BEIJING and SHANGHAI , Oct. 25, 2019 /PRNewswire/ -- Recently, Fountain Medical Development Limited ("Fountain Medical" or "Company") announced its $62 mm Series D round financing. The investment was led by Goldman Sachs, with Lilly Asia Ventures as co-investor. Proceeds of the Series D financing will be used to fund the Company's near term growth objectives. Since its inception in 2007, Fountain Medical has completed Series A, B and C rounds of financing, with investments from renowned venture capital firms including DFJ Dragon Fund and Lilly Asia Ventures, amongst others.
Biopharmaceutical companies as well as medical device and consumer healthcare companies around the world have entered a new period of R&D growth as they continue to invest in new therapies and enter new markets. Meanwhile, many still face challenges such as low success rate, long R&D cycle, increasing expenses and decreasing ROI. More and more of these companies improve efficiency and streamline cost via R&D outsourcing to contract research organizations ("CRO"). With China joining the International Council for Harmonization ("ICH") in 2017 and becoming the world's second largest prescription drug market, multinational companies have actively competed to satisfy the treatment demand in China. Domestic drug developers, supported by favorable regulatory policies, are also focused on innovative therapies. As a result, the China CRO industry has been growing faster than the rest of the world, and global integration has become an inevitable trend.
Fountain Medical has always focused on providing high quality services consistent with ICH standards, and dedicating itself to the development of innovative drugs. The Company has over 1,700 employees worldwide covering 55 cities in China, as well as major delivery centers across US, Europe, Japan, India, and Philippines. The Company's global team, local network and strong capabilities in clinical development, biostatistics, regulatory affairs and pharmacovigilance differentiate it from competition.
According to the Co-Founder and Executive Chairman of Fountain Medical, Dr. Dan Zhang, "The Series D round financing, led by Goldman Sachs, enables Fountain Medical to expand and improve our service offerings to existing global clients, and better cater to the needs of Chinese pharmaceutical companies with global aspirations as well as multinational companies with China aspirations."
Stephanie Hui, Managing Director of Goldman Sachs and Co-head of Principal Investment Area in Asia Pacific, said: "We are positive on the growth outlook of the CRO industry, especially in China. As a leading CRO in China, Fountain Medical has built an excellent platform combining international expertise with local access. The Company has a global team with diverse background and deep knowhow across key functional areas, making it a one-stop shop for clients. Going forward, we will work closely with the management team to improve its existing business, attract more industry talent and launch new strategic initiatives."
About Fountain Medical Development Limited
Fountain Medical Development Limited is a clinical stage CRO dedicated to offering high-quality one-stop services to pharmaceutical and medical device clients. Some of these services include clinical operations, biostatistics, regulatory affairs, pharmacovigilance, medical affairs and clinical monitoring.
Since it was founded in 2007, Fountain Medical has established major delivery centers across China, US, Europe, Japan, India, and Philippines. It now has over 1,700 employees globally, with a strong and growing clinical operations team across 55 cities in mainland China.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.