April 30th, 2024

WindRose Health Investors Completes Majority Growth Investment in SubjectWell

New York, NY, April 30, 2024WindRose Health Investors, LLC, (“Windrose”) the New York-based healthcare private equity firm, announced that it has completed the acquisition of SubjectWell, the patient access marketplace that connects people with health conditions to care options. The terms of the transaction were not disclosed.

Using a multi-channel network and precision digital outreach, SubjectWell’s marketplace of tens of millions of motivated patients with known health conditions is growing by over 300,000 patients per month. This marketplace, built on SubjectWell’s tailored patient recruitment technology, allows SubjectWell to support global vaccine, chronic, rare disease and oncology clinical studies for pharma, biotech, clinical research sites, clinical research organizations, and other healthcare clients.

WindRose partnered with SubjectWell’s executive team to acquire the business and provide additional growth capital to advance its next phase of expansion. With WindRose’s investment, SubjectWell will accelerate the development of both existing and new solutions and leverage its marketplace of diverse and hard-to-access patients to service healthcare companies needing qualified patients for clinical trials or market-ready treatments. SubjectWell’s current management team will continue to lead the company and remain active shareholders going forward.

“We are thrilled to be partnering with WindRose as SubjectWell looks ahead to this next growth chapter,” said Fred Martin, CEO of SubjectWell. “WindRose selects companies whose operational excellence is a key building block, and their team is aligned with SubjectWell’s vision. Together, we can continue to enhance our proprietary technology, machine learning algorithms, medical records integration and in-house medical engagement center, all fundamental to ensuring that eligible patients – who are desperately needed by the healthcare industry – get access to the care they desire.”

“Driving efficiency, speed, quality and access within clinical trials has been a recurring thesis for WindRose. SubjectWell’s ability to access and match qualified patients to clinical trials through technology and its patient marketplace helps solve a significant pain point in the drug development lifecycle while also increasing access to high-quality care,” said CJ Burnes, Partner with WindRose. “We are excited to partner with Fred and the SubjectWell team as they continue to execute on their strategy.”

McDermott Will & Emery LLP acted as legal advisor to WindRose and Silicon Legal Strategy acted as legal advisor to SubjectWell.


About WindRose Health Investors
WindRose makes equity investments in companies that operate within the services sectors of the healthcare industry. The firm focuses on companies with profitable business models and a demonstrated ability to deliver cost-effective solutions. WindRose manages over $3.0 billion. WindRose is based in New York City and invests in companies throughout the United States. For more information, please email us at info@windrose.com.

About SubjectWell
SubjectWell empowers the largest direct patient access marketplace, connecting patients with known conditions to relevant clinical trials and market-ready treatments. With tens of millions of patients in our marketplace, coupled with the largest patient reach and flexible recruitment campaigns, SubjectWell supports study designs for any therapeutic area across the globe. Visit www.SubjectWell.com to find out more.

Caroline Luz Lambert
cluz@lambert.com, 203-570-6462