Scientist.com Raises $24M to Expand Next Generation Pharmaceutical Outsourcing Marketplace
Scientist.com, the world's largest marketplace for outsourced research, announced today that it raised $24M in an equity financing co-led by Boston-based Leerink Transformation Partners (LTP) and San Francisco and Boston-based 5AM Ventures. Heritage Provider Network, Bootstrap Ventures and Hollywood producer Jack Giarraputo also participated. The funding will help the company expand its revolutionary pharmaceutical outsourcing marketplace.
The ongoing need and opportunity to improve pharmaceutical R&D efficiency is well documented. Last year marked a six-year low for new drug approvals; the industry spent $150 billion on R&D in 2016 but produced only 22 new medicines – well below the five-year average (2012-2016) of 29. The cost of bringing a single new drug to market has now reached as much as $7 billion, and profit margins have declined precipitously over the last 20 years.
“It is too expensive and time-consuming to bring new drugs to market,” said Jared Kesselheim, Managing Partner of LTP. “The outsourcing platform built by Scientist.com has enabled pharmaceutical companies to run drug programs in less time and at a fraction of today’s cost. We expect the marketplace to continue to be a game-changer for life science research, creating huge efficiencies for pharma companies and the entire scientific community.”
Scientist.com connects buyers and sellers of pharmaceutical research services, showcases the latest innovative tools and technologies and streamlines the entire ‘source-to-settle’ process. The company currently has multi-year partnerships with 12 of the top 25 large pharmaceutical companies and the US National Institutes of Health (NIH). Thousands of commercial suppliers (CROs) have already joined the Scientist.com network.
“We are fundamentally changing the way drug R&D is conducted,” said Kevin Lustig, PhD, President and CEO of Scientist.com. “Pharmaceutical company researchers can now outsource everything but the genius™, limited only by their imagination in the experiments they carry out. This investment will help us expand our seasoned team of industry experts and bring even more simplification and innovation to drug research.”
Scientist.com is extending the benefits of its platform to smaller, early-stage biopharmaceutical companies. An increasing number of biopharma start-ups are outsourcing many or all the laboratory tests, services and studies needed to run a complex, multi-year drug discovery and development program. A private marketplace located at app.scientist.com enables these virtual companies to run an entire drug program, from concept to clinic, using only their laptop computers and mobile phones.
“Scientist.com is pioneering a dramatically more efficient approach to drug research, enabling both large and small biopharmaceutical companies,” stated Paul Stone, 5AM Partner. “By solving the primary challenges currently facing the drug industry - how to effectively develop more medicines while reducing costs - the company has created a game-changing platform for all life science research.”
About Scientist.com
Scientist.com (formerly Assay Depot) is the world's largest scientific services marketplace. The marketplace simplifies research sourcing, saves time and money, and showcases innovative tools and technologies - while maintaining full compliance with an organization’s procurement policies. Scientist.com currently operates private marketplaces for 12 large pharmaceutical companies and the US National Institutes of Health (NIH). Other clients include hundreds of small pharmaceutical companies, government organizations, research universities, biotechnology companies, regional bioclusters and academic labs. Visit scientist.com to learn more.
About Leerink Transformation Partners (LTP)
LTP invests in privately-held innovative companies in the healthcare technology and services sectors. The firm was founded in 2015 by Todd Cozzens and Jared Kesselheim, M.D. Todd, most recently at Sequoia Capital, had a long operating career as CEO of Picis and as a senior executive at UnitedHealth Group/Optum. Jared, most recently at Bain Capital Ventures, was formerly a clinician at Massachusetts General Hospital. LTP applies its decades of operational and clinical experience and its extensive industry contacts to help founders and CEOs build important businesses. Founders today want more than just money and nowhere is this more apparent than in the complex, insular and dynamic healthcare market. Visit www.LTPequity.com to learn more.
About 5AM Ventures
Founded in 2002, 5AM Ventures actively invests in next-generation life science companies. With ~$1 billion under management, 5AM has invested in over 60 companies and successful exits include DVS Sciences (acquired by Fluidigm), Envoy Therapeutics (acquired by Takeda), Flexion Therapeutics (Nasdaq: FLXN), Ikaria (acquired by Mallinckrodt), Ilypsa (acquired by Amgen), Incline Therapeutics (acquired by The Medicines Company), Marcadia Biotech (acquired by Roche), Novira Therapeutics (acquired by J&J), Pearl Therapeutics (acquired by AstraZeneca) and Relypsa (Nasdaq: RLYP, acquired by Galenica). Visit www.5amventures.com to learn more.
Join us on social media: Twitter, Facebook, Google+ and LinkedIn.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170515005844/en/
Contact information
Scientist.com
Kevin Lustig
858-243-2227
kevin@scientist.com
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo