Reify Health, a company dedicated to shortening clinical trial timelines, announced today that it raised $220 million in a Series C financing round.
Coatue Management led the round, with Iconiq Growth and Adams Street Partners joining along with existing investors Sierra Ventures and Battery Ventures. The round brings the company’s valuation to $2.2 billion, according to a news release.
Boston-based Reify Health built a foundation for running clinical trials through its StudyTeam and Care Access business entities. StudyTeam optimizes patient recruitment and enrollment, with companies such as Amgen, AstraZeneca, Eli Lilly and more using the platform.
Care Access has conducted the most advanced decentralized trials at scale, Reify Health said, and is the world’s leading decentralized research organization that brings clinical trial infrastructure directly to patients, healthcare providers and communities.
Reify Health said it plans to use the latest funding to fuel its growth and expansion efforts for both the Care Access and StudyTeam business entities.
“What we’re doing, and the future of clinical trials overall, goes beyond decentralized trials,” Reify Health executive chairman Michael Lin said in the release. “We need to have a global healthcare system proactively reaching out to patients everywhere and mobilizing the resources necessary to bring trials to them.”
“Early on, we spent a number of years trying to understand this question: why is clinical research still such a devastating bottleneck on drug development?” added CEO Ralph Passarella. “It was painfully obvious that slow, unpredictable patient enrollment was at the heart of the problem. If we want to consistently enroll trials in three to four months instead of 18 months, there are two key things we must achieve.
“First, we must be able to rapidly identify enough interested patients. Second, we have to make it feasible for those patients to participate in the relevant trial. We built the StudyTeam platform in 2015 to tackle the first part of that future state.”