Randomisation and trial supply management (RTSM) software specialist 4G Clinical has signed an agreement to secure a growth equity investment exceeding $230m from Goldman Sachs Asset Management.
The company will use the proceeds to continue its international expansion and meet the rising demand for its products. The funds will also support 4G Clinical’s aim to expedite access to critical drugs.
Established in 2015, 4G Clinical uses natural language processing (NLP) to transform the execution of clinical trials, subsequently fast-tracking the studies.
The company’s Prancer RTSM allows life sciences companies to attain the first patient in (FPI) up to 50% quicker compared with other providers, as well as efficiently deploy mid-trial changes.
4C Supply, the company’s clinical supply optimisation solution, integrates real-time RTSM actuals to avoid stock-outs and reduced drug waste.
4G Clinical CEO David Kelleher said: “In just over five years, 4G Clinical has grown from a start-up to a globally recognised leader in RTSM, helping life sciences organisations execute clinical trials of any size and complexity throughout the drug development lifecycle.
“To maximise our impact on lives around the globe, we must unwaveringly drive innovation in our technology and processes to tackle clinical trial bottlenecks. This investment from Goldman Sachs ensures that we will not be constrained in any way in that effort.”
Among life sciences companies, the use of eClinical solutions such as Prancer RTSM and 4C Supply is increasing to address the growing complexity of trials, 4G Clinical noted.
4G Clinical has currently supported trials for more than 100 biotech and pharma clients worldwide.
Goldman Sachs Asset Management managing director Jason Kreuziger said: “The eClinical Solutions market has expanded rapidly over the past several years with best-in-class, tech-first solutions leading the way, presenting an exciting opportunity for Goldman Sachs.
“4G Clinical’s established reputation and global reach to date underscore their immense potential over the next few years.”
Headquartered in Wellesley, Massachusetts, US, 4G Clinical also has offices in Europe and Asia.