Excerpt from WRALContract research organization Clinipace Worldwide announced Tuesday that it has secured a $15 million Class C round of funding led by Morgan Stanley Expansion Capital of San Francisco and including Hatteras Venture Partners of Durham, which had already invested in Clinpace.
Brook Private Equity Advisors of Boston joined the round as well.
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."
"We see a tremendous opportunity to serve the unique needs of emerging and mid-market biopharmaceutical and medical device firms – a segment that values innovative solutions to drive efficiencies [and whose members] and are frustrated by traditional approaches to their clinical development programs," said Melissa Daniels, managing principal of Morgan Stanley Expansion Capital.
The $15 million investment is "proof that our innovative technological approach to delivering CRO services are in demand by emerging and mid-market life science companies; a segment traditionally underserved in moving its clinical development programs forward," Jeff Williams, Clinispace chairman and CEO, said.