Investors have backed Elligo Health Research to the tune of €135 million ($158 million) in a funding round announced this week.
The backers – which included Morgan Stanley and Ally Bridge – said the money will fund Elligo’s acquisition of ClinEdge and expand its capabilities.
“This financing allows Elligo to invest further in its technology platform and leverage data in new ways to address current challenges in the clinical trial industry…and allowing it to further the industry’s goal to improve diversity, equity, and inclusion among research participants.”
Elligo, which describes itself as a healthcare-enabling research organization, claims it has access to a database of over 150 million patients.
The firm combines proprietary data, technology, and services to support all trial designs — traditional, hybrid, and direct-to-patient — to expand and accelerate patient access to client trials.
Elligo’s client base includes pharma and biotech companies, contract research organizations as well as clinical research sites.
CEO John Potthoff said “This commitment from Morgan Stanley Expansion Capital, Ally Bridge Group, and others will not only help us better serve our existing clients, but also empower us to expand our technology and services on a global scale.
“The net effect of that will be increased access to clinical trials as a care option for large numbers of patients. We will accelerate revolutionizing the way clinical trials are conducted from pre-identification of patients through healthcare to study enrolment, conduct, and study data delivery.”
Elligo bought ClinEdge – a CRO focused research practice management and clinical services organization – last week. The takeover deal also included GuideStar Research and BTC.
The firm said, “The integration of Elligo and ClinEdge presents an unprecedented opportunity for technology to eliminate long-standing trial conduct pitfalls and bottlenecks that primarily impact patients’ service, accelerate research by supporting sites, improve the patient experience, and make research more accessible.”
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