Suzhou-headquartered pharmaceutical research firm Crystal Pharmatech Co., Ltd. has completed US$10 million series A round of funding led by Chinese social networking platform Renren Inc.
The company says it will use the proceeds to further accelerate the growth of its capabilities, according to a company announcement.
It focuses on materials science and engineering for drug development, and offers services from solid form screening and evaluation to processing for active pharmaceutical ingredients and formulations.
"Our strategic investment in Crystal was primarily inspired by the big growth potential in pharmaceutical industry and Crystal’s unique capability and proven track record in the pharma arena," says Joseph Chen, founder and CEO of Renren.
In June, New York Stock Exchange-listed Renren received a proposal from Joseph Chen and the company's chief operation officer to take the company private.