Tools4Patient, S.A., a Gosselies, Belgium-based developer of tools to optimize and accelerate drug development programs, raised €4m ($4.5m) in a Series B equity financing round.
Backers included new institutional investors Innovation Fund and Sambrinvest and existing investors Jean-Pierre Delwart, former CEO of Eurogentec, and Jean Stephenne, former president of GlaxoSmithKline Biologicals, and others.
The company intends to use the funds to advance commercialization of Placebell©™, its product that limits the effect of the placebo response on clinical trials, and to expand its product portfolio.
Led by Dominique Demolle, Ph.D., chief executive officer, Tools4Patient is a maker of analytical tools to optimize and accelerate the clinical development of new medicines. The company is commercializing Placebell, a solution that improves test sensitivity by characterizing and managing the individual placebo response in a variety of disease states where the placebo effect masks the true efficacy of potentially important therapies.
Tools4Patient provides Placebell to pharmaceutical and biotechnology companies.
Placebell has been validated in peripheral neuropathic pain, and the company and its pharmaceutical customers are utilizing the technology in clinical trials in inflammation, osteoarthritis, CNS disease and other chronic pain conditions.
Based on Placebell’s versatility and the significance of high placebo response across therapeutic areas, Tools4Patient intends to expand its product portfolio to applications in neurology, psychiatry, dermatology, ophthalmology and women’s health.