N.C. CRO Clinipace raises $15M, aims to build its global reach

North Carolina clinical research organization Clinipace Worldwide has closed a $15 million round of funding that the company will use to build its global capacity.

Morgan Stanley Expansion Capital led the series C round, joined by existing investors Hatteras Venture Partners and Brook Private Equity Advisors.

Morrisville, North Carolina-based Clinipace owes much of its global expansion so far to CRO acquisitions. The company earlier this year acquired Swiss firm PFC Pharma Focus, which brought the Clinipace PFC’s presence in Germany, Israel and India. The March acquisition of Regulus Pharmaceutical Consulting brought consulting expertise. In late 2009, Clinipace acquired Worldwide Clinical Research, which brought to Clinipace the Kansas-based company’s Latin American footprint as well as oncology expertise.

Financial terms of those CRO deals were not disclosed. But the new investment gives Clinipace the financial support to pursue more deals that could either add to its therapeutic capabilities, geographic footprint, or both. CRO M&A activity this year has been strong as many CROs strive for a global strategy that matches the goals of the pharma companies whose businesses they seek.

Clinipace CEO Jeff Williams founded the company in 2003 as a “digital CRO,” providing clinical trial services through its proprietary software. Acquisitions brought Clinipace additional clinical research capabilities beyond its software. The company has focused on mid-sized biopharma and medical device companies that might be underserved by larger CROs.

Clinipace’s revenue growth has placed it on Inc magazine’s list of the 500 fastest-growing private companies. The CRO placed 279 on this year’s list; 2010 revenue was $12.4 million, a 1,170 percent increase over the last three years.