Clinical Development Capital

Clinical Development Capital (CDC) was a specialized investment firm that provided non-dilutive, product-specific financing to pharmaceutical and biotechnology companies to fund late-stage clinical development. The firm focused on financing Phase 2 and Phase 3 trials in exchange for royalties or milestone payments upon successful regulatory approval and commercialization. CDC was notably recognized for its $100 million financing agreement with Vanda Pharmaceuticals to support the development of the schizophrenia drug Fanapt (iloperidone). The firm's investment model was designed to bridge the funding gap for mid-to-late-stage drug candidates, allowing companies to advance their pipelines without significant equity dilution. CDC was led by industry veterans with extensive experience in drug development and clinical trial management, often collaborating with venture capital firms such as Frazier Healthcare Partners.