January 17, 2008

Clinipace Raises $2.6 Million Series B

Research Triangle Park, NC – Clinipace, a clinical research software company based in the Research Triangle Park, announced today that it has closed a $2.6 million Series B financing round led by Hatteras Venture Partners, a life sciences focused venture firm based in Durham, NC, with participation by existing investors Brook Private Equity Advisors of Boston, MA and Emergent Growth Fund of Gainesville, FL.

Clinipace plans to use the capital for company expansion, with an emphasis on bolstering sales and marketing to accelerate growth. Since Clinipace’s inception in 2004, the company has made steady strides in the clinical research market by focusing on underserved markets and by providing a more cost-effective and efficient means to support clinical processes via Tempo, Clinipace’s unique clinical workflow engine. Clinipace’s innovative workflow approach enables its clients to specifically address a wide variety of needs, from clinical trial data collection and management, to monitoring to tracking investigator initiated trials and reporting. The solution also enables Clinipace to run a more efficient operation – creating savings that Clinipace passes on to its customers.

John Crumpler, co-founder and General Partner of Hatteras Venture Partners cites this innovation and market expertise as he explained their decision to invest in Clinipace: “Clinipace has a satisfied customer base and has done a tremendous job of growing the business organically. These customers have validated the need for simple-to-use, flexible, and cost-effective software for clinical research and associated processes. We think that Clinipace has a great opportunity and a solid team with deep industry expertise that has proven it can execute. We are excited about working with Clinipace during this exciting growth phase.”

Jeff Williams, CEO and co-founder of Clinipace, says his team is equally pleased to be working with Hatteras Venture Partners. “Hatteras is an ideal partner for us because they have deep experience and expertise in the life sciences and pharmaceutical industries; they really understand clinical research, our customers, and what it takes to successfully market products in this space.” Williams continues, “The Clinipace team was really impressed by their due diligence as well; Hatteras carefully took the time to understand how each member of our team works, and why we have certain measures and dynamics in place. We felt like Hatteras really understood the values and work ethics that make us successful and our customers happy.”