Redbud Medicine(Chinese: 锐得麦), an international clinical CRO company, harvested tens of millions of USD in Series A round. This round of financing was jointly led by Ming Bioventures (Chinese: 聚明创投) and Delian Capital (Chinese: 德联资本), with Haoyue Capital (Chinese: 浩悦资本) serving as the exclusive financial advisor.
This financing round is mainly used to accelerate the development of the Chinese market, build overseas teams and introducing talents.
Founded in 2019, Redbud Medicine mainly assists Chinese start-up pharmaceutical companies in overseas clinical trials. In recent years, with the growth of domestic innovative pharmaceutical companies and centralized purchasing, the pressure of domestic innovative drug price reductions continues.
Chinese pharmaceutical companies are eager to explore overseas markets, which is no small feat. They lack the abilities to formulate overseas clinical development strategy, select overseas PI and site， understand overseas registration regulations and cooperate with the clinical operation team. Therefore, a clinical CRO company with a self-established functional and well-run clinical operation team and rich experience can solve these problems.
Redbud Medicine is such a company, as stated by the founder of the company Doctor Walt Cao. Redbud Medicine is committed to becoming a global company that provides service to biotechs by continuous investment in clinical medicine, statistical analysis and regulatory science. It is a great honor to develop overseas market together with our shareholders.
Representatives of Chinese CRO going global include WuXi AppTec (Chinese: 药明康德) and Shang Pharma (Chinese: 尚华医药).