Boston-based PhaseV, a company that develops machine learning (ML) technology to optimise trial design and retrospective analysis, has raised $15m in funding.

PhaseV has raised the funding led by Viola Ventures and Exor Ventures, including participation from LionBird and a group of prominent angel investors.

The secured funds will be used to further advance PhaseV’s proprietary ML technology to accelerate drug development by creating more efficient, targeted, and ultimately more successful clinical trials.

The company claims its ML technology provides clinical development teams with an advanced ability to retrospectively analyse and optimally design studies, as well as adapt in real-time throughout the trial. It can also significantly accelerate the clinical drug development process and increase certainty along the way.

PhaseV CEO Dr Raviv Pryluk said: “This investment provides us with the resources to further advance our platform and expand our reach to additional pharma, CRO and biotech companies in Europe and the US, bringing new needed treatments to patients.”

Exor Ventures MD Noam Ohana commented: “Clinical trials are the most time-consuming and costly stages of drug development, and many trials fail due to inherent uncertainties and complexities in trial design and execution. PhaseV has demonstrated its technological prowess and commitment to reshaping the landscape of clinical trial design and analysis to ensure that promising drugs reach their full potential.”

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A recent Deloitte study estimates the average cost of developing a single new drug at $2.3bn in 2022, with an average 7.1-year deployment time. On top of this, a large proportion of drug candidates do not reach the finish line despite the biology working.

According to GlobalData’s Pharmaceutical Intelligence Centre, out of the 23,585 trials with a 2022 start date, 51% of trials were ongoing and recruiting participants, 41.5% were in planned status, 12.2% were completed, and 2.9% were suspended, terminated, or withdrawn (S/T/W). GlobalData is the parent company of Clinical Trials Arena.

How PhaseV’s technology works

PhaseV’s technology first assesses the potential impact of adaptive trial design on the proposed study, followed by optimal design and execution. It also completes retrospective analysis to detect hidden signals in clinical trial data and evaluates endpoints and subpopulations to redefine the success or failure of a trial.

The company’s approach also assists with drug repurposing efforts, proving efficacious in a variety of therapeutic areas, including oncology, endocrinology, autoimmune diseases, and rare diseases.

The company was founded by Elad Berkman and Pryluk, both graduates of the top technological and academic programmes in Israel, with strong track records of successfully collaborating on seemingly unsolvable challenges.