CED Member and clinical research organization Clinipace announced yesterday that it has raised an additional $9 million. Harbert Venture Partners, also a CED Member, led the Series C-2 financing rount. This funding event prepares Clinipace to seek out and acquire additional companies.
Clinipace acquired California-based CRO Paragon Biomedical last month. In an article on WRAL Tech Wire, a CED content publishing partner, editor Rick Smith speculates that this funding will allow Clinipace to quickly target and acquire promising companies which will help expand new therapeutic areas and global territories to test promising drug candidates.
Morrisville-based Clinipace closed a $13 million funding round on Sept. 17, prior to the acquisition of Paragon Biomedical. If the pattern holds, we could hear an acquisition announcement from Clinipace in the coming weeks.