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TrialSpark
Healthtech
TrialSpark (now operating as Formation Bio) is a New York-based clinical trial technology company that uses software and data to run clinical trials faster, and has expanded into directly developing and acquiring its own drug candidates.
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TrialSpark was founded in 2016 by Andrew Lo and Benjamine Liu, based on the observation that clinical trials, the studies pharmaceutical companies must conduct to demonstrate a new drug's safety and effectiveness before it can be approved for sale, have historically been slow, expensive, and often significantly delayed by challenges recruiting and retaining enough qualifying patients, using processes that have not evolved as much as many other parts of the healthcare and life sciences industry despite the very significant cost of clinical trial delays both to pharmaceutical companies' financial returns and, more importantly, to patients waiting for potentially beneficial new treatments to become available. The company built software and operational infrastructure aimed at making clinical trials run faster and more efficiently, including tools for patient recruitment, trial site management, and data collection designed to reduce the common bottlenecks and delays that have historically characterized clinical trial execution, and has notably evolved its business model significantly beyond providing clinical trial technology and services to pharmaceutical company clients, toward directly acquiring, developing, and running clinical trials for its own drug candidates, rebranding as Formation Bio to reflect this expanded, more vertically integrated ambition of combining clinical trial execution efficiency directly with drug development and ownership rather than only providing technology services to other pharmaceutical companies running their own drug development programs. This strategic shift reflects a bet that the company's technology and operational efficiency advantages in running clinical trials faster and more effectively could be more fully captured and monetized by directly owning and developing drug candidates through that more efficient trial process, rather than only capturing a services fee for helping other pharmaceutical companies run their trials somewhat more efficiently. Formation Bio has pursued licensing and acquisition of promising drug candidates, particularly those that might benefit from more efficient clinical development execution, applying its clinical trial technology and operational approach directly to advancing these owned drug programs through the clinical trial and regulatory approval process. The company has raised substantial venture funding from investors including a16z, Sequoia Capital, and Sanofi, reaching a valuation exceeding $1.2 billion, according to PitchBook data.
FOR QUALIFIED INSTITUTIONAL AND ACCREDITED INVESTORS ONLY: Under federal securities laws, private market investments on this platform are available exclusively to Institutional and Accredited Investors. Verification of status required before investing. Private investments involve significant risks including illiquidity, potential loss of principal, and limited disclosure requirements. "Augment" refers to Augment Markets, Inc. and its affiliates. Augment Markets, Inc. is a technology company offering software and data services, not a bank or financial institution. Cash Accounts are provided by Modern Treasury Corp. financial institution partners and through Augment's technology. Augment does not act as a money services business, provide money transmission, or serve as a custodian of funds. Funds held in your Cash Account are not FDIC insured unless expressly disclosed. Full terms available in the Augment Cash Account Agreement. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. "Investment accounts" are not brokerage accounts and do not hold customer funds or securities. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training. Neither Augment Advisors, LLC nor Augment Capital, LLC provide legal or tax advice; consult your attorney or tax professional regarding your specific situation. For additional information, please refer to Augment Advisors, LLC's Form ADV Part 2A (Firm Brochure) and FINRA BrokerCheck.
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