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February 28, 2024

New Haven-based Valisure names new CEO, announces ‘substantial investments’

Contributed Chip Phillips is the new CEO of Valisure.
By David Krechevsky

Valisure LLC, a New Haven-based drug quality-assurance company, said Wednesday it has received “substantial investments” from healthcare venture capital firms, while also announcing a new CEO and other executive changes.

The company, based at 5 Science Park in New Haven, said the most recent round of funding was led by AlleyCorp, a New York-based venture capital firm.

Valisure did not disclose the total amount of the new funding but said it would provide the company with the “financial resources needed to accelerate its research and development efforts, expand its team of experts, and further strengthen its position as a market leader” in independent pharmaceutical quality assurance.

Karrah Goldberg, Valisure’s director of communications, said that in addition to funding from AlleyCorp, the company also received funding from Connecticut Innovations.

A spokesperson for CI, said the quasi-public venture investor provided Valisure $500,000 during this latest investment round.
 
Valisure works to ensure the safety and quality of medications through its independent testing, and says its services are being increasingly adopted by major public and private health systems.

The company has raised additional funding in the past, including $3.8 million in 2020 and $4.35 million in 2019, according to U.S. Securities and Exchange Form D filings. 

The company also announced Chip Phillips as its new CEO. Philips has experience as a healthcare executive, previously serving as president of ANDA, a subsidiary of Teva Pharmaceutical Industries, and as an executive at CVS Health, where he led the Medicaid business, TheraCom Inc., and Minute Clinic. 

Phillips succeeds David Light, who co-founded Valisure in 2015. Light has assumed the role of president, seeking to focus on continuing to grow the company's “thought leadership and overall mission.”

Other executive changes announced by the company include the appointments of:

  • Wolfgang Hinz, Ph.D., formerly a technology co-founder at Ion Torrent, as chief scientific officer.
  • Adam Clark-Joseph, Ph.D., a former finance professor focusing on algorithmic trading, as chief analytics officer, and
  • Jill Nailor, R.Ph., a pharmacist who previously held positions with Walgreens and Pfizer, as chief business development officer.

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