Chinese biotechnology firm Rundo International has raised RMB100 million (US$14.85 million) in a series C round of financing from the country’s private equity firm Riverhead Capital, according to a statement released by the company on Monday.
Rundo International, fully known as Rundo International Pharmaceutical Research & Development Co Ltd, was founded in 2004 as a contract research organization (CRO) to provide drug development, clinical research, and other related services for clients in China and internationally.
The Shanghai-based company offers a range of clinical research services from phases one to phase four, covering strategy consultation, regulation and registration, clinical trial management, data management, biometrics, medical writing and translation, marketing research, and quality assurance, among others.
Rundo International has completed nearly 700 clinical trial projects, which includes over 20 international multi-center projects. Its clients include pharmaceutical companies such as Pfizer, Novartis and Otsuka Pharmaceutical.
"We are optimistic about the growth opportunities for clinical contract research organizations as the Chinese authority is encouraging the research and development of innovative drugs, which promotes the sustainable and rapid development of the field," said Huang Shengxuan, general manager of Riverhead Capital, in the statement. "Meanwhile, international multi-center clinical trials are bringing more outsourcing opportunities for Chinese CROs after China joined the International Conference on Harmonization (ICH)."
Proceeds of this round will be used to explore the overseas market, construct a branch in America, accelerate the business development in Japan, and improve its data management service.
The company raised RMB100 million (US$14.85 million) in a series B round from Chinese venture capital firm HighLight Capital in 2017. It also raised a series A round from Shenzhen Capital Group and in 2012, without disclosing financial details.