HD Biosciences Raises First Round

Filed in archive Venture Capital on August 16, 2008

PE HUB is reporting that HD Biosciences Inc. of Shanghai has raised an undisclosed amount of Series A funding.

HD Bio is a biology contract research group. Morningside Venture and Lilly Asian Ventures led the round together. Pfizer Venture Investments was also involved in the funding.

"We are pleased to have such an outstanding group of investors supporting the ongoing effort to build a world-class biology CRO serving the pharmaceutical and biotechnology industries," said Xuehai Tan, Ph.D., president and chief executive officer of HD Biosciences. "As chemistry outsourcing increasingly shifts to China, we see a growing demand for in vitro screening and in vivo study services in China. The investment by Morningside, Lilly Asian Ventures and Pfizer Venture Investments enables the company to capitalize on this trend with a service offering that is unrivaled both in breadth and quality."

The company intends to use the proceeds of this financing to fund the expansion of its high throughput screening program and build new capabilities in in vivo biology and DMPK bio-analytical services.


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