Fast-growing ‘digital contract research organisation’ Clinipace Worldwide has bolstered its capacity to expand on its existing therapeutic expertise and global reach by closing a US$15 million Series C funding round led by Morgan Stanley Expansion Capital of San Francisco.
The US-based CRO’s niche is “innovative technology-amplified contract research services”, and the company sees its growth surge over the last three years as a “clear validation” that its business model is being taken up by emerging and mid-market biopharmaceutical and medical device companies.
Organic sales growth has combined with three acquisitions over the past 18 months to create “a strong global footprint with a powerful mix of therapeutic expertise, clinical operations, and regulatory and strategic development services”, Clinipace says.
“When we looked at the successful adoption of its service model, combined with the robust and active segment which it serves, as well as overall macro-trends in life science R&D strategies, we realised now is the perfect time for Morgan Stanley Expansion Capital to support Clinipace’s efforts to strengthen its technology leadership, therapeutic expertise and global reach,” commented managing principle Melissa Daniels.
Last May Clinipace announced with its second acquisition this year, snapping up Swiss CRO PFC Pharma Focus and its subsidiaries for an undisclosed sum. PFC brought with it offices in Germany (Munich), Israel (Tel Aviv) and India (New Dehli) in addition to its Zurich base.
At the beginning of March, Clinipace boosted its regulatory and strategic development expertise by acquiring fellow US company Regulus Pharmaceutical Consulting.
Clinipace said it would use the new capital to “continue building its therapeutic expertise and global capacity to deliver innovative technology-amplified contract research services”.
Other than Morgan Stanley, existing investors including Hatteras Venture Partners and Brook Private Equity Advisors participated in the latest funding round.