Pi Health Raises Over $30M in Series A to Revolutionize Cancer Care and Clinical Trials
Pi Health, a subsidiary of BeiGene, Ltd. (NASDAQ: BGNE), secures over $30M in Series A funding to revolutionize global access to clinical trials and innovative medicines. The funding round, led by AlleyCorp and Obvious Ventures, aims to address the inefficiencies in the clinical trial process by leveraging cutting-edge technology. Pi Health's FICS software streamlines data collection and accelerates drug development, potentially saving lives and reducing costs. The company's mission is to democratize cancer care and research by increasing patient enrollment and enhancing global access to life-saving treatments.
Positive
Pi Health secures over $30M in Series A funding to launch as an independent company.
The funding round is led by AlleyCorp and Obvious Ventures, with additional investments from Invus Capital and oncology leaders worldwide.
Pi Health aims to revolutionize the clinical trial process by increasing patient enrollment and reducing provider friction and biopharma costs.
The company's FICS software automates manual processes, streamlines data collection, and accelerates drug development, potentially saving lives and reducing costs.
Pi Health's mission is to democratize cancer care and research by enhancing global access to life-saving treatments.
The announcement of Pi Health's $30M in Series A funding marks a significant milestone for the company as it transitions from a subsidiary to an independent entity. The involvement of notable investors such as AlleyCorp, Obvious Ventures and Invus Capital suggests strong market confidence in Pi Health's business model and potential for growth. The oncology-focused health technology sector is rapidly expanding and Pi Health's innovative approach to clinical trials could disrupt the traditional drug development process.
From a financial perspective, the efficiency gains promised by Pi Health's FICS platform could lead to reduced costs and shorter time-to-market for new drugs , which is financially beneficial for life sciences companies. This could result in a competitive advantage for early adopters and potentially increase their market share. Moreover, the long-term implications could include increased investment in R&D due to potential cost savings, influencing the valuation of companies in the biopharma sector.
The current landscape of clinical trials is fraught with inefficiencies, which Pi Health aims to address with its FICS platform. The low participation rate of less than 8% of eligible cancer patients in clinical studies is a significant barrier to advancing cancer research and treatment. Pi Health's technology has the potential to increase patient enrollment and diversify the participant pool , which is crucial for understanding cancer's impact on different demographics.
By automating data collection and reducing administrative burdens, the platform may accelerate the pace of clinical trials, leading to quicker patient access to potentially life-saving treatments. This could have a profound impact on public health outcomes and the overall burden of cancer care. Additionally, the ability to streamline data that meets FDA requirements could enhance the quality of submissions, potentially increasing the success rate of drug approvals.
The integration of generative AI into clinical trial processes represents a groundbreaking shift in healthcare technology. Pi Health's use of AI to automate clinical documentation, patient matching and adverse event monitoring could significantly reduce the time and resources required for trials. This technological leap could set a new industry standard, prompting other companies to innovate or risk obsolescence.
Furthermore, the global applicability of Pi Health's software addresses a critical need for inclusive and representative medical research . By potentially eliminating geographical and logistical barriers to trial participation, the platform could democratize access to cutting-edge treatments. The success of such a platform could inspire further investment in healthcare technologies that prioritize global access and equity.
03/14/2024 - 10:12 AM
Looks to enable patients all over the world to have equal access to the highest quality of cancer care and research
CAMBRIDGE, Mass. --(BUSINESS WIRE)--
Pi Health , an oncology-focused health technology and clinical research company committed to transforming global access to innovative medicines and clinical trials, today announced over $30M
Cancer is one of the most democratic illnesses out there — it does not care who you are, what you look like, or where you’re from; however, the clinical trial system is anything but democratic. Less than 8% of eligible cancer patients participate in clinical studies, which drastically limits our understanding of the disease and the ways in which it affects a diverse range of populations. Pi Health’s platform rapidly increases patient enrollment around the globe by integrating software into a growing international network of clinical trial sites across four continents to empower life sciences companies to develop medicines. This not only reaches a more diverse patient population, faster, but it also significantly reduces provider friction and biopharma costs through the process.
