As 2019 came to a close and we begin a new decade, it’s an excellent opportunity to evaluate and learn from the past year and set a course for the future. Tools4Patient (T4P) had a momentous year as we increased on our focus on the commercialization of Placebell©™ – T4P’s innovative approach to reduce the impact of the placebo response in clinical trials while minimizing changes to the conduct of the trial. In addition, we initiated several new partnerships with innovative biopharmaceutical companies and key opinion leaders across the US, EU, and Australia, along with continued expansion into new indications – all while continuing to grow and diversify our team. While the entire year was packed with new accomplishments, there are a few highlights that stand our in our mind as the most noteworthy.
In May 2019, T4P solidified its financial footing by closing a Series B funding round of €4 million, including new institutional investors, Innovation Fund and Sambrinvest. These funds are earmarked to support the continued commercialization of Placebell©™ by making it broadly available to the pharmaceutical, biotech and medical device industries. Several new therapeutic areas are under development/validation as well.
In September 2019, T4P introduced our new brand and new website. These updates were intended to further emphasize T4P’s history as a research-focused company, as well as mark our continued growth and transition into the next phase of T4P’s innovation journey. In this new phase, T4P has increased its focus on the biopharma industry while ultimately keeping the needs of patients at the core of our mission.
Lastly, T4P’s Placebell©™ technology was selected as a finalist in the 2019 Clinical Trials Innovation Challenge sponsored by IQVIA, Lundbeck, and LEO Innovation Lab. Being awarded this honor was a testament to the scientific rigor and the innovation behind the development of Placebell©™. The theme of this year’s challenge, “Designing the Future of Clinical Trials”, particularly resonated with T4P’s continuing mission to de-risk, accelerate, and optimize drug development to ensure that novel therapeutics are delivered to meet unmet medical needs.With the foundation we built in 2019, T4P is excited to launch headfirst into the new decade and continue to chart new territory in the application of data science and machine learning to the optimization of clinical trials. As this new year unfolds, we will undoubtedly continue to develop partnerships with the most innovative biotech and pharma companies eager to stay on the leading edge of technology while de-risking their clinical development programs. Our scientists remain dedicated to pursuing scientific excellence and contributing our expertise to the scientific community. And, we are always pushing the envelope in our R&D towards the next generation of predictive of tools. Stay tuned for more exciting news on our progress, growth, and further development throughout this new year and beyond.