Trying to get clinical trials enrolled and completed creates a bottleneck that has hindered drug development for years. With a fresh $220 million in hand, Reify Health is looking to change that.
Trying to get clinical trials enrolled and completed creates a bottleneck that has hindered drug development for years. With a fresh $220 million in hand, Reify Health is looking to change that.
On Tuesday, the Boston-based company announced its $220 million Series C funding round, which brings Reify’s valuation to a mighty $2.2 billion. The latest round is a sizeable increase from the company’s $30 million Series B round nearly a year ago.
The Series C round was led by Coatue Management, which was joined by ICONIQ Growth and Adams Street Partners, in addition to a couple of existing investors.
One of the company’s main goals is to dramatically shorten clinical trial timelines by optimizing patient recruitment and enrollment in clinical trials, ultimately leading to getting new medicines to patients more quickly. Biopharma companies conducting clinical trials are often faced with the logistical issue of patient access to clinical trials.
“What we’re doing, and the future of clinical trials overall, goes beyond decentralized trials,” said Michael Lin, Executive Chairman of Reify Health. “We need to have a global healthcare system proactively reaching out to patients everywhere and mobilizing the resources necessary to bring trials to them.”
The Series C funds will be going toward growing and expanding Reify’s two business platforms that make up its foundation for clinical trial improvements: StudyTeam and Care Access.
StudyTeam is used by life sciences companies to improve patient enrollment in clinical trials by utilizing different strategies and seeing where improvements could be made. The platform is used by big biopharma players including Amgen, AstraZeneca and Eli Lilly.
CareAccess, the world’s leading decentralized research organization, is used to increase patient accessibility by bringing a trial to any patients, anywhere.
“Starting in 2015, we began bringing research to new patient populations by building more than 60 new research sites,” said Ahmad Namvargolian, CEO of Care Access. “After years of assembling new research sites, we developed an innovative, proprietary model with our Mobile Site Vehicles that can bring a trial anywhere in the U.S., and more countries coming soon. We’ve now operated massive and complex trials in ways that, just five years ago, would have felt like science fiction. The future of clinical trials is here.”
The CareAccess platform will use the funds to continue accelerating global operations and developing partnerships across the industry, while StudyTeam will work toward scaling and expanding its functionality.
