Science 37, a Los Angeles based technology-enabled clinical research company, completed a $6.5m Series A financing.
The round was co-led by Lux Ventures IV, L.P., a $350m fund targeting early-stage science and technology ventures, and the newly-formed dRx Capital, a joint venture between Qualcomm (NASDAQ: QCOM) and Novartis (NYSE: NVS) focused on digital medicine products, services and business models.
The company intends to use the funds to accelerate development and rollout of its new operating model, which aims to solve inefficiencies in conducting clinical trials.
Led by Noah Craft, MD, PhD, and co-founder and CEO, Science 37 is advancing the new metasiteTM operating model, which delivers end-to-end clinical trial services under a single contract by leveraging partnerships with national mobile nursing companies, pharmacy chains, patient advocacy groups and other technology companies to maximize efficiency.
The company’s technology platform, the Network Oriented Research Assistant (NORATM), utilizes telemedicine and coordinates mobile workforces to overcome geographic barriers and give access to anyone to take part in trials, including underserved and minority populations.