CRO dMed raises $50m to advance global operations

21-Oct-2019 - Last updated on 21-Oct-2019 at 16:10 GMT

(Image: Getty/Martin Barraud)

dMed Biopharmaceutical recently raised approximately $50m in a Series B financing to further expand the CRO’s operations after launching three years ago.

The round was led by Vivo Capital, a health care-focused investment firm with offices in Palo Alto, Beijing, Shanghai, Hongkong, and Taipei.

Legend Capital, Qiming Venture Partners, and Lilly Asia Ventures also joined the round, funds from which will help expand dMed’s clinical operations and information technology infrastructure.

A full-service contract research organization (CRO), dMed has offices in Shanghai, Beijing, Wuhan, New York, Washington, San Francisco, and Brussels, and, since launching three years ago, today employs more than 600 professionals.

Dr. Lingshi Tan, founder and CEO of dMed, said in a statement: "We have delivered high-quality clinical trial services for over 200 projects, working with 80 innovative Chinese and global pharma companies since the company was set up, demonstrating the next-generation CRO at global capacity and standards.”

“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."

dMed also earlier this year completed the acquisition of Target Health, a full service NY-based CRO and opened a regulatory affairs office in the US.