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Medable raised four rounds of funding in 18 months and is now valued at over $2 billion
Of all the the numerous companies in the decentralized trial space that have raised funding in the last couple of years, the biggest of all is probably Medable, which was valued at over $2 billion at the end of last year.
Now the company, which digitizes clinical trials so that they can be conducted anywhere, has announced a major partnership that will allow it to expand even further.
On Wednesday, Medable revealed that it has entered a four-year enterprise contract with global biopharma company GSK, which will use Medable to enable decentralized clinical trials across its portfolio; the company selected to accelerate the delivery of new medicines and enable their clinical trials to be more inclusive and representative of all patient populations.
GSK has developed cancer medicines for patients including ovarian and endometrial cancer and multiple myeloma and it has developed a monoclonal antibody treatment for COVID-19; the company delivered three product approvals in 2021 for endometrial cancer, COVID-19, and HIV. The company's vaccines portfolio includes meningitis, shingles, flu, polio, and measles.
“It is an honor to be selected by GSK as its preferred partner for decentralized clinical trials,” said Dr. Michelle Longmire, co-founder and CEO of Medable, said in a statement.
“GSK has been a leader in innovative science for decades and is taking yet another transformational step forward by leveraging a modern, patient-centric model to conduct clinical trials with Medable. It's incredibly exciting, and we are looking forward to helping millions of patients together.”
Founded in 2015, Medable's platform offers its clients, which include clinical trial sponsors, such as pharma and biotech companies, as well as clinical research organizations who manage trials for those companies, features such as patient identification and site selection through AI and machine learning; digitized patient enrollment; and the ability to do trials in any country and in any language. The company also also provides them with remote patient monitoring, and the ability to see streaming data and patient data in real-time.
The company also provides them with remote patient monitoring, and the ability to see streaming data and patient data in real-time.
So far, Medable has deployed its platform in more than 300 decentralized and hybrid clinical trials in 60 countries, serving more than one million patients and research participants. The company onboarded more than 50 new clients in 2020, and grew revenues by more than 400 percent.
Medable’s results include 200 percent faster enrollment and 50 percent cost reductions. A recent 2022 financial modeling of DCTs using industry benchmark and Medable data conducted by the Tufts Center for the Study of Drug Development shows that, on average, decentralized trials can achieve net financial benefits ranging from five to 13 times for Phase II and Phase III trials, due to reduced trial timelines and other factors.
In February, Medable partnered with CVS to perform clinical trials at select MinuteClinics.
The decentralized trial space took off during the pandemic, with companies like ObvioHealth, Castor, Antidote, HumanFirst, and Hawthorne Effect all raising money. The space even saw one company enter the public market, with Science 37 debuting on Nasqas earlier this month via a SPAC merger.
Medable raised four funding rounds alone in 18 months: a $25 million funding round in May 2020, a $91 million round in November 2020, a $78 million round of funding in April 2021, and its $304 million in October.
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