Chinese clinical contract research organization (CRO) dMed Biopharmaceutical has raised 354 million yuan ($50 million) in a Series B round led by Vivo Capital, according to a media statement.
The round was joined by Legend Capital, Qiming Venture Partners and Lilly Asia Ventures.
Shanghai-based dMed offers a range of services including consulting, early development and clinical pharmacology, clinical operations, biostatistics and programming, data management and drug safety and pharmacovigilance to global pharma companies.
It plans to use proceeds from the latest round to accelerate the expansion of its clinical operations and IT infrastructure and increase its clinical development and product registration capacity.
“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,” said dMed founder and CEO Dr Lingshi Tan.
Earlier this year, dMed completed the acquisition of Target Health, a full-service New York-based CRO, to extend its global footprint. The Chinese firm now has offices in New York, Washington D.C., San Francisco, Brussels, Shanghai, Beijing and Wuhan.
Qiming Venture Partners has invested in all three of dMed’s funding rounds. It was the lead investor in the startup’s pre-Series A round and later, co-led a Series A round with Lilly Asia Ventures, another return backer.
“We have known the founder Dr. Tan while he was still at Pfizer. He was the founding chair of Pfizer R&D in China and built a team with over 1000 scientists … and he has since built a very strong team at dMed as well,” said Qiming Venture Partners managing partner Nisa Leung.
Founded in 2006, Qiming Venture Partners is a China and US-focused venture capital firm with more than $4 billion in assets under management. About 50 per cent of its investments have been in the healthcare sector.