Virtual clinical trials firm Science 37 has raised $40m through a new financing round to expand their decentralised clinical trial market.
The financing round was led by existing investors Lux Capital, Redmile Group, and PPD, and joined by investors Novartis, Sanofi Ventures, Amgen, GV, as well as Glynn Capital.
Funds generated will be used to expand the company’s technology platform and to accelerate its expansion efforts at a global level.
Science 37 CEO David Coman said: “The Science 37 mission to democratise clinical research by bringing trials directly to the patients is not only the right thing to do, but it also has had a clear, measurable impact on sponsors’ ability to access a more diverse patient population, accelerate research, and bring new medicines to the market faster.
“We are thrilled to have an incredibly strong, committed network of investors and plan to continue extending our leadership in the decentralised clinical trial market.”
Science 37 also embedded clinical sector veterans in management and executed a business model to enable a choice between fully decentralised trials, known as ‘Metasite’.
Metasite is designed to help researchers engage directly with trial participants through every stage of planning, starting from screening and recruitment to data lock.
Lux Capital partner Adam Goulburn said: “Science 37 has been preparing for this day for years with an incredible head start. They are uniquely positioned to help sponsors conduct clinical research without the traditional barriers.
“With their foundation and impressive growth, Lux knows Science 37 will continue to lead the way.”
In May this year, Science 37 partnered with AiCure, an artificial intelligence (AI) and advanced data analytics firm, for virtual trials technology.
In 2018, Science 37 signed a strategic collaboration with global biopharmaceutical company UCB to improve clinical trial experience by facilitating more patient-friendly, technology-enabled trials at home.