NEW YORK, Feb. 15, 2018 /PRNewswire/ -- Transparency Life Sciences (TLS), a pioneer in digital drug development clinical services, today announced completion of a $5.0 million Series A financing led by venture investor New Ventures III. Existing private investors also participated. TLS will use the new financing to expand the company's technology platform and clinical operations infrastructure, and drive commercialization of its integrated digital approach to clinical drug development. New Ventures' Richard Warburg, PhD and Harry Glorikian will join the TLS Board of Directors.
"TLS was among the first to envision how digital technologies could transform a legacy clinical trial system that is inefficient and ineffective," said Tomasz Sablinski, MD, PhD, co-founder and CEO of TLS. "This financing advances our mission of becoming the premier 21st Century digital clinical drug development company. Our integrated platform allows patients and other stakeholders to develop more patient-focused and relevant clinical trial protocols, which we execute using validated digital technologies including telemedicine, mobile health, and big data. In contrast to traditional CROs, our approach reduces the need for costly and inconvenient clinical trial sites, results in greater participation by highly engaged patients, and generates informative clinical data with the potential for major cost savings."
"TLS impressed us with their deep understanding of what it takes to implement a patient-centric, digital approach to clinical trials, including practical experience in crowdsourced protocols and success in obtaining regulatory approval to proceed into the clinic," said Dr. Warburg. "We are delighted to support their efforts to become a leading force in a reimagined clinical trial ecosystem that will ultimately produce a greater number of effective new therapies at far lower cost."
Ginger Spitzer, Executive Director, Foundation for Sarcoidosis Research, has collaborated with TLS on the design of an innovative, patient-centric clinical trial for pulmonary sarcoidosis, an underserved rare disease. She notes, "We applaud Transparency Life Sciences for being a valued partner of our Foundation, and for creating a model in which patients are thoughtful partners in clinical trial design and execution. We are pleased that TLS now has additional resources to bring this innovative model to a broad range of drug developers advancing important new therapies."
Transparency Life Science's integrated digital approach is designed to allow patients and the professionals who care for them to assume a key role in the design and conduct of clinical trials. The TLS model enables clinical development with faster timelines and smaller budgets, while facilitating patient recruitment, generating more informative and relevant clinical data, and yielding optimized product labels. By incorporating an array of mobile and digital technologies into its platform, TLS aims to reduce and ultimately eliminate the need for physical clinical trial visits.
Platform elements include Transparency Protocol Crowdsourcing™, an online, crowdsourced approach to clinical study protocols co-designed by patients and physicians that are relevant to real-world medical needs; Transparency Virtual Trials™, a virtual trial hub integrating the latest telemedicine, mobile health and cloud technologies to conduct trials that are simpler and result in more accurate and informative data, along with faster and more cost-effective delivery; and Transparency Personalized Digityping™, a form of patient digital phenotyping that uses mobile health technology to identify and stratify the right participants for each clinical trial.
About New Ventures III
New Ventures is a leading healthcare venture capital firm focused on innovation in life sciences and healthcare. New Ventures invests globally throughout the healthcare industry, from new businesses to royalties on developed drugs. The New Ventures team includes co-founders, entrepreneurs, and investors with over 100 years of experience. The team has a history of collaborating on projects together, building companies and investing in life sciences, healthcare, and agriculture. The team understands the science and technology breakthroughs needed to achieve radical change that improves the human condition and simultaneously creates value for our investors. To learn more about New Ventures, please visit www.newventuresfunds.com.
About Transparency Life Sciences
Transparency Life Sciences (TLS) is the first all-digital clinical development services company. Rapid advances in digital technology and strong regulatory support create a historic opportunity for TLS to catalyze a fundamental transformation in clinical trial design and execution, significantly improving the quality of clinical trials while reducing their overall cost. TLS's approach combines crowdsourcing and mobile health technology to advance drug candidates through clinical trials with unprecedented efficiency and patient and regulatory relevance. The use of digital technology allows TLS to reduce or eliminate reliance on physical study sites that are expensive, complex and inconvenient for patients, and also limit the geographic scope of enrollment. For more information, visit transparencyls.com.
SOURCE Transparency Life Sciences