Pharmaceutical companies may be scaling back staff, but clinical research organizations are growing. One clinical research organization with a niche in oncology, and takes a growth-by-acquisition approach to expansion, has raised $9 million to add staff after its latest acquisition last month.
The Morrisville, North Carolina-based Clinipace Worldwide acquired Paragon Biomedical in September for its therapeutic expertise, site management capabilities and clinical operations, according to a company statement. The deal gives Clinipace offices in Irvine, California, where Paragon is based, as well as High Wycombe in England and Trivandrum, India. The company provides clinical research services to pharmaceutical, biotechnology and medical device industries.
“This most recent $9 million series C2 is part of a growth fund, not acquisition related; it is purely to support ongoing operations and growth strategy,” David Levin, vice president of global marketing, said in an emailed statement. “This latest round includes new and existing investors. As Clinipace Worldwide acquires new clients and projects, the company will continue to recruit and hire qualified personnel.”
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Although he said the company had no specific hiring target, Levin added: “The sales pipeline is so rich, we anticipate robust hiring in 2013.”
Among positions currently open and listed on the company’s website are clinical data managers, data specialists and therapeutic-specific clinical research associates.
The Paragon acquisition boosted Clinipace’s ranks to more than 430 staff, contractors and consultants, according to Levin. Its position among Inc.’s list of the 500 fastest-growing private companies rose to 260 this year compared with 269 the previous year.
The CRO industry has been in expansion mode. According to a survey by the Association of Clinical Research Organizations in October last year, employment in the CRO industry has grown 122 percent from 2001 to 2010.
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