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MEDICAL TECH INDUSTRY NEWS
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Pharmaron secures $40 million in financing

The company provides chemistry research services for pharmaceuticals.

BY SARA FERRERPublished: February 25, 2011 10:58 AM

Photo by Scanrail – Fotolia
Pharmaron, a high-profile research-and-development service provider for pharmaceutical and biotech companies, has closed a Series C financing round yielding more than $40 million dollars. Investors include DCM, Legend Capital and a new investor, GL Capital Group, among others.

“Pharmaron has a proven track record in the CRO industry," said Jeffery Li, founding partner of GL Capital Group and former CEO of Novartis China. “Our strategic investment in Pharmaron will boost Pharmaron’s service capability and capacity to serve the pharmaceutical and biotech industry better, which in turn will add additional value to all the stakeholders involved.”

Pharmaron, which has Western operations in Irvine and an Eastern base in Kentucky, as well as offices in Beijing, plans on using the capital to bolster its drug discovery services offerings, preclinical GLP toxicology capabilities and GMP chemical synthesis services.

"This additional capital funding will allow Pharmaron to strengthen and expand drug R&D service capacities and   capabilities, to better serve our partners," said Dr. Boliang Lou, Pharmaron chairman and CEO.

Pharmaron, founded in 2003, is known for delivering superior scientific services and maintaining close communications with pharmaceutical industries in North America, Europe and Japan.

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