Morgan Stanley Expansion Capital Leads Series C Funding in Clinipace Worldwide
Sept. 27, 2011, 9:00 a.m. EDT
Funding Fuels Expansion in Technology Leadership, Therapeutic Expertise, and Global Reach in Response to Triple Digit Growth
MORRISVILLE, N.C., Sep 27, 2011 (BUSINESS WIRE) -- Clinipace Worldwide, a global digital clinical research organization (dCRO) that has pioneered technology-amplified contract research services, announced today it has closed a $15M Series C round of funding led by Morgan Stanley Expansion Capital of San Francisco, CA. Existing investors, including Hatteras Venture Partners of Durham, NC, and Brook Private Equity Advisors of Boston, MA, also participated in this most recent round of funding.
Clinipace Worldwide plans to use the capital to continue building its therapeutic expertise and global capacity to deliver innovative technology-amplified contract research services. Clinipace has experienced substantial growth over the past three years, a clear validation that its unique business model, which combines innovative proprietary technology and world-class CRO services, has been successfully adopted by emerging and mid-market biopharmaceutical and medical device companies. In addition to its organic sales growth, three acquisitions within the past 18 months have created a strong global footprint with a powerful mix of therapeutic expertise, clinical operations, and regulatory and strategic development services. With specific expertise in managing complex clinical trials, Clinipace has managed over 500 global contract research and regulatory projects.
"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 are frustrated by traditional approaches to their clinical development programs," said Melissa Daniels, Managing Principal, Morgan Stanley Expansion Capital. "Clinipace is an innovative company with a strong management team and a clear vision. 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."
"As the lead investor in Clinipace's Series B funding round in 2007, we are as confident today as we were then in the company's commitment to deliver a unique technology-driven service model to change the way clinical research is performed," said John Crumpler, General Partner, Hatteras Venture Partners. "We strongly believe in this company and are excited to continue our support in helping it achieve its mission."
"This latest funding round is really a testament to our great team, our proven ability to serve the global needs of our clients, and 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," says Jeff Williams, Chairman and Chief Executive Officer at Clinipace Worldwide. "Having the right investor backing, as we've had with Hatteras Venture Partners, and will certainly have with Morgan Stanley Expansion Capital will be critical in helping us serve our clients and achieving our vision."
Further validating its recent successes, Clinipace was named to Inc. Magazine's 30th annual Inc. 500/5000 for the second year in a row. The company ranked number 279 overall and 20th among Inc's list of Top Health Companies.
About Clinipace Worldwide
Clinipace Worldwide, a global digital clinical research organization (dCRO), specializes in fully-integrated clinical research services for biopharmaceutical and medical device firms. Optimized by TEMPO(TM), its proprietary eClinical platform, the Clinipace team of experts brings extensive knowledge and insight into site selection, patient recruitment, clinical operations, data management, medical monitoring, biostatistics, and regulatory affairs to ensure a successful clinical development program through proactive clinical trial management. With specific expertise in oncology, among other therapeutic areas, Clinipace Worldwide has managed over 500 global contract research and regulatory projects. Clinipace Worldwide is headquartered in Research Triangle Park, North Carolina with offices in Overland Park, Kansas, Boulder, Colorado, Zurich, Switzerland, Munich, Germany, Tel-Aviv, Israel, New Delhi, India, Sao Paulo, Brazil, Buenos Aires, Argentina, and Lima, Peru. For more information visit our website at www.clinipace.com .
About Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital ("MS Expansion Capital") invests in later-stage private companies in the technology and healthcare sectors, as well as other high growth markets, such as consumer and media. Since 1986, MS Expansion Capital and its predecessor funds have invested over $1.1 billion in over 150 companies.
About Morgan Stanley
Morgan Stanley MS +4.59% is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries. For further information about Morgan Stanley, please visit http://www.morganstanley.com/ .
SOURCE: Clinipace Worldwide