MALMÖ, Sweden, May 20, 2015 /PRNewswire/ --
The additional funding is planned to fuel the expansion of Trialbee's patient recruitment platform and US market entry.
Trialbee today announced the closing of a round of investment of $5M Series A led by existing investors Industrifonden and Briban Invest. Trialbee will use the proceeds to support future growth of their patient recruitment platform to include new offerings and a planned market entry and expansion into the US.
Trialbee provides an end-to-end solution to one of the biggest challenges in the pharmaceutical industry - patient recruitment in clinical trials.
Clinical trials are costly and time-consuming projects. In average, it takes 12 years to bring a new drug to market.
As a result of delays in the clinical trial timeline, loss of sales for a blockbuster drug can range from $600K up to $8M per day. For patients, delays equal less number of available treatment options. Today there are approximately 11,000 industry sponsored clinical trials in the process of recruiting patients. According to industry statistics about 80% will fail to meet recruitment targets due to patient recruitment challenges.
"There is a fast growing global demand for Trialbee's solutions. We are successfully providing e-recruitment to an increasing number of leading top pharmaceutical companies. We predicted that 2015 would be the breakthrough year when the pharmaceutical industry switches from traditional patient recruitment to more efficient e-recruitment methods. We see this transformation happening now. With additional funding we are well placed to further expand our business and grow the workforce to be able to help more customers save time and resources in their clinical trial programs," says Tobias Folkesson, CEO of Trialbee.
"Trialbee has a track record of successful implementation of a disruptive technology on the connected health market. Trialbee helps address an underserved market opportunity. Trialbee's technology and solutions benefit the industry as well as people in need of new and better treatments," says Lars Henriksson, Investment Manager, Industrifonden.
Founded in 2010 - Trialbee has developed a patient centered approach and a cloud based technical platform enabling fast and efficient e-recruitment of patients to clinical trials. Trialbee thereby helps pharmaceutical companies shorten the recruitment timelines as well as bring more motivated and eligible participants to the clinical trial programs. Trialbee aims to become a market leader for e-recruitment solutions in Europe and the US. Trialbee also strives to become the leading provider of innovative patient centered clinical trial management software solutions by 2017. Trialbee is a 2015 Red Herring Europe Top 100 award winner and was ranked one of the top-33 hottest tech start-ups in Sweden by NyTeknik and Affärsvärlden both in 2013 and 2014.
To learn more about Trialbee please visit http://www.trialbee.com
For further information, please contact:
Tobias Folkesson, CEO, Trialbee
Lars Henriksson, Investment Manager, Industrifonden