Colombian CRO Ipsum Raises $200K in Angel Funding from GITP Ventures

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Colombian CRO Ipsum Raises $200K in Angel Funding

This is an excerpt from the Wall Street Journal. Read the full article here.

Pharmaceutical companies hold clinical trials of drug candidates all over the world, including in developing nations.

But the conditions of clinical-trial sites must be up to code wherever it is they are held.

IPSUM, a startup that wants to pave the way for pharma companies to hold clinical trials in Colombia, has just raised $200,000 in seed funding to find and upgrade sites for clinical trials in the Latin American nation, Ipsum Chief Executive Mike Hoey said.

The funding was provided by GITP Ventures, an early-stage venture firm based in Colombia and founded by entrepreneur Michael Puscar, Mr. Hoey said. Undisclosed individual investors also joined the funding, he said.

IPSUM does the work of a contract-research organization, which is to find and prepare sites for clinical studies on behalf of pharma companies.

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