Morgan Stanley backs $15M round for fast-growing Clinipace

The fast-growing clinical research organization Clinipace Worldwide has fattened its reserves with a $15 million C round led by Morgan Stanley Expansion Capital. The Morrisville, NC-based research group, which was listed 279th on the INC 500, says it plans to continue to expand its services with the added cash, focusing on emerging and mid-market biotech and med tech companies. Hatteras Venture Partners and Brook Private Equity Advisors contributed to the round.

The Triangle Business Journal notes in its coverage that Clinipace has been on a buying spree, acquiring Worldwide Clinical Research back in 2009, when it changed its name to Clinipace Worldwide. Since then it's purchased Switzerland's PFC Pharma Focus and Regulus Pharmaceutical Consulting of Boulder, CO.

"Clinipace is an innovative company with a strong management team and a clear vision," said Melissa Daniels, the managing principal of Morgan Stanley Expansion Capital. "When we looked at the successful adoption of its service model, combined with the robust and active segment which it serves, as well as overall macro-trends in life science R&D strategies, we realized now is the perfect time for Morgan Stanley Expansion Capital to support Clinipace's efforts to strengthen its technology leadership, therapeutic expertise and global reach."

- here's the Clinipace release
- see the story from the Triangle Business Journal