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06/14/2004
Stonehenge Portfolio Company Medidata Solutions Gains $20 Million in Financing Led by Insight Venture Partners
New York, NY - Medidata Solutions Inc., a Stonehenge Capital portfolio company, today announced a $20 million round of financing led by Insight Venture Partners, with participation from original investors. This investment will accelerate delivery of the Medidata RAVE" Environment, a highly scalable unified technology platform for improving the drug development process, support rapid international expansion and further develop strategic sales partnerships and professional service capabilities.
"We are unmatched in our unique ability to provide a single technology platform that addresses the clinical data management needs of the global biopharmaceutical industry," said Tarek Sherif, CEO of Medidata Solutions. "We provide tremendous time-to-market and cost saving benefits across a broad spectrum of users, from the largest global pharmaceutical companies to early stage bio-tech firms, and in all phases of the drug development process. This financing underscores our vision and success in addressing the clinical data needs of the industry. It allows us to further our goal of providing the best enterprise solutions to our customers and enhances our ability to deliver world-class professional services at a time when customer adoption is at an inflection point."
Medidata's technology offers earlier visibility into clinical data, bringing new efficiencies to the drug development process, including improved resource optimization and the ability to identify and isolate high-risk areas more rapidly. This enables biopharmaceutical companies to make more informed decisions and expedite clinical trials, while efficiently allocating scarce resources.
"Medidata has emerged as the clear technology leader in a market that is growing rapidly," said Peter Sobiloff, Managing Director at Insight Venture Partners. "Medidata's expanding list of enterprise customers validates the need of biopharmaceutical companies to work with a technology innovator that delivers measurable value. Our decision to invest in Medidata is based on the long-term value we see in the Company's business model, people and technology."
This funding is another of Medidata's significant achievements this year which include release of RAVE" version 5.0, the first electronic clinical data management (eCDM) product to include CDMS and Electronic Data Capture (EDC) capabilities within a single technology platform, the opening of European headquarters and long-term contracts with two of the world's largest global pharmaceutical firms.
About Medidata Solutions, Inc.
Medidata is a leading provider of Web-based data management solutions for clinical trials. Medidata's suite of applications streamlines the process of collecting, verifying and consolidating clinical research data. The Company's solution has been successfully deployed by world-class life sciences and research organizations, helping them to accelerate the process of bringing life-enhancing treatments to market. Medidata's solutions are designed for front-line clinical investigators, giving sponsors, investigators, monitors and data managers the earliest possible visibility into data. Better decision-making, improved resource allocation and better science are the Company's goals.
Founded in 1999, Medidata is privately held and based in New York City. More information is available at www.mdsol.com
About Insight Venture Partners
Insight Venture Partners, managing approximately $1 billion in funds, specializes in investing in high-growth software companies. Insight invests in entrepreneurial companies developing technology-based solutions for that solve real industry problems. Headquartered in New York, Insight is dedicated to assisting companies achieve their goals where speed, expertise, and the ability to execute are the foundations of success. The firm has an outstanding track record, a strong professional team, and a proven investment strategy. More information on Insight is available at www.insightpartners.com.
"We are unmatched in our unique ability to provide a single technology platform that addresses the clinical data management needs of the global biopharmaceutical industry," said Tarek Sherif, CEO of Medidata Solutions. "We provide tremendous time-to-market and cost saving benefits across a broad spectrum of users, from the largest global pharmaceutical companies to early stage bio-tech firms, and in all phases of the drug development process. This financing underscores our vision and success in addressing the clinical data needs of the industry. It allows us to further our goal of providing the best enterprise solutions to our customers and enhances our ability to deliver world-class professional services at a time when customer adoption is at an inflection point."
Medidata's technology offers earlier visibility into clinical data, bringing new efficiencies to the drug development process, including improved resource optimization and the ability to identify and isolate high-risk areas more rapidly. This enables biopharmaceutical companies to make more informed decisions and expedite clinical trials, while efficiently allocating scarce resources.
"Medidata has emerged as the clear technology leader in a market that is growing rapidly," said Peter Sobiloff, Managing Director at Insight Venture Partners. "Medidata's expanding list of enterprise customers validates the need of biopharmaceutical companies to work with a technology innovator that delivers measurable value. Our decision to invest in Medidata is based on the long-term value we see in the Company's business model, people and technology."
This funding is another of Medidata's significant achievements this year which include release of RAVE" version 5.0, the first electronic clinical data management (eCDM) product to include CDMS and Electronic Data Capture (EDC) capabilities within a single technology platform, the opening of European headquarters and long-term contracts with two of the world's largest global pharmaceutical firms.
About Medidata Solutions, Inc.
Medidata is a leading provider of Web-based data management solutions for clinical trials. Medidata's suite of applications streamlines the process of collecting, verifying and consolidating clinical research data. The Company's solution has been successfully deployed by world-class life sciences and research organizations, helping them to accelerate the process of bringing life-enhancing treatments to market. Medidata's solutions are designed for front-line clinical investigators, giving sponsors, investigators, monitors and data managers the earliest possible visibility into data. Better decision-making, improved resource allocation and better science are the Company's goals.
Founded in 1999, Medidata is privately held and based in New York City. More information is available at www.mdsol.com
About Insight Venture Partners
Insight Venture Partners, managing approximately $1 billion in funds, specializes in investing in high-growth software companies. Insight invests in entrepreneurial companies developing technology-based solutions for that solve real industry problems. Headquartered in New York, Insight is dedicated to assisting companies achieve their goals where speed, expertise, and the ability to execute are the foundations of success. The firm has an outstanding track record, a strong professional team, and a proven investment strategy. More information on Insight is available at www.insightpartners.com.
| Associated Company |
| Medidata Solutions, Inc |
| Associated Office |
| New York |
