US-based data-driven clinical trials provider Medable has secured $25m in financing to accelerate clinical drug development with digital technology.
Drug development using digital technologies will enable effective new therapies that reach patients faster.
Led by early-stage healthcare and artificial intelligence (AI) investor GSR Ventures, the funding round also involved additional investment from existing investor PPD, bringing Medable’s total capital raised to over $45m.
Funds generated from the financing round will be used to extend product development and partnerships, as well as market adoption for Medable’s decentralised trial platform.
The decentralised trial platform of the company brings together clinical trial participants, research sites, partners and analytics to enable more patient-centric clinical research.
Medable CEO and co-founder Dr Michelle Longmire said: “This is an important milestone for Medable and the industry’s shift to decentralised trials, which are critical to bringing effective therapies to patients faster.
“As we’ve seen with the Covid-19 pandemic, traditional trial processes and timelines are insufficient to meet the global need for clinical research. Decentralised trials can improve access to new therapies and trials for participants, as well as reduce trial timelines.”
Medable is currently working towards reducing clinical trial timelines by 50% and is engaged in the movement to digitise and virtualise clinical trials.
The company’s team has built a modular digital platform-as-a-service, which streamlines clinical trials with direct-to-patient technologies.
Medable noted that the platform is now used by leading biopharmaceutical sponsors and CROs worldwide and has been used for trials in more than 30 countries.
GSR Ventures partner Sunny Kumar said: GSR Ventures said: “The future of medicine is digital, personalised, data-driven and delivered directly to the patient.
“Medable has built a diverse and capable team of technology and biopharma experts, and they have built a comprehensive platform that is well-positioned to meet the market need.”
Last year, the University of Connecticut (UConn) Department of Kinesiology and Hartford Healthcare selected digital trials platform provider Medable’s Cloud-based platform to study statin-related adverse events.