dMed-Clinipace Announces Completion of US$50 Million Series C+ Financing from New Investors

SHANGHAI and MORRISVILLE,N.C.,July 7,2021 -- dMed-Clinipace,the global full-service Clinical Contract Research Organization (CRO),announced today the recent successful completion of a US$50 million Series C+ financing with participation from a group of new,leading international healthcare investors. Led by Springhill Fund,the round also saw contribution from funds managed by Rock Springs Capital and Superstring Capital.

dMed-Clinipace's Global Chairman and CEO,Dr. Lingshi Tan,said,"We are delighted to welcome this new group of leading specialist investors,who will bring tremendous resources and strategic insight to accelerate our global growth while also further expanding our investor base. We are also grateful to existing investors who have kindly supported in every way to make this Series C+ possible and helped set up a strong foundation for our global progress."

The Series C+ financing proceeds have helped finance the recent merger between dMed Global and Clinipace Incorporated.Announced in April 2021,the combination of dMed and Clinipace has established a global full service CRO. The combined entity has more than 1,700 staff in 22 offices across the Americas,Europe and Asia-Pacific,including more than 700 staff in China.

dMed-Clinipace is now a leading oncology and rare disease mid-size CRO,with expertise in clinical development,regulatory,pharmacovigilance and clinical analytics,and additional therapeutic focus in gastroenterology,nephrology,and women's health.

dMed-Clinipace's new investors join an existing group of international institutions with significant experience in both private and public markets. These include dMed's Series C lead investor Fidelity Management and Research Company LLC as well as other new series C participants Sequoia Capital China,Kaiser Foundation Hospitals and E Fund. dMed's angel,A and B rounds were led by Qiming Venture Partners,Lilly Asia Ventures,and Vivo Capital,who have taken opportunities to increase their contributions to dMed's capital since the company's inception in 2016.

About dMed-Clinipace:

dMed-Clinipace is a global,full-service CRO with more than 1,including more than 700 staff in China. In an era of unparalleled pharmaceutical innovation and rapid structural changes to global drug development,dMed-Clinipace provides a one-stop,next-generation CRO service offering with an emphasis on personalized services and solutions. dMed-Clinipace is a leading oncology and rare disease mid-size CRO,and women's health. dMed-Clinipace was formed through the merger between dMed Global,a full-service CRO based in Shanghai,China,and Clinipace Inc.,a full-service CRO headquartered in Morrisville,North Carolina.

For additional information,please contact:

US: Jason Monteleone,Chief Business & Strategy Officer

Tel: +1 919-224-8800 ext. 1114

Email: jmonteleone@clinipace.com

Hong Kong: Miron Lila,Vice President,Head of Capital Market and Investor Relations

Tel: +852 3651 6169

Email: miron.lila@dmedglobal.com

Shanghai: Yingshi (Jeans) Qian,Senior Vice President,Corporate Transformation

Tel: +86 21-5090 0085 ext. 8030

Email: yingshi.qian@dmedglobal.com

Additionally,e-mail inquiries can be sent to these addresses:

China: dMed_news@dmedglobal.com

US: Clinipace_news@clinipace.com