June 20, 2008 | Press ReleaseSciformix Secures $3.3 Million in Series A Funding from Flybridge Capital Partners
Provider of Knowledge Process Outsourcing for Drug Safety Management Looks to Expand Global Service Offerings
WESTBOROUGH, MA – June 20, 2008 – Sciformix Corporation, a leading provider of knowledge process outsourcing (KPO) services for the life sciences industry, today announced it has completed a 3.3 million Series A round of financing led by Flybridge Capital Partners. With operations in the United States and India, the company will utilize the funds to expand its sales and marketing and further build global operations as it provides high-quality services to life sciences focused companies.
As part of the funding, Chip Hazard, a general partner with Flybridge Capital Partners, has joined the company’s Board of Directors.
Sciformix utilizes a global, cost-optimized business model to provide high-quality KPO services in the areas of drug safety management including, pharmacovigilance, biostatistics, clinical data management, and medical writing and regulatory document management. The company is led by a seasoned and successful executive team, which includes CEO, Dinesh Thakur and Chairman of the Board, Ajit Nagral who was the former founder of NuGenesis Technologies.
“Faced with cost pressures and tighter regulations, pharmaceutical companies are increasingly looking to outsource their drug safety and clinical data management functions,” said Chip Hazard. “With a global, cost-optimized business model and a top-notch management team with deep domain expertise, we believe Sciformix is well positioned to capture a large portion of the life sciences KPO services market.”
“Currently estimated at $820 million and projected to grow to $1.2 billion in the years to come, the drug safety and clinical data management markets are key focus areas for the life sciences industry,” said Dinesh Thakur. “We have seen very strong early customer demand for our differentiated global service model which focuses solely on the life sciences market. The funding will enable us to accelerate our ability to meet the rapidly growing needs of life sciences companies for high-quality drug safety services.”
“I have worked with Chip in the past and am thrilled to have him and the Flybridge team on board as our flagship investor,” said Ajit Nagral, Chairman of Sciformix. “We look forward to their insight and support as we expand the company’s global presence and become the leading provider of drug safety and clinical data management services to life sciences companies around the world.”
About Flybridge Capital Partners
Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on investing in consumer, healthcare and information technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital. For more information, visit www.flybridge.com.
About Sciformix Corporation
Sciformix is a knowledge process outsourcing (KPO) company providing drug safety data management, clinical data management, biostatistics, programming and medical writing services to pharmaceutical, biotechnology and life sciences companies, globally. Sciformix has an experienced Leadership Team driving its rapid growth and expansion. For more information on Sciformix, please visit www.sciformix.com.
Flybridge Capital Partners