dMed-Clinipace says $50 million from a recent fundraising round has been used to finance ongoing integration efforts and global expansion.
The contract research organization (CRO) completed the series C round in June raising $50 million with private equity organization the Springhill Fund joining existing backers Rock Springs Capital and Superstring Capital.
In a press statement it said the proceeds have helped finance the recent merger between dMed Global and Clinipace, completed last week.
CEO Lingshi Tan, said, "We are delighted to welcome this new group of leading specialist investors, who will bring tremendous resources and strategic insight to accelerate our global growth while also further expanding our investor base.”
The CRO also highlighted expansion in the oncology and rare disease space as an aim, also citing gastroenterology, nephrology, and women's health as key markets.
The plan is in keeping with the strategy outlined by dMed-Clinipace chief development officer, Jun Shi, at DIA China. He told delegates “ensuring quality, improving the efficiency of clinical development, and accelerating the process of globalization are the key to the development of innovative drugs.”
He added, “We advocate a one team approach, making it an extension arm and empowering hand for our clients.
“In particular, we have an international professional team for early clinical development and registration, providing services to all kinds of customers, helping innovative companies adapt to the regulatory environment in China and major regions of the world, integrating resources, and laying a solid foundation for confirmatory clinical trials.”
Merger
Shanghai, Chain based dMed and North Carolina, US-headquartered Clinipace joined forces in April, creating a CRO with more than 1,700 staff in 22 offices across the Americas, Europe and Asia-Pacific.
At the time Tan identified international interest in the Chinese market as a major opportunity for the CRO.
“Western biotech companies increasingly recognize their need for a strategic partner who can stay on the leading edge of fundamental changes in the global clinical landscape.
“China is already a key market, a leading site for accelerating drug development and launch and the home to a rapidly growing number of innovative biotechs that are expanding globally.”
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