“We are blessed that an insider is actually the sponsor of the trust. Within the trust there are also many biotech, biopharmaceutical and investment companies that participate in the PIPE. The PIPE is significantly larger than the SPAC, and that’s what we have the ability to have confidence in the market price that we’re getting the company out for, which is $ 1 billion, “said David Coman, chief executive officer of Science 37.
“From a profit standpoint, we really just want to take this and pour gasoline and take this to the next level.”
The reason for doing a SPAC instead of a traditional IPO or even a direct listing was because of the speed at which the company was able to go public, but also the immediate confirmation of the value of Science 37, he explained.
“By shopping, we’re not just speculating, we’re getting real business, and that gives us good, concrete clarity about what we think the valuation of the company will look like,” said Coman.
“The great thing about a SPAC is that you can have a conversation about the future of the company, what it looks like, what your projections are. We can tell the full story and be really transparent about the company. In a SPAC-based environment Compared to the traditional way. “
Bring clinical studies to the patient
The Science 37 operating system, founded in 2014, includes a technology platform and network functions designed to accelerate clinical research studies. The company is able to enroll patients faster, keep patients longer, and include underserved patients in these studies.
The company is looking for inefficiencies in clinical trials: it is currently investing $ 60 billion in clinical research, but has made little progress in nearly a century, Coman said. Pharmaceutical companies are still building networks of research hospitals around the world and then flying research workers from location to location to conduct the study and recruit patients.
This means that studies have to recruit people in the immediate vicinity, i.e. oOnly about 8% of all patients are ever approached for participating in a clinical research study. This results in 80% of trials being delayed, 20% of patients dropping out, and only 14% of underserved patient populations being asked to enroll.
Science 37 is designed to go straight to where the patient is, rather than to those individual locations. It serves them through telemedical investigators, mobile nurses and remote coordinators.
“This gives us the ability to provide universal access to any patient or provider anywhere, regardless of geographic location. As a result, we have been able to recruit patients for clinical trials 15 times faster, we have retained patients 28% longer, and we have three times the participation rate among the underserved populations that are ignored in a traditional research setting, “said Coman
For example in one case a biotechnology Company had a blood test to predict colon cancer. They hired a contract research organization (CRO) to build a network of US hospital sites and register patients. After two months, they had only enrolled about 100 of the 14,000 patients they needed. After Science 37 got involved, they split the number which meant the CRO would do 7,000 and Science 37 would do 7,000. After the first full month of enrollment, Science had enrolled 37 2,000 patients; At half time, the company had admitted 5,400 patients. At this point, the CRO had not even enrolled 1,000 patients.
In another case, a lung cancer study was done that required it The goal is a very limited population that actually has specific characteristics. Science 37 went to a genetics company to identify the patients who would fit in this study, and then asked the providers themselves to become investigators for their patients.
“These investigators will ultimately end up using our platform to get the patient through. So, us Onboard patients, but also onboard providers, since like patients today only 5% of providers become examiners for clinical studies. If we can provide universal access to patients and providers, we will solve an incredible unmet need for pharmaceutical companies. “
Of course, Science 37 isn’t the only company looking to decentralize clinical trials. The other notable company in this space is Medable, which recently raised a $ 78 million round of funding. The differentiation for Science 37, explained Coman, is that his operating system encompasses both the technology platform and his networking capabilities, while a Companies like Medable only have the first part.
“Our technology platform takes you through the workflow orchestration for evidence generation and data harmonization. Then we have networking capabilities including patient communities, telemedicine investigators, nurses, remote coordinators, and connected devices. So what makes us unique is that we are real the only vendor that is substantial and leverages both the technology and networking capabilities to run these decentralized clinical trials, ”he said.
The future is agile clinical studies
Thanks to COVID forcing healthcare to go virtual, 2020 has been a great year for companies offering an alternative to personal care. Science 37 was no exception, and this did so in part at the right time for the company to go public.
“Our business has seen exceptional growth over the past 18 months. We now have a fantastic management team in place. Quarter after quarter we’ve accelerated bookings, sales and margins. One of the things that helped catalyze the company.” ” was the beginning of COVID, “said Coman.
“Now all sites around the world are up and running, and the first quarter of 2021 was a record quarter for Science 37. So we’re accelerating beyond what was a catalyzing event to truly make decentralization in the hearts and minds of our people consolidate.” Sponsors. “
It also positions the company to go beyond that decentralized clinical studies and to prepare for the future of the space, which he calls “agile clinical study”. That means there will be a mix of traditional and traditional food decentralized.
“There will be traditional investigators, and there will also be telemedicine investigators who will connect with patients. Some of these patients will be at home. Some of these patients will be on-site, others I will have care done in a nearby facility “, he said.
“To succeed in the next wave of clinical research, you must be able to work with traditional investigators, remote examiners, mobile nurses, connected devices, and remote coordinators. Most importantly, you must have an operating system that has the flexibility between one On-premise and off-premise. Science 37 I believe this is the only one that does this on the scale we are in. “
(Image source: science37.com)