SHANGHAI, Dec. 17, 2020 /PRNewswire/ -- dMed, the clinical CRO with strong presence in China and the US, the world's two largest pharmaceutical markets and drug development sites, announced today its successful completion of a US$100 million Series C financing. Led by Fidelity Management & Research Company, LLC, new investors in dMed include Sequoia Capital China, Kaiser Foundation Hospitals and E Fund. They now join the leaders in dMed's angel, A and B rounds, Qiming Venture Partners, Lilly Asia Ventures, and Vivo Capital, which have taken most of the opportunities to increase their contributions to dMed's capital since the company's inception in 2016.
dMed Founder, Chairman and CEO, Dr. Lingshi Tan, said "We are extremely gratified by continued strong support from an impressive group of international institutions". He added: "A key goal in the current round is to expand our investor base to include long-term public market-focused institutions and strategic partners in order to prepare for a future IPO. Fidelity, which led the Series C, is an excellent example of the expansion to the strong foundation we are building to continue the company's rapid organic growth and support our acquisition strategy."
dMed's investors have been strongly attracted to dMed's pre-eminent position in serving innovative Chinese biotechs at home as well as bringing those firms to the US market. Western firms also need a partner like dMed to help them navigate an unfamiliar clinical and regulatory environment in China. In addition to international institutions, investors in China's public equity markets have been excited by the unique opportunities to participate in dMed's growth.
Dr. Tan concludes, "dMed is perfectly positioned to work with biopharma clients in accelerating clinical timelines while reducing development costs, helping them to gain entry to the world's fastest growing market for innovative drugs. Our ability to work in true partnership with Western and Chinese innovators globally, using a holistic and collaborative model, has been widely endorsed as the right formula for future success."
dMed is a full-service Clinical Contract Research Organization (CRO), which provides industry solutions to pharmaceutical and medical device companies in China and across the globe. dMed is led by experts in China and the US who originated from leading multinational pharma companies and regulatory agencies. We are uniquely positioned to leverage and integrate China's new regulatory framework, offer innovative drug development strategies, and help our clients expand globally by tapping into the world's second largest pharmaceutical market. Our creative and flexible collaboration models will help Chinese and global innovative pharma companies effectively raise efficiency in clinical R&D, scientifically shorten research cycle, and boost success rate.
Our business covers consulting, regulatory affairs & strategy, early clinical development, clinical science & medical affairs, clinical operations, biostatistics & programming, data management, drug safety & pharmacovigilance, quality assurance and information solutions.
dMed has set up offices in major cities, including Shanghai, Beijing, Wuhan, New York, Washington, San Francisco, and Brussels, and it employs around 600 professionals globally, among them 60% holds master above degree and 25% with more than 10 years working experiences.
SOURCE dMed Biopharmaceutical Co., Ltd.