The company, which has bases in the UK, the US and Romania, said that it will use the new funds from Scottish Equity Partners (SEP) to expand its services and to capitalize on significant global growth potential for its Timaeus system, a single, purpose-designed intelligent data acquisition and management solution.
According to the company, Timaeus offers significant advantages over rival systems including rapid set-up and the ability to deal with complex clinical studies. It also operates over low bandwidth, enabling GSM and GPRS wireless communication with remote clinical trial sites, as well as web use.
Timaeus delivers improved efficiency, saving time and costs and it is also highly flexible and scalable, enabling it to be used in large global drug development studies, the company said.
David Connelly, Cmed’s CEO, said: “We are delighted to have secured growth capital from SEP which has an excellent reputation for helping to develop leading-edge technology businesses. The new funds will enable us to realize the full potential of Timaeus which represents groundbreaking advances in clinical data capture and management technology.”