Nov. 28, 2007 – RadPharm, Inc., a leading provider of medical image review services for clinical research, announced the completion of a $10 million Series B financing led by Siemens Venture Capital (“SVC”). Existing investors Ampersand Ventures, Adams Street Partners and Tang Capital Management participated in the financing.
“Siemens brings a wealth of expertise in medical imaging and clinical research, and we are delighted to welcome them as an investor,” explained Ronald A. Berg, President and CEO of RadPharm. Mr. Berg added, “This financing marks another key milestone for RadPharm in a year that has included strong growth in revenues and backlog, the opening of an office in Munich, and further expansion of RadPharm’s customer base. As a global organization that has provided image review services for over 60 sponsors and 250 clinical trials, and with the additional capital provided by this financing, RadPharm is well-positioned to continue expanding its offering of core laboratory services for drug development.”
Dr. Andrew Jay, Managing Partner of SVC added, “We are excited about RadPharm for a host of reasons: The majority of medical imaging is related to cancer, and RadPharm is the leader in imaging analysis for oncology trials. The company’s management team and staff of radiologists have a phenomenal wealth of knowledge. With Siemens Medical Solutions Group being a leader in the fields of imaging, clinical diagnostics and radiation therapy, there are numerous areas of synergy.”
RadPharm integrates expertise in medical imaging and drug development to enable the more rapid development of breakthrough treatments for cancer and other diseases. RadPharm provides the broadest range of image review and medical services for oncology drug development including central radiology review, radiation therapy QA services, oncology clinical reviews, medical photography reviews, and regulatory submission services. For more information, visit .
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