick Robbins Yates & Ponton, LLP, Hughes Pittman & Gupton LLP, and many more. They have worked hard, remained passionate and made the best out of their circumstances, which has resulted in a turn-key CRO. Without the support from friends and family, and the connections they made through programs such as the ones offered by CED they would not be as far along as they are today.
To learn more about CED membership or the programs mentioned above, visit www.cednc.org. Would you like to be the next member success story? Email ccranston@cednc.org for more information.