On Tuesday, Wellesley-based healthtech startup 4G Clinical announced that it raised more than $230 million in funding through a growth equity investment from Goldman Sachs.
4G Clinical has designed software to help facilitate clinical trials for biotech and pharmaceutical companies. Clinical trials are a vital step in the creation of any medicine, and help companies determine that their medicine is safe, effective and does what it’s supposed to do. They often involve hundreds or thousands of participants, control groups and weeks or months of monitoring individuals. Without them, we wouldn’t have access to life-saving drugs or vaccines.
That’s why 4G Clinical’s software is so important. The company has developed a randomization and trial supply management platform that uses technology like natural language processing to speed up the clinical trial process. According to the company, its RTSM platform can speed up clinical trials by up to 50 percent or implement changes mid-study more effectively.
4G Clinical has also developed a clinical supply forecasting solution that’s integrated into its RTSM. This solution helps biotech or pharma companies build, run and verify supply chain models, which can help reduce drug waste and prevent stock from running out.
Both of these solutions allow companies to do the necessary due diligence on their medications in order to get them to the patients who need them.
“As life sciences companies strive for creativity and innovation in trial designs, they cannot afford to be limited by technology,” 4G Clinical CTO Ed Tourtellotte said in a statement. “Our vision was to build Prancer RTSM to handle any type of trial within any indication. We’ve held to that vision, enabling our biotech and pharma clients to let the science lead.”
4G Clinical grew more than 100 percent in 2020. Now, more than 100 biotech and pharma companies use its tech to support their clinical trials. The company says that this funding will be used to keep up with growing demand for its platform, as well as support global expansion.
4G Clinical has offices around the world in order to support its international base of customers. Although the company is headquartered in Wellesley, it also has offices in Amsterdam, Tokyo, Portland, Oregon, and more. It’s currently hiring for dozens of open jobs across all of these offices, with a handful of Wellesley-based roles.
“This investment is transformational,” 4G Clinical CEO David Kelleher said in a statement. “In just over five years, 4G Clinical has grown from a startup to a globally recognized leader in RTSM, helping life sciences organizations execute clinical trials of any size and complexity throughout the drug development lifecycle. To maximize our impact on lives around the globe, we must unwaveringly drive innovation in our technology and processes to tackle clinical trial bottlenecks. This investment from Goldman Sachs ensures that we will not be constrained in any way in that effort.”
