October 4, 2007
Averion managers buy staffing division
By Matthew L. Brown
In an effort to "reach sustainable profitablility," Southborough-based Averion International Corp. has sold its staffing services business to members of the company's management for $2.3 million.
The company will get $455,000 in cash up front, deferred payments on $250,000 and has accepted unsecured promisory notes for $1.6 million.
Averion is a clinical research organization, and without the staffing services arm, will focus on the "increased clinical trial outsourcing that is driving industry growth," said Philip Lavin, CEO.
In addition to the sale of the staffing division, Averion also cut operating costs by $2.5 million this year, opened three offices in Europe, reached marketing contract agreements with companies in India and Brazil and hired a CFO and a vice president and general counsel.
For the third quarter, Averion reported revenue of $8.3 million and a net loss of just over $1 million.
The company will get $455,000 in cash up front, deferred payments on $250,000 and has accepted unsecured promisory notes for $1.6 million.
Averion is a clinical research organization, and without the staffing services arm, will focus on the "increased clinical trial outsourcing that is driving industry growth," said Philip Lavin, CEO.
In addition to the sale of the staffing division, Averion also cut operating costs by $2.5 million this year, opened three offices in Europe, reached marketing contract agreements with companies in India and Brazil and hired a CFO and a vice president and general counsel.
For the third quarter, Averion reported revenue of $8.3 million and a net loss of just over $1 million.
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