Venn Life Sciences Completes New Funding Round of Over $3 Million and Acquires Dutch Company UpToYou
Published: Mar 25, 2010
DUBLIN--(BUSINESS WIRE)--Venn Life Sciences has just completed a significant funding round of over $3 million, to enable it to further accelerate the growth of its business. Venn Life Sciences provides clinical trial services to companies in the pharmaceutical, biotechnology and medical device sectors. Reflecting solid growth achieved by the company over the last two years this financing round was sourced from a select group of private investors with significant expertise and experience in facilitating rapidly growing companies in the Life Sciences arena. Tony Richardson, CEO of Venn Life Sciences stated: ‘We are delighted to secure this financing which strengthens the shareholder base of the company and are very pleased by the participation of such high-quality investors. This financing marks the next phase in the company’s growth strategy and enables us to advance our service offering and continue with our geographic expansion. Given the prevailing economic climate and the ongoing turbulence in financial markets, the completion of this $3 million financing round at the current time clearly demonstrates the strength of the company and the commitment of our new shareholders.’ Venn Life Sciences expansion strategy centres on growth through acquisitions, organic growth and preferred partner selection. This strategy to extend operations has seen the opening of new offices in Mexico and Australia at the end of 2009 and the recent acquisition of Dutch CRO UpToYou, which covers Belgium Luxemburg and The Netherlands. This expansion provides the company with access to further geographic markets as well as additional therapeutic indications and senior level management experience of running clinical trials. About Venn Life Sciences Venn Life Sciences is a rapidly growing Clinical Research Organisation (CRO) with offices in Dublin, Montreal, Switzerland, Mexico, Australia and most recently the Netherlands. The company’s clinical trial expertise spans a wide range of therapeutic indications with highly experienced individuals, heading up each of our regional offices. Venn has an aggressive expansion strategy over the coming years with further acquisitions planned for 2010. Venn has successfully completed clinical trials in a number of countries with coverage spanning five continents.