Shanghai-based CRO Newsummit outlines $80M IPO

Shanghai-based Newsummit Biopharma, a fledging CRO, has filed to go public with plans to raise $80 million in the U.S. for its clinical trial services organization. According to its F-1 statement filed with the SEC, Newsummit has set up operations at a variety of China's booming life science parks, with some two dozen INDs to its credit.

Newsummit styles itself as a one-stop shop for developers trying to get a drug through the clinic and to China's regulatory agencies for a prospective approval. Starting with 50 clients back in 2009, the research group now claims more than 100. And it's touting the growing focus on China R&D as a reason to believe in a big future for itself.

"Our clients are primarily drug discovery companies who have completed initial exploratory discovery and obtained promising laboratory research results or patents, but generally lack the various resources and expertise in managing and navigating through the regulatory submission process for their new drug development projects," noted Newsummit in its filing.

The CRO says that it now plans to establish post-approval services for its biopharma clients.

- here's the F-1
- get the story from Dow Jones

Related Articles:
AZ's China R&D strategy calls for outsourcing
CROs jump into 2012 with big contracting momentum