After a troubled 2011, Entelos is trying to leave the past behind and reestablish itself in the in silico simulation and modeling marketplace.
The company said this week that it has received recapitalization funding from existing investor Imperium Partners and newcomer Clearlake Capital Group, which has taken a majority stake in the company.
Imperium bought Entelos's assets in September with a credit bid of $1.95 million after the company filed for Chapter 11 bankruptcy protection (BI 9/30/2011).
As part of Clearlake's investment, Steve Chang, a founding partner, and Prashant Mehrotra, a vice president at the investment firm, have joined Entelos's board.
Financial details of the investment are not being disclosed but Entelos CEO Shawn O'Connor told BioInform that the influx of cash is "sizeable."
"We would expect that we have the ability to achieve break even measured in months not years," he said.
The company plans to use the funds to support its existing efforts around in silico modeling and simulation products and consulting services, as well as to extend the reach of its sales and marketing team.
"Our near-term focus is to get back up and running and active in delivering those services to our clients," O' Connor said. "We have done so continuously though this transition period but now [we] can proactively go out [into] the marketplace and step up our sales and marketing efforts and ability."
The company counts pharmaceutical companies like Pfizer, Merck, and Bristol-Myers Squibb as well as some biotechnology firms as customers, he said.
Beyond that, "we are very excited about opportunities that we are looking at that could expand our portfolio of products and services to fuel even greater growth for the company going forward," O'Connor said.
This includes pursuing opportunities in the nutritional sciences and consumer products markets, where the company has had some success in the past and hopes to increase its market share, he said.
Entelos has also made some internal adjustments over the last six months, including changes to its board and senior management team. For example, O'Connor joined the board last June and then assumed the CEO position in July.
He also said the company has added some new board members but did not provide additional information.
Entelos plans to increase its headcount and is looking to fill positions on the software development side as well as in the scientific consulting arm of its business, O'Connor said.
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