Reify Health has raised $220m in a Series C funding round to support its efforts to reduce clinical trial timelines and eliminate delays in drug development.
Led by Coatue Management, the financing round involved participation from ICONIQ Growth and Adams Street Partners, along with existing investors Sierra Ventures and Battery Ventures.
The funds take the valuation of Reify Health to $2.2bn.
Reify Health offers clinical optimisation software to improve participant enrolment and potentially transform trial infrastructure. It operates through two business units, namely StudyTeam and Care Access.
StudyTeam provides the technology platform to streamline the recruitment and enrolment of patients.
It is leveraged by major global biopharma companies, including Amgen, AstraZeneca and Eli Lilly, as well as nearly 4,000 research sites in 65 countries.
Care Access is a decentralised research organisation that works to deliver trial infrastructure directly to participants, healthcare professionals and communities.
Reify Health aims to eliminate waiting in trials that may occur as biopharma companies are able to activate only a number of research sites globally because of logistical difficulties.
While sites attempt to engage patients close by, many of them are not close enough to access the trial. This poses a challenge for trial enrolment and completion.
Reify Health CEO Ralph Passarella said: “Early on, we spent a number of years trying to understand this question: why is clinical research still such a devastating bottleneck on drug development?
“It was painfully obvious that slow, unpredictable patient enrolment was at the heart of the problem. If we want to consistently enrol trials in three to four months instead of 18 months, there are two key things we must achieve.
“First, we must be able to rapidly identify enough interested patients. Second, we have to make it feasible for those patients to participate in the relevant trial.”
Created in 2015, StudyTeam is intended to quickly identify interested participants and optimise enrolment.
Meanwhile, during the same year, Care Access began setting up more than 60 new research sites and later made Mobile Site Vehicles in order to take a trial to any location in the US.
The plan is to expand the mobile model to additional countries in the near future.
Reify Health will use the Series C funds to aid the growth and expansion of StudyTeam and Care Access.
Care Access will fast-track global activities and strengthen collaborations with healthcare entities, and StudyTeam will boost the functionality related to decentralised trials.