Medable has raised $304 million to expand its decentralized clinical trial business.
The fundraising round – which included backing from existing investors and new parties – is the fourth Medable has carried out in the past year and a half.
The firm will use the money to invest in remote patient technologies and tools that enable sites to lead decentralized research. It also plans to expand its global operations and deepen investments in its software-as-a-service (SaaS) technology platform and partner ecosystem.
Medable said its ability to attract investment reflected its rapid growth over the past few years, explaining it has now deployed its SaaS platform via more than 150 decentralized and hybrid clinical trials in 60 countries.
CEO Michelle Longmire said, “Decentralized trial technologies have been critical to drug development during the pandemic, providing global remote access and supporting COVID vaccine and therapeutic research at record speed.”
Medable’s current market valuation is $2.1 billion thanks, in large part, to the high level of demand seen during 2020.
According to the firm by minimizing the need for in-person site visits, customers have achieved 200 percent faster enrolment, 90 percent retention rates, and 50 percent cost reductions
Longmire predicted use of decentralized clinical trials would continue to accelerate, commenting “Patients need the life sciences industry to continue innovating at this pace.
“By working at the intersection of speed, safety and science, we believe we can meaningfully reduce the barriers to drug development – and ultimately, enable more effective therapies for people all over the world.”
The predication about growing demand for decentralized trials fits with the findings of a recent survey by Oracle.
The survey revealed that 76% of researchers who took part said they had accelerated their adoption of remote clinical trials.
The new fundraising round follows less than six months after Medable launched a digital certification software and training program designed to help drug firms and CROs assess sites.
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