Wednesday, September 19, 2012
Clinipace closes $13 million
Clinical research organization Clinipace Worldwide needed just two weeks to close on a fundraise of more than $13 million, according to securities filings.
The Morrisville-based CRO opened the offering, a mix of debt and options, on Sept. 4. The company raised a total of $13.2 million from six investors, the Sept. 17 filing shows.
Clinipace this year placed among the nations’s 500 fastest growing privately-held companies as reported by Inc. magazine. The CRO ranked number 260 overall and number 21 among health care companies.
Clinipace, which reported $18.5 million in 2011 revenue, made the Inc. magazine list for the third consecutive year.
Clinipace does have money to spend. The company last year closed a $15 million series C financing round led by Morgan Stanley Expansion Capital, money intended for the CRO’s global expansion.
Much of Clinipace’s growth in recent years has come from acquisitions that have broadened the CRO’s global reach. The company in 2009 acquired Worldwide Clinical Trials, a Kansas-based CRO that had a presence in Latin America .
Last year, Clinipace acquired Swiss company PFC Pharma Focus, a CRO with operations in Germany, Israel and India.
Clinipace was founded in 2003 as a “digital CRO,” providing clinical trial services through software developed by the company. Acquisitions in recent years have broadened the company’s portfolio and the CRO has been positioning itself as a full-service provider to clinical trial sponsors.
This post originally appeared on WRAL Tech Wire, a publishing partner of CED.