Hoeven Welcomes PRACS Cofounder James Carlson, PRACS HQ Back to ND At a Time of Dynamic Tech Innovation and Growth
Senator Worked to Create a Strong Business Climate for High-Tech Businesses
FARGO, N.D. – Senator John Hoeven welcomed PRACS Institute and company cofounder Dr. James Carlson back to Fargo today, saying the company is returning at a time when the city and Red River Valley are driving an agenda for technology innovation and growth. The company is relocating its headquarters to Fargo following a six year hiatus after Carlson sold PRACS to Cetero Research in 2006.
Earlier this year an investment group led by Chicago-based Freeport Financial acquired Cetero Research for $80 million and reorganized the company. The group restored the company’s original name, PRACS Institute; asked Carlson to return as chief executive officer; and brought company headquarters back to Fargo. Senator Hoeven has worked both as governor and now as senator to make North Dakota’s the best business climate in the Country.
The globally recognized early phase clinical research organization will reopen its bioanalytical laboratory closed in 2010. In addition, the Scientific Affairs department will be expanded with statisticians, SAS programmers and medical writers. With anticipated growth, Carlson says PRACS expects, conservatively, to create an additional 45 to 50 positions over the next 12 months. Concurent with this growth, stipends to local study participants are expected to introduce between $10 million and $15 million a year into the local economy, helping students, families and local businesses in the Fargo area.
“PRACS Institute is the product of Jim Carlson’s vision, and today is one of the earliest and most successful life-science businesses to launch and operate in Fargo,” Hoeven said. “Now, six years later, Jim is bringing his company back to its roots to launch a second chapter for PRACS, creating jobs and economic activity at a time when a dynamic technology sector has grown up and is flourishing in Fargo and the Red River Valley.”
“Senator Hoeven has long supported the business activities of PRACS Institute, dating back to his tenure as President of the Bank of North Dakota, well before serving in public office roles,” said Dr. James Carlson. “We are delighted for him to join us on site as we launch the next phase of the company’s growth and continue our efforts to attract and develop talented individuals in the Fargo-Moorhead community.”
PRACS Institute was founded in 1983 by Dr. James Carlson, a former pharmacy professor at NDSU, and his partners to test new or developing pharmaceutical products. Carlson says he is excited about new research projects, which range from generic equivalency products to evaluating new medicinal products acros a wide range of therapeutic indications. PRACS today is globally recognized and continues to be the largest Phase I facility in the world.
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