dMed Biopharmaceutical Co., Ltd., a Chinese full service Clinical Contract Research Organization (CRO), announces on Wednesday that it has completed nearly US$50 million in a series B financing round.
The round is led by healthcare-focused investment firm Vivo Capital, with participation from Chinese venture capital firm Legend Capital, Chinese Qiming Venture Partners and Shanghai-based biomedical venture capital firm Lilly Asia Ventures.
Proceeds of the round will be used to accelerate expansion of its comprehensive clinical operations and information technology infrastructure, while extending its global capacity in clinical development and product registration.
Founded in 2016, dMed is a full service Clinical CRO, providing industry solutions to pharmaceutical and medical device companies in China and across the globe.
The company is positioned to leverage and integrate China’s new regulatory framework, offer innovative drug development strategies, and help its clients expand globally by tapping into the world’s second largest pharmaceutical market.
dMed aims to help Chinese and global innovative pharma companies effectively raise efficiency in clinical research and development (R&D), scientifically shorten research cycle, and boost success rates.
Its 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 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.
In recent years, global pharma companies have boosted R&D investment, leveraging collaboration with 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, owing to the favorable policies for China’s pharma industry.
Tan Lingshi, founder and chief executive officer of dMed, said, "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."
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.