Bridge Announces Closing of Its $35 Million Series B Capital Raise to Accelerate Its China and US 'Hybrid' CRO Model.SAN FRANCISCO -- Bridge Pharmaceuticals, the leading preclinical Contract Research Organization in China, announced today that it has recently closed a $35 million Series B round of financing. Returning investors were joined in this financing by new venture investor Granite Global Ventures (GGV GGV GNOME GhostView ). Helen Wong, Director of Granite Global Ventures, has joined the Bridge board. Helen is a founding member of GGV and is based in its Shanghai office. In addition to her board seats at various other GGV portfolio companies, Helen has been involved in GGV's healthcare investments and has helped several U.S. portfolio companies develop their China strategies. She was selected as the first international Kauffman Fellow, a fellowship sponsored by the Kauffman Center for Entrepreneurial Leadership. The capital raised will be used to accelerate growth of Bridge's preclinical operations in China, as well as to support M&A activities, including its recent acquisition of the Preclinical Division of Gene Logic Inc. of Gaithersburg, Maryland in December, 2006. In addition, Bridge plans to initiate construction of a second vivarium in Beijing shortly. About Granite Global Ventures Granite Global Ventures is a leader in expansion-stage venture capital investments in the United States and Asia. Focused on expanding global innovation, GGV's highly diverse team manages over $800 million from its offices in Silicon Valley, Shanghai, and Singapore. The firm invests across a range of sectors in information technology, services and healthcare, as well as emerging industry segments in Asia. GGV has provided capital and helped accelerate international business development for its worldwide portfolio of high-growth companies, particularly in the U.S. and China. GGV's portfolio includes Alibaba.com (combined with Yahoo!), Xenoport (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :XNPT), AAC (Advanced Audio Coding) An audio compression technology that is part of the MPEG-2 and MPEG-4 standards. AAC, especially MPEG-4 AAC, provides greater compression and better sound quality than MP3, which also came out of the MPEG standard. Acoustics (SEHK SEHK See: Stock Exchange of Hong Kong :2018), Biosensors (SGX SGX Singapore Exchange SGX Supergreenx (trance/electronic musician) :B20), Isilon (NASDAQ:ISLN ISLN Integrated Services Local Network ISLN International Standard Lawyer Number (Martindale-Hubbell Alphabetical Index) ), and Boston-Power. Recent exits include Sirna Therapeutics (acquired by Merck), Qpass (acquired by Amdocs), Xfire (acquired by Viacom), and Oculex (acquired by Allergan). The total market value of GGV's exits since the firm's formation in 2000 now exceeds $7 billion. For more information, please visit www.ggvc.com. About Bridge Pharmaceuticals Bridge is a preclinical CRO with state-of-the-art facilities in Gaithersburg, Maryland and Beijing, China, with over 300 employees, providing US GLP See gateway location protocol. compliant pre-clinical contract pharmaceutical, biologics and vaccine development services. Services include general and specialized toxicology, developmental and reproductive toxicology (DART), safety pharmacology, carcinogenicity testing and vaccine development in support of IND and NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any submissions. Studies are backed by in-house bioanalytical chemistry, immunoassay as well as histopathology his·to·pa·thol·o·gy n. The science concerned with the cytologic and histologic structure of abnormal or diseased tissue. Histopathology The study of diseased tissues at a minute (microscopic) level. and clinical pathology services that are all under the direction of US board certified pathologists and toxicologists. For more information, visit www.bridgecro.com or contact the individuals below. Copyright [c] 2007, Bridge Pharmaceuticals, Inc. All rights reserved. |
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