LOS ANGELES, Aug. 20, 2020 /PRNewswire/ -- Science 37, the
industry leader in decentralized clinical trials, today announced
it closed an oversubscribed $40
million funding round. Existing investors Lux Capital,
Redmile Group, and PPD, Inc. (Nasdaq: PPD) led the round, and are
joined by existing investors Novartis, Amgen, Sanofi Ventures, GV,
and Glynn Capital. Notable new investors include LifeSci Ventures
and Mubadala Ventures.
Science 37 will use the new capital to support its rapid growth,
expand its technology platform, and accelerate its global expansion
efforts—further strengthening its ability to help sponsors execute
decentralized trials and enable patients to participate in trials
from anywhere, without the burden of traveling to a traditional
clinical site.
"The Science 37 mission to democratize 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,"
said David Coman, CEO of Science 37.
"We are thrilled to have an incredibly strong, committed network of
investors and plan to continue extending our leadership in the
decentralized clinical trial market."
The new investment builds upon immense progress from the
company's previous round, which afforded global expansion; a
progressive, BYOD patient experience; world-class collaboration
workflow; a unified regional nurse network; and advanced patient
recruitment capability. The company also embedded clinical industry
veterans in management and implemented a flexible business model to
enable a choice between fully decentralized trials, a Science 37
Metasite™—a virtual arm to a traditional site
network—and the ability to purchase Science 37 technology with
optional services.
"We are in the unique position where the clinical trial industry
absolutely has to adapt to a new model, today and going forward,"
says Adam Goulburn, partner at Lux
Capital. "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."
About Science 37
Science 37 is making the promise of
virtual trials the new reality. By engaging with patients from the
comfort of their own home, we provide access to patients who can
never be reached by traditional site-based models. We have proven
to enroll faster, retain patients at a higher rate, and reach a
more representative population. Science 37 has conducted more
decentralized, interventional trials than any other company, using
an expansive network of telemedicine investigators and home-health
nurses, who are supported by the industry's most comprehensive,
fully integrated, decentralized clinical trial platform. Learn more
at Science 37, and follow Science 37 on Twitter, LinkedIn, and
Facebook.
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SOURCE Science 37