A Medical Device Daily
InnoCentive (Andover, Massachusetts) said it has closed a $9 million Series A preferred venture capital financing round led by Spencer Trask Ventures. Joining the round were Lilly Ventures and Omidyar Network.
The company also reported that its founder, Alpheus Bingham, PhD, has been named president and CEO, and will retire from his position as vice president for Lilly Research Laboratories, a division of Eli Lilly and Co. (Indianapolis).
InnoCentive has developed a global brand based on its virtual R&D network of more than 85,000 scientists spanning more than 175 countries that it said has “greatly helped companies reduce the escalating costs required to bring products to market.”