Paradigm Health has raised $78 million as it works to revamp the clinical research ecosystem, while also revealing a deal with Flatiron Health to acquire the latter company’s clinical research business unit.
With the Flatiron sites in its fold, Paradigm’s network will include more than 25 academic medical centers and health systems, plus access to almost 100 local oncology practices. That scope is expected to reach some 2.4 million U.S. patients, according to a Dec. 4 release from Paradigm.
The two companies entered a long-term partnership under which they plan to wed Flatiron’s clinical research solutions with Paradigm’s end-to-end tech platform in pursuit of improving patient access to clinical trials without increasing costs.
Altogether, the tie-up is expected to create the nation’s largest cancer research network, Paradigm said.
“Clinical research must reflect the populations that new therapies are intended to serve,” Paradigm CEO Kent Thoelke said in the release. “By combining Paradigm Health’s AI-powered platform with Flatiron’s proven clinical research infrastructure and research network, we are taking a major step towards our goal of accelerating our impact in the U.S. so that more trials can happen where patients actually receive care.”
The deal also bolsters Paradigm’s standing with the biopharma industry, the company said. The newly combined network will allow the tech company to serve 15 of the top 20 global biopharmas and will add capacity for conducting phase 4 trials built into routine care.
Financial terms of the pact were not shared.
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Meanwhile, Paradigm has closed an oversubscribed $78 million series B financing round, according to a separate Dec. 4 release. Led by ARCH Venture Partners, the fundraise also included participation from DFJ Growth, F-Prime, General Catalyst, GV, Lux Capital, Mubadala Capital and the American Cancer Society’s BrightEdge Fund, among others.
The cash infusion will help Paradigm expand “as demand grows from global biopharmaceutical companies for more efficient trials and from health systems seeking to offer trials to patients closer to where they receive routine care,” the company said.
Paradigm plans to expand its commercial business across neuroscience, cardiovascular disease, metabolic conditions and other areas with significant research need, according to the release.
The company touts an AI-driven infrastructure that automates patient matching and site feasibility with the ultimate goal of reducing provider burden and speeding up development timelines for sponsors.
“Paradigm Health is creating new infrastructure the industry desperately needs: one platform that enables hospitals and sponsors to run studies faster, more intelligently and at far lower cost,” Robert Nelsen, managing partner at ARCH Venture Partners and Paradigm co-founder, said in the release.
