Circuit Clinical snags Maggio as senior adviser as it eyes dizzying growth
Wednesday, June 2, 2021
Source: Buffalo Business First
William Maggio has been part of Buffalo’s startup economy for so long that it’s easy to forget that he’s never had a formal position in any of the companies he helped to bring here.
Maggio – a board member of 43North, managing partner of private equity firm Lorraine Capital and former CEO of the Jacobs Institute – is about to become part of team Circuit Clinical.
He joined the firm as senior adviser to Dr. Irfan Khan, the cardiologist-turned-entrepreneur leading a company that is seeking to scale a clinical trial network across the U.S. Circuit Clinical is a true homegrown startup story, counting numerous local investment groups and individuals as investors.
The company won a 43North award in 2019 and recently closed on $7.5 million in Series B funding, which included a contribution by LabCorp.
“This is the perfect time in the company’s history for someone with Bill’s expertise to join Circuit,” Khan said. “It allows us to work in parallel on a series of national strategic partnerships to accelerate our growth.”
Khan said the firm, which has about 50 employees, is seeking to become “a national company on an accelerated time frame.”
Maggio has deep experience helping life sciences companies scale, most notable through the acquisition and eventual exit of diagnostic firm Immco Diagnostics. He is heavily involved in the 43North program, both as a board member and chairman of a related nonprofit foundation, which exists to manage profits from successful 43North companies.
Maggio believes that Circuit Clinical is close to inking deals with numerous meaningful partners in the technology and diagnostics industries.
Khan “has a great vision, he’s built incredible brand awareness and he has some of the most prestigious companies in the world that want to collaborate with him,” Maggio said. “We’re getting close to making some major announcements around platforming growth and building out the team.”
Circuit Clinical’s team mostly work out of its home base at the 43North incubator inside Seneca One Tower.
Khan said his company is focused on its core ideals — to expand patient access to cutting-edge treatments by moving them out of hospital centers and into the hands of regional doctors.
He said that Maggio’s willingness to throw his expertise behind Circuit Clinical’s journey is further validation of the promise his company is showing. He joked that his network of business leaders in Buffalo would be firing off envious text messages when the news became public.
“Bill would be a great addition to hundreds of companies around here, so the fact that he’s chosen us to dedicate his unique skillset is an act of generosity and we’re wowed by it,” Khan said. “It’s been phenomenal for team morale and it’s another sign that we are becoming the company we aspire to be.”