NovaMed Pharmaceuticals Inc., a CRO and out-sourced distribution company based in Shanghai, announced that it has closed a Series B funding round worth $13.8 million. In May 2007, the company raised $5 million in an A round. NovaMed was founded in 2005. NovaMed said that it would use the money to in-license new molecules to develop in China, expand its sales/distribution organization and build up its R&D capacity. More details...

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