INC Research closes on $11M private placement

BT Catalyst,  July-August, 2002  

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INC Research of Raleigh recently closed on $11 million in private equity financing that will allow the company to pursue various growth opportunities.

Crosspoint Venture Partners of Woodside, Calif., led the funding round, with participation by INC Research's existing investors. INC Research specializes in clinical research for central nervous system disorders and oncology.

"The fact that Crosspoint Venture Partners -- named Forbes Magazine's No. 1 venture firm in 2001 -- has led this round gives INC Research and its subsidiary DataSpectrum, a resounding vote of confidence at a time when new venture backing of the typical contract research organization is virtually non-existent," said Glenn Bilawsky, the company's president and CEO.

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The new capital will allow INC Research to pursue growth opportunities such as accelerated global business expansion and further enhancement of the organization's extensive data-management capabilities, provided through its wholly-owned division, DataSpectrum Inc.

"We are impressed with the INC Research team and believe the company is in a solid position to transform the contract research services sector, as pharmaceutical and biotech companies look for more specialized, technologically advanced and customer-focused solutions," said Robert Hoff, general partner of Crosspoint.

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