Science 37 intends to utilize the new capital to support its rapid growth, expand its technology platform, and accelerate its global expansion efforts—further bolstering its ability to help sponsors execute decentralized trials and allow patients to participate in trials from anywhere, without the burden of traveling to a traditional clinical site.
FREMONT, CA: Science 37® Raises $40 Million to Extend Its Leadership in the Decentralized Clinical Trial Market
Science 37, the industry leader in decentralized clinical trials, secured an oversubscribed $40 million funding round. Existing investors Lux Capital, Redmile Group, and PPD, led the round, and are joined by existing investors Novartis, Sanofi Ventures, GV, Amgen, and Glynn Capital. Notable new investors include LifeSci Ventures and Mubadala Ventures.
Science 37 intends to utilize the new capital to support its rapid growth, expand its technology platform, and accelerate its global expansion efforts—further bolstering its ability to help sponsors execute decentralized trials and allow patients to participate in trials from anywhere, without the burden of traveling to a traditional clinical site.
"The Science 37 mission to democratize clinical research by bringing trials directly to the patients is not only the right thing to do, but it also has had a clear, measurable impact on sponsors' ability to access a more diverse patient population, accelerate research, and bring new medicines to the market faster," stated David Coman, CEO of Science 37. "We are thrilled to have an incredibly strong, committed network of investors and plan to continue extending our leadership in the decentralized clinical trial market."
The new investment builds upon immense progress from the company's previous round, which afforded global expansion; a unified regional nurse network; a progressive BYOD patient experience; a world-class collaboration workflow; and advanced patient recruitment capability. The company also embedded clinical industry veterans in management and implemented a flexible business model to allow for a choice between fully decentralized trials, a Science 37 Metasite™—a virtual arm to a traditional site network—and the ability to purchase Science 37 technology with optional services.
"We are in the unique position where the clinical trial industry absolutely has to adapt to a new model, today and going forward," stated Adam Goulburn, partner at Lux Capital. "Science 37 has been preparing for this day for years with an incredible head start. They are uniquely positioned to help sponsors conduct clinical research without the traditional barriers. With their foundation and impressive growth, Lux knows Science 37 will continue to lead the way."
