SHANGHAI, China, Jan. 17 /Xinhua-PRNewswire/ -- Sundia MediTech Company today announced that the company has completed its second round of VC fund raise.
The Shanghai based company was founded in May 2004 by a group of pharmaceutical veterans from North America. It has been focused on providing high quality CRO services to pharmaceutical and biotech clients worldwide, and has gained an excellent reputation in the industry in the past 4 years. Just 10 months after Sundia's birth, the famous venture capital investment company IDG VC decided to invest into this infant company as its series A investor. That deal was closed in July 2005.
"We decided to do the series B fund raise last July; a perfect timing for doing it", described by Dr. Xiaochuan Wang, Chairman and CEO of Sundia. In that same month, the company was named one of the 50 best companies for investment in China by the top venture capital investors. Sundia ranked #16 of Venture 50, an event organized by Zero2IPO, an advisory firm for China investment. That award put Sundia under spotlight within investor communities.
One month later, Wuxi Pharmatech from the same city had a very successful IPO at New York Stock Exchange as the first Chinese CRO company to go public. Suddenly, CRO became a hot area for all investors to look for opportunities. "Wuxi's IPO definitely brought more investors to us", the company's CFO Dr. Beijia Yu recalled, "We did have a difficult time to handle all requests from VCs, PEs and investment bankers for meetings to discuss investment possibility. The response to our fund raise from the investors was overwhelming."
According to Dr. Ming Tang, COO of Sundia, in addition to the new VC investors in this round of series B share purchase， IDG VC added series B shares to its series A holdings. "We are quite picky on selecting VC partners", said Dr. Tang, "the partners we selected bring in not just capital, but also new CRO clients to Sundia."
Announced earlier this month, Sundia's revenue jumped by a factor of 2.5x last year. "Better than we planned", said CEO Xiaochuan Wang, "We spent 3 years to establish a solid foundation for the long term growth of Sundia, and now we are ready to take off. The new fund and new client pool brought in by VCs will give a boost to our growth in 2008 and beyond".
About the company:
Sundia MediTech was founded in Shanghai in 2004 by a group of veterans from US pharmaceutical industry to provide drug discovery and development CRO services. Over the past 3 years, Sundia has thrived and built a strong reputation in its field. Following a 2007 merger with neighbor United PharmaTech, Sundia looks forward to continuing its phenomenal growth.
