BioVaxys Technology has acquired clinical studies management company TAETSoftware (TAETCo), which develops and commercialises the Trial Adverse Events Tracker (TAET) technology platform.
TAET is a software application that allows clinical study subjects to record and submit clinical trial Adverse Drug Events (ADE) reports to the trial sponsors in real time.
It has been designed to improve the tracking of adverse events and/or side effects in participants enrolled in clinical trials.
The application provides study participants with a secure and private link to instantly update the investigators about any adverse events they are experiencing.
The details can be updated onto an online database for real-time assessment by trial investigators.
TAET provides a high degree of data recording, with customisable fields for ADE’s, study subject demographics, and disease data, as well as other study-related variables.
This provides the ability for study participants and investigators to direct message each other if required.
BioVaxys Technology CEO James Passin said: “The acquisition of TAETCo provides BioVaxys with a third, low-risk, near-term revenue generating product, supporting our core business in cancer and viral vaccine development.
“In addition to providing a fee-based product for recording clinical study ADE’s for CROs and study sponsors, BioVaxys will seek to leverage recent breakthroughs in artificial intelligence by collaborating with one or more players in healthcare data mining to develop insights into correlations between demographics and other factors and ADEs.”
Under the terms of the deal, the company issued 24.5 million common shares to TAETCo shareholders, along with 2.5 million additional common shares that will be payable after testing the beta version of the application.
BioVaxys Technology plans to explore the potential of offering blinded demographic and disease data to companies with an interest in healthcare analytics and data mining.