RadPharm Announces $10 million Series B Financing, led by Siemens Venture Capital
RadPharm Announces $10 million Series B Financing, led by Siemens VentureCapital
PRINCETON, N.J., Nov. 28 /PRNewswire/ -- RadPharm, Inc., a leadingprovider of medical image review services for clinical research, announced thecompletion of a $10 million Series B financing led by Siemens Venture Capital
("SVC"). Existing investors Ampersand Ventures, Adams Street Partners and TangCapital Management participated in the financing.
"Siemens brings a wealth of expertise in medical imaging and clinicalresearch, and we are delighted to welcome them as an investor," explainedRonald A. Berg, President and CEO of RadPharm. Mr. Berg added, "This financingmarks another key milestone for RadPharm in a year that has included stronggrowth in revenues and backlog, the opening of an office in Munich, andfurther expansion of RadPharm's customer base. As a global organization thathas provided image review services for over 60 sponsors and 250 clinicaltrials, and with the additional capital provided by this financing, RadPharmis well-positioned to continue expanding its offering of core laboratoryservices for drug development."Dr. Andrew Jay, Managing Partner of SVC added, "We are excited aboutRadPharm for a host of reasons: The majority of medical imaging is related tocancer, and RadPharm is the leader in imaging analysis for oncology trials.The company's management team and staff of radiologists have a phenomenalwealth of knowledge. With Siemens Medical Solutions Group being a leader inthe fields of imaging, clinical diagnostics and radiation therapy, there arenumerous areas of synergy."
About RadPharm
RadPharm integrates expertise in medical imaging and drug development toenable the more rapid development of breakthrough treatments for cancer andother diseases. RadPharm provides the broadest range of image review andmedical services for oncology drug development including central radiologyreview, radiation therapy QA services, oncology clinical reviews, medicalphotography reviews, and regulatory submission services. For more information,visit www.radpharm.com.
About Siemens Venture Capital:
Siemens Venture Capital (SVC) is the corporate venture organization forSiemens AG, one of the largest global electronics and engineering companies,with reported worldwide sales of 87.3 billion euros in fiscal 2006. SVC's goalis to identify and fund investments in emerging and innovative technologiesthat will enhance the core business scope of Siemens, particularly in thefocus areas of long-term growth markets such as Energy & Environmental Care,Automation & Control, Industrial & Public Infrastructure, and Healthcare. Todate, SVC has invested over 700 million euros in more than 100 startupcompanies and 35 venture capital funds, making venture capital at Siemens anintegral component of the Siemens innovation and growth strategy andsupplementing its in-house research and development activities (5.7 billioneuros and 50,000 R&D experts in 2006). SVC is located in Germany (Munich), inthe U.S. (San Jose, CA and Boston, MA), in China (Beijing), in India (Mumbai),and is active through Siemens' regional unit in Israel.
SVC is part of Siemens Financial Services and of a greater network atSiemens whose mission is to drive technological innovation by supportingstartup companies. In addition to Siemens Venture Capital, Siemens TechnologyAccelerator and Siemens Technology-To-Business Center also contribute toSiemens' innovation strategy. Their individual mandates are defined accordingto financing stages and industry focus. More information can be found at:www.siemensventurecapital.com.
About Siemens Financial Services
With its roughly 1,800 employees and an international network of financialcompanies coordinated by Siemens Financial Services, Munich, the SiemensFinancial Services (SFS) Group offers a broad range of financial services.This covers everything from sales and investment financing to treasuryservices, venture capital, fund management and insurance brokerage. SFS's keycustomers are above all internationally active industrial and servicescompanies, as well as public-sector operators. For more information see:www.siemens.com/finance.SOURCE RadPharm, Inc.Caroline A. Grossman of RadPharm, Inc., +1-781-771-5579,caroline.grossman@gmail.com
