CRYSTAL PHARMATECH RAISES $10 MILLION TO ACCELERATE GLOBAL GROWTH
(North Brunswick, NJ) September 17, 2015–Crystal Pharmatech, a leader in solid-state chemistry services for drug development. announced that it has raised $10 million in Series A funding led by Renren Lianhe Holdings. Crystal Pharmatech will use the funds to accelerate the growth of the company globally and continue to focus on solid-state chemistry while increasing its investment in technology, talent and operations to become the best solid-state research partner for global pharmaceutical companies.
Founded in July 2010, Crystal Pharmatech is a global，technology-driven research organization with labs in China (Suzhou, which is the company’s headquarters) and US (New Jersey) that helps pharmaceutical companies develop new drugs efficiently and effectively. It focuses on materials science and engineering for drug development and also offers services from solid form screening and evaluation to processing for active pharmaceutical ingredients and formulations. With a leading platform in solid form research, Crystal Pharmatech has built successful business relationships with over 150 pharmaceutical companies around the world and become a preferred partner in its field of services.
“Our strategic investment in Crystal Pharmatech was primarily inspired by the big growth potential in pharmaceutical industry and its unique capability and proven track record in the pharma arena”, said Joe Chen, founder and CEO of Renren. “We are very pleased to welcome Renren into our exciting adventure and believe its experience in international operations and its understanding of quick turnaround and innovation will bring great value to our team”, added Alex Chen, co-founder and CEO of Crystal Pharmatech. “We both believe that the investment and the synergy between our two organizations that value creativity, innovation and out-of-the-box thinking will add new impetus to Crystal Pharmatech and help us achieve a new level of success.”