Clinipace raises $9M to staff up after acquisition

A month after doubling in size with its buyout of Paragon Biomedical, Clinipace has raised $9 million to flesh out its workforce.

After the acquisition, Clinipace's staff swelled to 430 employees around the world, but the resulting contract backlog was four times that of the previous year, and the CRO needs to grow to meet demand, Vice President David Levin told MedCity News.

Clinipace hasn't set in stone the number of workers it intends to add, but "the sales pipeline is so rich, we anticipate robust hiring in 2013," Levin told the website. Among the current job listings on Clinipace's website are those for clinical data managers, clinical research associates and test specialists.

The $9 million is the result of a Series C2, Levin said, drawing from previous investors and adding some new faces. 

The Paragon deal was Clinipace's fourth acquisition in under three years; the company previously bought CRO PFC Pharma Focus, regulatory affairs consultancy Regulus Pharmaceutical and CRO Worldwide Clinical Research.

- here's Clinipace's SEC filing
- read the MedCity News report

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The money will be used to expand its footprint in both China and the U.S., including a new R&D operation in Boston.