“We’ve created an entirely new infrastructure for the clinical trial process, which has become mired in inefficiencies that impede progress,” said co-founder and CEO Geoffrey Kim, M.D., who was formerly the Deputy Director of the Oncology Center of Excellence at the Food and Drug Administration (FDA). “We have the technology, the team, and the global reach to make a genuine impact on the lives of people with cancer, along with other serious, life-threatening and rare diseases."
While hundreds of SaaS solutions have entered the market, none are comprehensive. As a result, the system’s infrastructure has devolved into a sea of point-solutions with unnecessary software silos and convoluted workflows. Furthermore, none were built to seamlessly collect the type and quality of data the FDA requires companies to submit to get their drugs approved.
“Today’s clinical trials infrastructure is a maze of Excel spreadsheets, paper binders and manual data entry into various point-solutions. Many companies have tried to solve this clinical trials conundrum. None has taken the bold, comprehensive and global approach that Pi Health has,” said Brenton Fargnoli, M.D., General Partner at AlleyCorp. “I’ve known the founding team over the past decade, and am highly confident this is the team to do it.”
Pi Health has built FICS (short for “Front-End Interoperable Capture Software”), a single-solution software that connects life science sponsors and trial sites. For FICS users, gone are the days of missing data or manually trying to square peg-round hole data. Instead, FICS automates manual processes for faster, higher-quality data collection and captures “finish-line data” from the start. By design, this unlocks unprecedented speed and cost savings in the drug development process, ultimately delivering life-saving medicines to patients sooner.
Furthermore, the software has the potential to dramatically mitigate administrative burdens and speed up clinical trial processes, through its implementation of generative AI in features such as automation of clinical documentation, patient matching, data transformations and adverse event monitoring. The team has ensured this technology is relevant, resonant, and usable across the globe, as anything less would continue to maintain an undemocratic status quo for a democratic disease.
“With Pi Health's AI-driven platform, we believe that the entire clinical trial system will be revolutionized for the better,” said Vishal Vasishth, Co-founder & Managing Director of Obvious Ventures. “Pi Health has the potential to bring life-saving drugs and treatments to market faster and more efficiently, ultimately saving countless lives in the process. We're proud to support Pi Health in their efforts to bring hope and healing to patients around the world.”
The Series A funding will support expansion of Pi Health's partnerships with global trial sites and life sciences companies, along with further development of its FICS technology.
About Pi Health
Pi Health is an oncology clinical trial and research technology company committed to transforming global access to innovative medicines. Founded in 2021, the team is focused on empowering life science companies to develop medicines faster and reach diverse patient populations via their clinical trial platform. The organization’s health system partnerships include oncology centers across the US, Brazil , Australia and India , as well as a new cancer hospital in Hyderabad, India , which embodies Pi Health’s mission to bring modern, efficient and equitable trials to populations worldwide. To learn more, please visit pihealth.ai
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313127151/en/
For more information, please contact press@pihealth.ai or 646.727.60093
Source: Pi Health
What is the ticker symbol for Pi Health's parent company?
The ticker symbol for Pi Health's parent company is BGNE.
How much funding did Pi Health secure in its Series A round?
Pi Health secured over $30M in its Series A funding round.
Who led the funding round for Pi Health?
The funding round for Pi Health was led by AlleyCorp and Obvious Ventures.
What is the name of the software developed by Pi Health?
Pi Health developed FICS (Front-End Interoperable Capture Software).
How does Pi Health aim to revolutionize the clinical trial process?
Pi Health aims to revolutionize the clinical trial process by increasing patient enrollment, reducing provider friction, and lowering biopharma costs.
What is the potential impact of Pi Health's FICS software on drug development?
Pi Health's FICS software streamlines data collection, accelerates drug development, potentially saving lives and reducing costs.
What is the mission of Pi Health?
Pi Health's mission is to democratize cancer care and research by enhancing global access to life-saving treatments.
