Story excerpt provided by Cincinnati Business Courier.
Written by Andy Brownfield.
A Cincinnati medical startup founded by one of the co-founders of Medpace and a pharmaceutical executive raised $10 million to develop new drugs.
CinRx announced Tuesday it raised a $10 million Series B round from new and existing investors. The company declined to name the investors. That follows a $26 million Series A round raised in 2015.
CinRx works in a unique space in the pharmaceutical industry. Most drugs – about 58 percent to 75 percent – are not developed by the large pharmaceutical companies that end up marketing and selling them. Companies like CinRx fill that pipeline.
CinRx looks out for promising compounds, acquires them from sources like academia or big pharma, and develops them in conjunction with Medpace, the Cincinnati clinical research organization that was acquired by a private equity firm for $900 million in 2014. After CinRx develops those drugs, it looks for an exit plan – spinning them off into their own companies, selling them or taking them public.
Click here to read the complete article. Originally published November 28, 2017.