Medable Inc. announced $91 million in new funding to accelerate the life sciences industry’s shift to digital and decentralized trials. Now, at the Silicon Valley-based company’s Series C financing round, led by Sapphire Ventures with follow-on investment from existing ventures such as GSR Ventures, PPD, Inc. (one of the largest CROs) and Streamlined Ventures, this funding contributes to a total of over $136 million for Medable. The company is producing results growing revenue by over 500%, and are positioning themselves to be the next Veeva in the life science technology space with an emphasis on clinical trials. With an emphasis on patient-centered research technologies, the company positions their software platform as “flexible” and “modular” and thus, the fundamental underlying premise of this privately-held venture: support clinical trials sponsors from pivoting from clinic or “site” centric to patient-centric research approaches. TrialSite’s position is that the movement from traditional clinical trials to majority virtual or decentralized studies requires more than technology and “flipping a switch.” Sites will always have a place in clinical trials in some form or another, but there is no doubt that Medable is riding a major wave only further powered by the COVID-19 pandemic. Hence, why investors injected a large amount of capital to support the embrace of the company’s mobile platform that purports to support a “unified experience” from patients to clinicians, augmenting a number of activities from patient recruitment and screening to electronic consent and clinical outcomes assessment (eCOA) and eSource to telemedicine and connected devices. Their accomplishments over the last year are substantial and impressive.
While Medable reports substantial eCOA adoption (e.g., digital patient diary, et al.), the ability to connect seamlessly with telemedicine offers a more seamless and streamlined digitized study. In its latest press release, the company has claimed that their customers purportedly recruit patients 3X faster, with over 90 percent retention rates. These are incredible claims which should be backed by data—otherwise, it could be considered more marketing fluff. Nonetheless, TrialSite has interviewed their executives and has monitored this company’s nearly unprecedented growth—they will certainly disrupt the clinical trials space, perhaps even more so than Veeva. The Medable platform has been used for registrational clinical trials across a variety of therapeutic areas worldwide in over 60 countries, enabling participation in over 40 languages.
Key Accomplishments in 2020
The company used its fundraising to tout its 2020 accomplishments. Notably, these milestones were achieved during the pandemic, where a sizable segment of the research sector was frozen for at least a few months. That, of course, served to trigger greater momentum toward the Medable decentralized trial mode. Achievements included:
- Launched a new TeleVisit mobile application co-developed and deployed with PPD, as well as TeleConsent™ and TeleCOA™ applications, all of which connect patients virtually with sites and sponsors using web and mobile technologies. The new apps enable patients to get clinical advice, capture informed consent and re-consent, and share outcome assessments from the comfort of a patient’s home, anywhere in the world.
- Expanded the team with new leaders for sales, marketing, strategy and partnerships, with 150 years combined experience in health and technology, including prior roles at Novartis, Abbott, AstraZeneca, Covance, PPD, Medidata, Oracle, IBM, ERT, MedImmune and Otsuka.
- Announced a global partnership with Datavant to help clinical trial teams easily integrate multiple data sources for decentralized trial design, recruitment and data management.
- Announced a global alliance with MRN, enabling home clinical trial specialists to conduct home and remote visits using Medable’s Trial-Fit Telemedicine solution.
- 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.
- Established its Patient Advisory Council, a nationwide network of advocates who advise Medable and biopharma customers on ways to improve patient access, experience, and outcomes in clinical trials, ensuring patient-centric approaches throughout the process.
- Launched 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.
- Joined the Global Genes® RARE Corporate Alliance to help expedite therapies for rare disease patients, collaborating with more than 80 rare disease industry stakeholders.
- Earned industry recognition as a champion for decentralized trials (PM360’s Sixth Annual ELITE Awards), an industry “game-changer” (PharmaVOICE 100), an innovative digital health startup (CB Insights Digital Health 150), and one of Entrepreneur Magazine’s 100 most powerful women (100 Powerful Women of 2020).
Call to Action: Investors should keep a close eye on this disruptor and how it might transform the existing clinical trial technology landscape.