Clinverse Completes $2.2 Million Series A Private Equity Financing Vital Financial and Current Investors Back Accelerated Development for ClinPay, the Pharmaceutical Industry’s First Payment Network Clinverse Hires as Chief Technology Officer the Chief Architect and an Inventor of IBM’s InfoSphere Traceability Ser October 19, 2009 03:13 PM Eastern Daylight Time   CHARLOTTE, N.C.--(EON: Enhanced Online News)--Clinverse, Inc., announced today that it has completed a Series A financin $2.2 million. Clinverse is developing ClinPay, the pharmaceutical industry’s first eClinical Trial Payment Network. The investment s comprised current investors and Vital Financial, LLC. Clinverse also announced that Umair Akeel has joined the company as its Chief Technology Officer (CTO). Mr. Akeel was an inve architect during the development of IBM’s InfoSphere Traceability Server. Clinverse President Steve Ayala said, “We are pleased to have rounded out our investment with significant funding from Vital Finan Vital adding to our capital base, but they also are contributing their team’s experience in growing successful software companies. In the funding, we are glad to welcome Craig Asher from Vital to our board.”  Tim Immel, Clinverse’s Chairman and CEO, said, “The additional capital allows us to accelerate our build-out of ClinPay, the phar industry’s first eClinical Trial Payment Network. ClinPay solves a critical issue for the pharmaceutical industry—providing timely, ac transparent multi-currency payment and reporting for all parties involved in a clinical trial. “We are thrilled to add Umair Akeel to our team as CTO. Umair’s experience in architecting complex systems specifically for the p industry will enable him to make significant contributions to our product and our development group. He can incorporate his deep k building robust applications into ClinPay, resulting in a better product for our clients.”  Craig Asher, a principal at Vital Financial, said, “We look forward to supporting Clinverse through its growth with our capital and o building successful software companies. We see a significant potential to improve clinical trials by reducing their cost and duration a their reporting transparency with the ClinPay eClinical Trial Payment Network.”  About Clinverse: Clinverse - www.clinverse.com - is a technology company solely focused on the financial management of clinical trials and associate over 140 currencies. Our flagship product, ClinPay, is a secure on-line eClinical Trial Payment Network that dramatically reduces ti investigator payment process with significant increases in clinical trial productivity. ClinPay links sponsors to investigators in a payme system that reduces study start-up time, makes possible timely and accurate payments, provides transparency and auditing records, compliance. About Vital Financial: Vital Financial’s mission is to use our talents, insights, knowledge and experience to find, analyze and structure private equity and ve investments in companies so as to provide significantly above-market returns on our own capital and on the funds that co-investors stewardship. Our target investment size is $1-2 million for early-stage companies and $2-5 million for later-stage firms. Target indus software, selected technology segments, and financial services. Given our experience in assessing the value of intellectual property, unique IP situations. Vital Financial has offices in Bethesda, MD, Farmington, CT, Newark, DE, Philadelphia, PA, Lincolnshire, IL Additional information and contact details can be found at our website located @ www.vitalfin.com. Contacts Clinverse, Inc. Steve Ayala, President and COO, 704-631-5433, sayala@clinverse.com Permalink: http://eon.businesswire.com/news/eon/20091019006427/en