Medable acquires an amount of $25 million in funding led by GSR Ventures
Fremont, CA: Medable, one of the leading decentralized clinical trials companies, raised $25 million in funding to accelerate clinical drug development with digital technology, creating new effective therapies to reach patients faster. The investment will enhance product development, partnerships, and market adoption for Medable's decentralized trial platform, which unifies clinical trial participants, clinical research sites, partners and analytics to enable more patient-centric and informed clinical research.
The funds were raised in a round led by the early-stage healthcare and AI investor GSR Ventures, with additional investments pooled in by existing investor PPD. The funding brings Medable's total capital raised to almost $45 million.
The company is on a mission to minimize the time consumed by clinical trials by 50 percent. Medable has become the leader of the movement to digitalize and virtualize clinical trials. Over the past few years, Medable's team has also built a modular digital platform-as-a-service that streamlines clinical trials with technologies that are direct-to-patient. The platform is also being used by several leading biopharma sponsors and clinical research organizations across the world and has been used for trials in more than 30 countries and 26 languages.
"This is an important milestone for Medable and the industry's shift to decentralized trials, which are critical to bringing effective therapies to patients faster," said Dr Michelle Longmire, CEO and co-founder of Medable. "As we've seen with the COVID-19 pandemic, traditional trial processes and timelines are insufficient to meet the global need for clinical research. Decentralized trials can improve access to new therapies and trials for participants, as well as reduce trial timelines."
"The future of medicine is digital, personalized, data-driven and delivered directly to the patient," said Dr Sunny Kumar, partner at GSR Ventures, who joins the Medable board. "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. Clinical trials are ripe for disruption, and Medable brings forward the next generation of clinical trial platform technology to streamline new therapy development."
According to the company's market analysis, GSR Ventures believe that decentralized clinical trials can reach deeper, more representative population, accelerate the recruitment and enrollment process, generate many robust data, and also be more simplified and accessible to patients. A digital trial infrastructure will also enable monitoring and analysis in newer ways, including the digital endpoints, integration of wearable devices, and enhanced Phase 4 monitoring of patients after trial endpoints have also been fulfilled.
Most of these needs and opportunities are glorified by the COVID-19 pandemic, which has added speed and interest in Medable's platform over the past 60 days. Prior to the coronavirus outbreak, the decentralized trails were gaining momentum but still considered as a "nice to have" concept. In the current environment, decentralized trails are becoming a necessity as mainly all clinical sites are closed down or not seeing COVID-19 patients-and patients across the globe are sheltered in a single phase.