SHANGHAI, March 18, 2022 /PRNewswire/ -- Harvest Integrated Research Organization ("HiRO" or the "Company") announced the completion of its Series A financing in the tens of millions of US dollars. This round of investment is led by OrbiMed, with the participation from existing shareholder, Fontus Capital.
Proceeds from this funding round will be mainly used to accelerate the development of HiRO's overseas market entry, grow its talent pool, expand its digital clinical research management capabilities, and promote multilateral clinical trials in China and the world.
Founded in September 2020, HiRO is an innovative clinical research organization (CRO). Headquartered in Shanghai, the company currently has offices in Beijing, Taipei, Australia, New Zealand, and the Philippines. Led by a management team with over 20 years of industry experience working in top global CROs, HiRO aims to provide innovative and efficient clinical development services for local biotech companies, bringing their therapies to the global market, and global biotech companies, introducing their products in China.
HiRO acquired Pharmaceutical Solutions ("PharmaSols") in December 2021, a CRO with over 20 years of experience in delivering phase I-IV clinical trials across Australia and New Zealand. Through this acquisition, HiRO makes full use of patient resources in Australia and New Zealand to help clients save time, reduce costs, and generate quality data.
Spearheading HiRO's growth is founder and CEO, Dr. Karen Chu, who previously served as Parexel's Head of Global Clinical Operations. "We are delighted that this round of financing has been supported by world-class professional healthcare investors whose participation will accelerate the development of our global presence by building a robust medical and clinical operations team. We are committed to serving all our clients that wish to conduct clinical research and development in the United States and Asia Pacific, as it is critical for biotech companies to fully understand global complex medical requirements and regulatory pathways. HiRO's team will provide customized support at every step of the way."
Dr. Karen Chu further indicates, "2022 will be a year of full of opportunities and challenges for the entire industry. Driven by technological progress, favorable government policy, and increasing investment in research and development, the global biopharmaceutical market is primed to grow rapidly and steadily. With unique resources and expertise, HiRO can provide high-quality and efficient clinical research services for domestic and global biotechnology enterprises."
As the lead investor in this round, OrbiMed global partner Steven Wang says: "We are optimistic about the future development of HiRO as a global CRO platform. HiRO is adept at understanding clients' needs and navigating the complex clinical development process, with an innovative perspective. With an experienced team with profound expertise in regulatory affairs and clinical trial operations, HiRO will become a one-stop global service provider, from R&D to commercialization. We look forward to their achievements and development with customers."
Fontus Capital CEO and Founder, Danny Xiang says, "we are glad to be involved in this key development process and round of financing because we firmly believe in the leadership of Dr. Karen Chu's East-West diversified management style. With its highly experienced team and global vision, HiRO will grow into a leading company in the CRO field within the next 3-5 years."
Harvest Integrated Research Organization (HiRO) is a China-based, globally oriented clinical research organization (CRO) with its headquarters in Shanghai, China. With global operations and integration capabilities, the company provides its customers with a full range of solutions and services. HiRO strives to become a market-leading, integrated global CRO that works together with biotech companies and pharmaceutical companies to bring new products from laboratory to the market, providing more effective solutions for patients worldwide. For more information on HiRO, please visit www.harvestiro.com
OrbiMed is a leading global healthcare investment firm, with $18 billion in assets under management across a range of private equity funds, public equity funds, and private credit/royalty funds. It invests across the healthcare industry, from start-ups to large multinational corporations. OrbiMed's team of over 100 distinguished scientific, medical, investment, and other professionals are based in key markets around the world.
For more information on OrbiMed, please visit www.orbimed.com
About Fontus Capital
Fontus Capital was established in 2015. We focus on life science, specializing in pharmaceutical, biotechnology, medical device, and services around the world. Our mission is to improve the lives of patients and offer innovative solutions to address the unmet medical needs.
For more information on Fontus Capital, please visit www.fontus.com.cn
For more information on PharmaSols, please visit https://pharmasols.com