Backed by Sanofi and Others, Science 37 Secures $31 Million to Bring Clinical Trials to the Home
October 18, 2016
By Mark Terry, BioSpace.com Breaking News Staff
Los Angeles – Science 37 announced today that it had completed a Series B financing round worth $31 million. The round was led by Redmile Group, with more funding from Series A investors Lux Capital and dRx Capital. An additional strategic investment was made by Sanofi Genzyme BioVentures.
Science 37 provides decentralized clinical trial services. Clinical trials are typically geographically located around trial sites, and patients are recruited from within that area. Founded in in 2014, the company offers “metasites,” essentially bringing the clinical trial to the patient’s front door. They will continue to visit their own physician, but they will also be offered home visits or telemedicine sessions.
The metasites utilize a cloud-based platform called NORA (Network Oriented Research Assistant). NORA aids in centralizing the decentralized metasites. Before this investment round, the company had raised $6.5 million in a Series A round.
“The clinical trial process represents significant cost and risk in the development cycle for new therapeutics and medical devices,” said Rob Faulkner, managing director with the Redmile Group, in a statement. “Science 37 brings a revolutionary approach to the clinical trial process and our investment underscores our confidence in the company’s ability to deliver faster and less expensive clinical trials.”
Faulkner is also joining the company as a board member. In addition to financing, Sanofi is offering technical and strategic guidance with its international development teams and affiliates.
“We started with the simple question, ‘What is best for patients?’ and built our technology and new clinical trial operating model around the answers,” said Noah Craft, Science 37’s co-founder and chief executive officer, in a statement. “With this latest Series B funding, we will be able to create an even greater impact and achieve our mission of unlocking patient access to clinical trials. Our investors understand how we fit into the larger digital revolution that is forcing healthcare companies to think big, learn fast, adapt successfully, and enable patients to take a more proactive role in their own health.”
The company’s website includes an extensive list of partners, supporters and advisers that includes Genentech , Novartis AG , Proctor & Gamble (PG), Menlo Therapeutics, Eli Lilly and numerous others.
“Our first investment in Science 37 proved it possible to transform clinical trials and partner with top pharma, biotech and med device companies,” said Adam Goulburn, partner at Lux Capital, in a statement. “Now we’re thrilled to deepen our commitment, putting patients first and using technology to speed life-saving discoveries and cut wasteful costs out of what is today an unquestioned, archaic process.”
Science 37’s approach makes quite a bit of sense. It’s estimated that about 90 percent of clinical trials have cost overruns and delays. Patient recruitment is often a problem, especially in rare disease markets, with barriers related to diversity and economics. About 50 percent of clinical trial sites underperform in terms of patient enrollment, which can significantly delay or even cripple a clinical trial.