Monroe Biomedical Research

New Harbor Capital originally established clinical trial research as a thesis area in 2019 and has continued to evaluate opportunities within the sector ever since. There is significant opportunity within the clinical trial space as it is rapidly growing and highly fragmented, with an estimated 96 percent of the over 20,000 active sites operating as independent standalone sites. The pre-clinical drug pipeline has grown over 50 percent from 2015 through 2020, and the number of sites utilized per trial has increased as delays due to slow or minimal patient enrollment remains a primary issue in the industry. New Harbor has been targeting innovative clinical trial models focused on enrolling diverse patient bases and having broad therapeutic expertise, as opposed to a singular therapeutic focus. New Harbor was first introduced to Monroe Biomedical Research (“MBR”, “the Company”) in March 2023. We found MBR to be unique from other clinical trial site businesses based on its diverse therapeutic expertise and strong track record of patient recruitment and trial execution, which are the key challenges within the drug development ecosystem at the moment. Monroe’s team of founders also presented a great opportunity to invest alongside partners who share our vision and values. Monroe Biomedical Research was founded in 2015 by Suvi Gross, Ben Karsai, and Dr. Greg Feldman, and is headquartered outside of Charlotte in Monroe, North Carolina. The Company has a history of success in meeting sponsor goals in a wide range of clinical trials, including investigations into treatments for pulmonary, metabolic, cardiological, psychiatric, and infectious diseases, as well as vaccine studies. Our investment management plan focuses on scaling the Company’s existing infrastructure, broadening, and growing its therapeutic focus areas and expanding its geographic footprint. We look forward to building upon MBR’s leading reputation and innovative clinical trial model to build one of the premier clinical trial site management organizations in the country. *Certain statements about New Harbor Capital made by portfolio company executives herein are intended to illustrate New Harbor Capital’s business relationship with such persons, including with respect to New Harbor Capital’s facilities as a business partner, rather than New Harbor Capital’s capabilities or expertise with respect to investment advisory services. Portfolio company executives were not compensated in connection with their participation, although they generally receive compensation and investment opportunities in connection with their portfolio company roles, and in certain cases are also owners of portfolio company securities and/or investors in New Harbor Capital-sponsored vehicles. Such compensation and investments subject participants to potential conflicts of interest in making the statements herein.