Clinical trial patient-matching tech developer Patient identification Platform said today it raised $6 million in a Series A round of financing to support its system which allows contract research orgs and life science companies access to de-identified, aggregated patient data.
Patient iP said it aims to use funds from the round to accelerate its sales and marketing activities, as well as expanding its implementation team.
“As a result of my previous experience working closely with many of the nation’s top cancer centers, I was intrigued by the intricacies of clinical trial execution – specifically, how the subject enrollment piece tends to be slow and often fraught with manual overhead. Discussions with many leaders in the clinical research area confirmed this finding, and gave us our reason for being. I am delighted to be aligned with our forward-thinking initial investment group since they share our belief that it is time to revolutionize how study sites identify ‘ideally matching’ patients for the fastest, most appropriate and cost effective enrollment process,” CEO Michael Margiotta said in a press release
The company said that as much as 50% of all clinical trialsites fail to enroll a single patient, which can drive cost up and protract timelines. Patient iP said that with its technology, it can match patients to study protocols and sites based on exclusion and inclusion criteria for the studies, which can help initiate the accrual process and aid early feasibility modeling efforts.
The Rochester, N.Y.-based company said it has completed development of its platform and launched a “number” of clinical trial study sites.