CRO Tigermed Raises $5 Million in VC from Qiming
Tigermed Consulting, a CRO based in Shanghai, received $5 million in venture
capital from Qiming Venture Partners of Shanghai and Seattle. Tigermed offers
out-sourced R&D, including clinical trials (with an emphasis on new chemical
entities), biological statistics, medical translation services, and registration
services. Established in 2004, Tigermed’s main offices are in Beijing, Shanghai
and Hangzhou, and it counts a total of 11 offices in China.
In April
2008, Tigermed joined the CRO Service Alliance that ties fellow CROs Sundia
Meditech, HD BioSciences, and NovaSecta together.
Qimeng Ventures, with
$500 million under management, focuses on high-growth companies in China that
are drawn from the sectors of media and internet, consumer and retail,
healthcare and IT.
In healthcare, Qimeng has invested in one other CRO –
Crown Bioscience, a company offering preclinical R&D services, which
established a strategic relationship with Tigermed in October 2007. In addition,
Qimeng has made investments in Alltech (MRI equipment), PharmaSky (community
healthcare services), GammaStar (the Gyroscope Knife for cancer surgery) and
Guokang ( healthcare services).
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