The company saw its projects jump 158% and revenue growth of 66% from 2019 to 2020.
When it comes to conducting clinical trials for medical research, one of the biggest obstacles is also one of the most fundamental steps to getting the trial up and running: matching the right patients with the right trials. In fact, 80% of clinical trials are delayed or completed because there are not enough suitable candidates, and up to 50% of research centers admit one or no patient.
There are a number of reasons why this is the case, one of the most important being is that there is a lot of information out there about studies, but it is scientific, disorganized, and fragmented, said Laurent Schockmel, CEO of patient recruitment company Antidote for clinical trials.
“This not only makes the information inaccessible to patients, but also makes it very difficult to compare patients with studies. For example, the entries in Clinicaltrials.gov are written in free text, which means that comparing studies with one another to find the best match is almost impossible. “
There is also the problem that researchers do not have the knowledge they need to design patient-centered studies; This means that studies are made with eligibility criteria that don’t reflect the real population, or with protocols that just don’t work for patients in real life. Not to mention patient reluctance due to myths and misconceptions surrounding clinical trials.
Antidote’s solution to all of these problems is its free clinical trial search engine called Antidote Match, the serves both sides of the clinical trial market: patients and projects that seek participants.
“Our technology harmonizes this chaos into a single, comprehensive, and well-structured database so that patients can access the right information and, ultimately, researchers can design better studies. We pride ourselves on offering a real solution to a very complex problem. ”“ Said Schockmel.
The company’s mission resonated with investors when it announced Thursday that it had raised $ 23.2 million in funding Round led by the private equity firm LBO France. Along with the investments, it was also announced that LBO France Investment Directors Sebastien Woynar and Franck Noiret have joined Antidote’s board as directors and observers, respectively.
“As a doctor who has conducted clinical trials in his previous life, Sebastien knows the challenges of patient recruitment. Therefore, he knows our business very well. Franck is an experienced investor and has served on the boards of numerous startups in various growth phases, including a number of companies in our area that could be strategic partners or customers, “said Schockmel.
“LBO France has been a pioneering European investor in betting on digital companies since launching its first dedicated digital fund in 2015. You are now investing with your second digital fund and you will not only have an independent strategic view of our market, but also with invaluable commercial or partnership launches. “
When a patient searches on Antidote Match, the company uses this information to create a database of patient and health information that serves as the foundation for the company to work on specific recruitment projects for its pharmaceutical, biotech and CRO clients .
For example, a drug company conducting a COPD study may have difficulty reaching patients who meet specific eligibility criteria could implement my outreach plan in collaboration with laboratory partners, using custom data models on social media platforms, while working with trusted advocacy partners to reach the right patients.
“Our patient connection management team would then work with patients to access their electronic health records to further verify eligibility before sending the patient to a clinic,” said Schockmel.
Antidote’s database currently has hundreds of thousands of patients and the company supports clinical trial recruitment initiatives for seven of the top 10 global pharmaceutical companies; Some drug companies have also licensed and white-labeled Antidote’s technology to power their websites with their match search tool.
However, Antidote’s goal is not just to help its customers find participants, but ultimately to help them reduce the time and money that must be spent. NoNot being able to find participants for clinical trials can cost sponsors anywhere from $ 600,000 to $ 8 million per day.
In one case, Antidote contacted more than halfway through the enrollment phase in a study conducted by a large pharmaceutical company that wanted to reach patients with a rare disease in the United States. The company was able to work with stakeholders and data companies to reach the right patients and Providing 60% of the randomizations in this study in the US.
In another example, Antidote was working on a study into severe asthma with difficult eligibility criteria. Use his Prescreener, a targeted digital marketing plan and its partner network have saved the company six months in recruiting time.
Antidote saw massive growth in 2020 with the the number of projects increases by 158% and sales increase by 66%. Schockmel lists this COVID raised awareness of clinical trials, which resulted in the company seeing more than 7 times more visitors to its website in 2020 compared to 2019.
“When COVID hit, it took a few weeks for many of our projects to be paused due to security and capacity issues at the sites and patient concern in general. We immediately turned around and suggested that our customers start building pre-recruitment registers now.” Engage patients later. And we’ve been successful with that approach, “he told me.
“We have also conducted several large COVID studies that were quite different from our typical projects because of the speed with which they were completed and the large number of patients required for the studies.”
In light of this growth, Antidote plans to use this new funding to improve its clinical trial search engine while expanding its international footprint while bringing new products and services to market, including data insights, as well a new service that uses its core competencies but focuses on attracting patients to approved treatments and drugs.
“We are currently concentrating on the pharmaceutical and biotech market. Medical devices are a natural expansion of the pharmaceutical industry. We also believe that health insurers and payers could benefit from providing their members with access to clinical trials when standard care options are not available. “Effective,” said Schockmel.
“We also plan to increase revenue by monetizing our database through use cases like feasibility studies or protocol design.”
The company is also capitalizing on the trend towards decentralized clinical trials that can be conducted remotely for more Importance behind diversity, equity and inclusion in clinical research, something that is also growing in importance, he told me, especially given the disproportionate impact of COVID on communities of color.
“This is critical because the populations involved in medical research need to reflect real world populations in order for treatments to work for those who need them. Antidote reinforces this important message in our content and through our partnerships. “