Fountain Medical Development Limited Announces $62 mm Series D Round Financing, Further Strengthening its Global Services Capabilities

According to PRNewswire, Recently, Fountain Medical Development Limited ("Fountain Medical") announced its $62 mm Series D round financing. The investment was led by Goldman Sachs, with Lilly Asia Ventures as the co-investor. Proceeds of the Series D financing will be used to fund the Company's near term growth objectives. Since its inception in 2007, Fountain Medical has completed Series A, B and C rounds of financing, with investments from renowned venture capital firms including DFJ Dragon Fund and Lilly Asia Ventures, amongst others.

Biopharmaceutical companies, as well as medical device and consumer healthcare companies around the world, have entered a new period of R&D growth. Meanwhile, many still face challenges such as low success rate, long R&D cycle, increasing expenses and decreasing ROI. More and more of these companies improve efficiency and streamline costs via R&D outsourcing to contract research organizations ("CRO"). With China becoming the world's second-largest prescription drug market, the China CRO industry has been growing faster than the rest of the world, and global integration has become an inevitable trend.

Fountain Medical has always focused on providing high-quality services consistent with ICH standards and dedicating itself to the development of innovative drugs. The company has over 1,700 employees worldwide covering 55 cities in China, as well as major delivery centers across the US, Europe, Japan, India, and the Philippines. The company's global team, local network and strong capabilities in clinical development, biostatistics, regulatory affairs, and pharmacovigilance differentiate it from the competition.  

According to the Co-Founder and Executive Chairman of Fountain Medical, Dr. Dan Zhang, "The Series D round financing, led by Goldman Sachs, enables Fountain Medical to expand and improve our service offerings to existing global clients, and better cater to the needs of Chinese pharmaceutical companies with global aspirations as well as multinational companies with China aspirations."

The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Lilly Asian Ventures makes venture capital investments in Asia for Eli Lilly and Company, a global innovation-driven pharmaceutical company. The company mainly invests in promising life science companies with strong management teams and innovative technology and/or business models. Its initial focus is primarily on opportunities in China, although it will take the investments in the east and south Asia into account.