PhaseV, a company specializing in causal machine learning (ML) technology for optimizing clinical trial design and analysis, has recently secured $15 million in funding. The investment round was led by Viola Ventures and Exor Ventures, with participation from LionBird and a group of prominent angel investors.
Addressing the Costly Drug Development Challenge
According to a recent study by Deloitte, the average cost of developing a new drug in 2022 was approximately $2.3 billion, with an average deployment time of 7.1 years. Unfortunately, the majority of drug candidates do not successfully navigate clinical trials, even when the underlying biology is sound. PhaseV’s platform offers clinical development teams advanced tools for retrospective analysis and optimal study design. Additionally, it allows for real-time adaptations throughout the trial.
Meet the Innovators
PhaseV was co-founded by Elad Berkman and Dr. Raviv Pryluk. Both have extensive experience in leading tech companies and implementing advanced machine learning, causal inference, and software development at scale. Dr. Dan Goldstaub, a former manager of clinical trials at Teva and MSD, serves as a scientific co-founder.
The Power of Causal Machine Learning
“Our platform excels at uncovering hidden signals in clinical and real-world data, enabling us to analyze a multitude of covariates using causal-ML to evaluate the most advantageous next steps and decisions in the clinical development process,” explained Dr. Raviv Pryluk, CEO and co-founder of PhaseV. He added, “This investment provides us with the resources to further advance our platform and expand our reach to additional pharma, CRO, and biotech companies in Europe and the U.S., bringing new needed treatments to patients.”
A Message of Resilience
In the face of recent challenges in Israel, Dr. Pryluk emphasized their commitment to improving drug development. “We founded PhaseV to change the world for the better and to help with one of the most significant challenges of drug development – the clinical trial phase,” he stated. “We believe that our solution will help bring new medications and treatments to patients who need them all over the world. We must fight the darkness, but we also must spread light. We choose to continue spreading light in the world. This is our strength.”
Advancing Clinical Trials with AI
PhaseV offers two primary service lines for AI-driven clinical trial optimization. The first involves assessing the potential impact of adaptive trial design on proposed studies, followed by optimal design and execution. The second focuses on retrospective analysis, uncovering hidden signals in clinical trial data, and reevaluating endpoints and subpopulations to redefine the trial’s outcome.
In summary, PhaseV’s recent funding round of $15 million will empower the company to continue its mission of transforming clinical trials through causal machine learning technology, potentially leading to more effective and efficient drug development processes.
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