After a $ 40 million roundtable, TriNetX brings its drug testing services to Europe – TechCrunch

The technology and services market for clinical drug trials is expected to reach $ 68.9 billion over the next seven years. The trials needed to bring new health care treatments to market are necessarily long and complicated.

Several companies are fighting for a share of this multi-billion dollar cake with the offering of new digital services that can clear hospital anonymized patient records and academic research to optimize the selection of test candidates. as well as monitoring and testing management.

"A clinical trial averages a 12-year trip and $ 2 to $ 3 billion, "said Gadi Lachman, managing director of TriNetX, a company that strives to make the clinical trial process more efficient. "Over these twelve years, more than half of the trials have been modified … We suggest compromises to the researcher that optimize the number of patients he can find."

Part of the problem is the scope. The pharmaceutical sector is global and requires a global contribution. That's why TriNetX recently raised $ 40 million to expand into Asia, Europe and Latin America. The first use of provceeds was the acquisition of the European company Custodix, to integrate their candidate matching kits for research in the United States and Europe.

Custodix, headquartered in Belgium, is active in 12 European countries with a service that complements TriNetX's offerings in the United States.

"The two companies grew up in two distinct geographic regions but both are committed to a policy of compliance, governance and a holistic view of clinical research," Lachman said in a statement. "We now offer the largest clinical research platform in the world, providing a more powerful resource to pharmaceutical companies and healthcare organizations, as well as increased hope for more patients. This expansion gives us local leadership, regional support and increased resources in the European market. "

TriNetX is installing its software in hospitals across the country (and increasingly around the world) to collect patient information that could be ideal candidates for clinical trials.

With the acquisition of Custodix, TriNetX now has a launch platform from which it can also launch promotional services in Asian geographical areas, according to the company.

As a result of this agreement, Custodix's current director, Brecht Claerhout, will become managing director of TriNetX Europe – under the brand InSIte, a TriNetX company.

To date, TriNetX has raised $ 102 million from investors, including The Merck Global Health Innovation Fund (MGHIF), as well as new investors Mitsui & Co, Ltd., ITOCHU Technology Ventures, ITOCHU Corporation, MPM Capital, F2 Ventures and Deerfield Management.