Bill Parfet is retiring from MPI Research Inc. as the pre-clinical testing firm undertakes a $5 million expansion.
In a message to suppliers and study sponsors announcing his retirement, the 69-year-old Parfet, who founded the company 20 years ago, wrote that the Mattawan-based MPI Research will soon become the fourth largest pre-clinical contract research organization with about 1,300 employees and annual revenues of nearly $200 million. MPI’s board will conduct a search for a new CEO.
“MPI Research will remain an independent privately owned company. The senior leadership team will continue to manage the day-to-day operations of the business as usual,” Parfet wrote. “The future of our industry is bright and I believe MPI Research is well positioned to continue to provide exceptional service.”
MPI’s planned expansion will accommodate increased demand for investigational and pre-clinical pharmaceutical and medical device studies. The expansion will involve the renovation of 55,000 square feet of space and the opening of more than 50 animal rooms.
“Sponsors need larger studies completed in faster timeframes. These facility upgrades and the new talent we’ll be bringing in will allow us to better meet the industry demands,” said Teri Nizzardini, MPI’s vice President of human resources.
MPI will also renovate its the clinical pathology lab and plans to examine expansion of the surgical department with upgraded suites and additional equipment.