- Medable, a leading global platform for decentralized clinical trials, announced it raised $25 million in funding
Medable — a leading global platform for decentralized clinical trials — announced it has raised $25 million in funding to accelerate clinical drug development with digital technology, enabling effective new therapies to reach patients faster.
Medable is on a mission to reduce clinical trial timelines by 50%. And the company’s global decentralized trial platform streamlines design, recruitment, retention, and data quality, replacing siloed systems with integrated digital tools, data, and interfaces to accelerate trial execution. And Medable connects patients, sites and clinical trial teams to improve patient access, experience, and outcomes.
This investment will be used to extend product development, partnerships, and market adoption for Medable’s decentralized trial platform — which brings together clinical trial participants, clinical research sites, partners, and analytics to enable more patient-centric and informed clinical research.
This funding round was led by early-stage healthcare and AI investor GSR Ventures with additional investment from existing investor PPD, Inc. And the funding brings Medable’s total capital raised to over $45 million.
Medable is on a mission to reduce clinical trial timelines by 50%. And the company has become a leader in the movement to digitize and virtualize clinical trials.
Over the past few years, Medable’s team has built a modular digital platform-as-a-service that streamlines clinical trials with direct-to-patient technologies.
Now the platform is used by leading biopharma sponsors and clinical research organizations worldwide. And it has been used for trials in 30+ countries and 26 languages.
A digital trial infrastructure will also allow for new types of monitoring and analysis, including digital endpoints, integration of wearable devices, and enhanced Phase 4 monitoring of patients after trial endpoints have been reached. And many of these needs and opportunities are magnified by the COVID-19 pandemic — which has accelerated interest in Medable’s platform over the past 60 days. Before the pandemic, decentralized trials were gaining momentum but still considered a “nice to have.”
With the current environment, decentralized trials have become a necessity as many clinical sites are shut down or not seeing non-COVID-19 patients—and patients around the world are sheltering in place.
To address immediate needs for COVID-19 research, Medable recently introduced a global telemedicine capability that in partnership with PPD has already been used to connect patients virtually with site coordinators, investigators, and other care professionals anywhere in the world. And the company announced a global partnership with MRN to support remote and in-home care, which are critical for trial continuity in spite of shelter-in-place initiatives.
Plus the company announced a partnership with AliveCor to dramatically scale remote clinical trials by enabling the use of AliveCor’s in-home ECGs as part of Medable’s platform. And the company announced a multi-company research framework to accelerate the development of diagnostics and treatments for COVID-19, providing a mobile application and secure infrastructure to connect health researchers and clinical trial teams with up to millions of home-bound individuals in the United States.
“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. 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.”
-Dr. Michelle Longmire, CEO and co-founder of Medable
“The future of medicine is digital, personalized, data-driven and delivered directly to the patient. 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 clearly ripe for disruption, and Medable brings forward the next generation of clinical trial platform technology to streamline new therapy development.”
-Dr. Sunny Kumar, partner at GSR Ventures — who joins the Medable board