SHANGHAI, Oct. 16, 2019 /PRNewswire/ -- dMed Biopharmaceutical Co., Ltd. recently announced completion of a nearly US$50 million Series B financing, led by Vivo Capital and joined by Legend Capital, Qiming Venture Partners and Lilly Asia Ventures. After this round of financing, dMed will accelerate expansion of its comprehensive clinical operations and information technology infrastructure, while extending its global capacity in clinical development and product registration.
dMed and investors signed the financing documents
The Pre-Series A financing was led by Qiming Venture Partners, and the Series A financing was led by Qiming Venture Partners and Lilly Asia Ventures.
In recent years, global pharma companies have boosted R&D investment, leveraging collaboration with contract research organizations (CROs) to raise efficiency and reduce R&D costs. Driven by the improved industry penetration and increased pharma R&D investment, the global CRO industry is developing rapidly with huge growth potential. The CRO industry in China is expanding even faster than the global average, thanks to the favorable policies for China's pharma industry.
As a global "next generation" full service clinical contract research organization, dMed aims to tap the trend with its strong capacity to file new drug applications and conduct research simultaneously in China, the United States and Europe. Since its launch three years ago, dMed has attracted industry elites and well-known experts in both China and the US to join the company. It has set up offices in major cities, including Shanghai, Beijing, Wuhan, New York, Washington, San Francisco, and Brussels, and currently employs more than 600 professionals globally. dMed completed the acquisition of Target Health, a full service New York-based CRO, in the middle of this year to extend its global footprint and add new technologies to its global service offering.
Dr. Lingshi Tan, Founder and CEO of dMed, said: "We have delivered high-quality clinical trial services for over 200 projects, working with 80 innovative Chinese and global pharma companies since the company was set up, demonstrating the next-generation CRO at global capacity and standards. After this round of financing, dMed will be able to serve more Chinese and global innovative pharma companies to help them effectively raise efficiency in clinical R&D, scientifically shorten research cycles, and boost success rates."
As a leading investor in Series B financing, Shan Fu, Managing Partner, Co-CEO and CEO of Greater China at Vivo Capital, said: "Led by Dr. Lingshi Tan, dMed, as a leader in next-generation CRO, has the ability and strength to undertake high-level research and development mandates. In just three years, it has established a solid industry-wide reputation. We believe that it will have great growth momentum in the future. We are excited join hands with dMed for future growth."
dMed is a full service Clinical Contract Research Organization (CRO), which provides industry solutions to pharmaceutical and medical device companies in China and across the globe. dMed is led by experts in China and the US who originated from leading multinational pharma companies and regulatory agencies. We are uniquely positioned to leverage and integrate China's new regulatory framework, offer innovative drug development strategies, and help our clients expand globally by tapping into the world's second largest pharmaceutical market. Our creative and flexible collaboration models will help Chinese and global innovative pharma companies effectively raise efficiency in clinical R&D, scientifically shorten research cycle, and boost success rates.
Our business covers consulting, early development & clinical pharmacology, clinical operations, biostatistics & programming, data management, drug safety & pharmacovigilance, clinical science & medical affairs, quality assurance, regulatory affairs and strategy.
dMed has set up offices in major cities, including Shanghai, Beijing, Wuhan, New York, Washington, San Francisco, and Brussels, and it employs more than 600 professionals globally, among them 60% holds master above degree and 20% with more than 10 years working experiences.
About Vivo Capital
Vivo Capital ("Vivo") is a healthcare-focused investment firm formed in 1996 with over $3 billion under management. Vivo is currently making investments out of its growth and private equity fund into promising late-stage private and public healthcare companies in the U.S., Europe, and Greater China, from its Opportunity Fund into promising public healthcare companies, and from its PANDA Fund into promising early-stage innovative healthcare companies.
Vivo utilizes a unique multi-pronged strategy of identifying and working with companies at all stages in the U.S., Europe, and Greater China. Vivo enjoys a strong history of forging cross-border partnerships for its companies that enable geographic expansion and new product registration & commercialization. Vivo has offices in Palo Alto, Beijing, Shanghai, Hongkong and Taipei.