Octopus leads £2 million investment round into TrialReach
LONDON, United Kingdom - 8th May 2013
Octopus today announced that it has led a £2 million investment round into TrialReach, an online platform that is transforming clinical trials by connecting patients with healthcare companies and research organisations to make new treatments available more quickly and efficiently. Octopus is investing alongside existing investors Amadeus Capital Partners, which first invested in TrialReach in 2011.
Founded in 2010, TrialReach has successfully developed its ground-breaking platform and already helped thousands of patients access new treatments worldwide.
TrialReach’s platform provides details of over 70,000 clinical trials that are currently authorised and regulated by health authorities. Information on each clinical trial is provided in a clear and simple way to enable patients and their families to explore and compare all available options and make informed decisions.
Alliott Cole, a Principal on the Ventures team at Octopus, said: “We are really excited to be partnering TrialReach at this stage of its development. The team has created a unique platform that has the ability to improve the efficiency of medical research, by making it easier for people to explore, understand and access the latest clinical trials. Data shows that finding the required number of patients delays the vast majority of clinical trials. TrialReach offers a fantastic solution to a problem that the pharmaceutical industry is only going to find more challenging as it looks to recruit patients for clinical trials to support drug development.
“We look forward to working with the team as they develop the business to address what is a global market opportunity.”
Working closely with clinical trial organisations, TrialReach's unique approach combines proprietary search technology, new and exclusive content and communication channels between patients and physicians to make clinical trials easy to find, easy to understand and easy to access.
Commenting on the successful fundraising, Pablo Graiver, CEO of TrialReach, said: “It’s a huge endorsement of our technology and vision to secure this investment from Octopus and we are delighted to have them on board, alongside the continuing support of Amadeus. Together, Octopus and Amadeus bring valuable experience of growing technology companies combined with sector knowledge to help us achieve our ambitious business goals. The funding will help us develop our products further and launch new solutions that we have in the pipeline, all with the consistent view of helping patients and medical organisations make clinical research more efficient. The industry is crying out for innovation and effective solutions to support a growing research market.
"We are especially pleased that we have managed to secure this investment at a time when funding is hard to obtain and reserved only for the best technology companies. The work now really starts, as we look to radically improve information, access and efficiencies in the clinical trials industry, worldwide.”