Patient Identification Platform Secures Series A Financing Round
Technology Solution Enables Rapid, Automated Identification of Clinical Trial Subjects
ROCHESTER, N.Y., Jan. 25, 2016 /PRNewswire/ -- Patient identification Platform (Patient iP), a first-to-market provider of clinical trial matching technology, today announced the successful completion of a $2 million Series A investment round.
The current clinical trials environment is ripe with challenges: while there have never been as many trial opportunities for patients, the criteria for both subject inclusion and exclusion has become incredibly individualized and as such, many trials struggle with enrollment, retention and/or timelines. It has been widely reported that as many as 50 percent of all clinical trial sites fail to enroll a single patient, driving cost and protracting timelines. These are precisely the problems that Patient iP was launched to address.
Founded in 2014, Patient iP enables contract research organizations (CROs) and/or life sciences companies, and their networked study sites, to access de-identified, aggregated patient data from existing electronic health records systems. From here, discrete study protocols are loaded and applied against the database; matched patients and their sites are identified based upon the inclusion and exclusion criteria of each protocol. This process not only initiates the accrual process, but is valuable for a sponsor's early feasibility modeling efforts as well.
To date, Patient iP has completed its platform development, successfully launched a number of clinical trial study sites and recently received a letter of commitment from one of the largest global CROs. The company was founded by seasoned health information technology executive Michael J. Margiotta, formerly founder, chairman and CEO of eHealthTechnologies. Margiotta, now CEO of Patient iP, has this to say about his latest venture, "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."
The completion of this investment round will allow Patient iP to accelerate its sales and marketing activities and expand its implementation team.
About Patient identification Platform
The patented Patient iP solution bridges many of the most significant and costly gaps encountered when sponsors and contract research organizations conduct clinical trials: timely patient identification and enrollment. Adoption of the Platform enables CROs to streamline operations, helps study sites leverage existing electronic patient health data, and provides life sciences organizations with the speed necessary to achieve first-mover status. Since Patient iP's unique technology allows for faster development and approval of drugs and therapies, patients too are benefactors of the solution's range of benefits given the potential for healthier and longer lives. For more information, visit us at www.patientip.com or follow us on Twitter @PatientIP.
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SOURCE Patient Identification Platform