A Duke University spin-out that aims to accelerate clinical research has landed a $5 million raise.
The Series A round will support the next phase of growth for Clinetic, a Durham-based technology company that uses its software platform to help health systems and life sciences companies conduct clinical research more efficiently.
Clinetic formed in 2020 with a focus on leveraging the vast amount of information available through electronic health record data to support clinical research.
"There’s a great opportunity to help health systems leverage the potential of all of this data being stored in (electronic health record) systems," said Clinetic CEO Tom Kaminski, who previously led corporate strategy at Labcorp.
Clinetic's platform enables researchers to complete multisite real-world data studies by surfacing insights from the data that the company accesses. Real-world data refers to information that's collected from various sources, like electronic health records, that's related to patient health or the delivery of health care. This, for instance, includes data collected from daily physician encounters with patients.
In addition to these real-world data studies, Clinetic's technology pulls information from electronic health records that helps health systems identify and recruit patients for clinical trials, which can be one of the most difficult and time-consuming parts of the clinical research process.
Since its formation, Clinetic has focused on building its platform and growing its network of health care systems, which includes 12 systems that represent more than 70 hospitals and 2,500 health care locations across 14 states. The company has established an office on Davis Drive in Durham and has grown to 18 employees, with plans to bring on more workers.
With this Series A raise, the company will continue expanding its work with health systems, while also focusing on collaborations with life sciences companies, Kaminski said. Clinetic is working with large pharma companies and smaller biotechs that see the value proposition through both its real-world data and patient recruitment offerings.
Venture capital firm Sopris Capital led the raise, which gives Clinetic between 18 months to two years of runway. Prior to this raise, the company pulled together a seed round in January 2021, which totaled more than $6 million, according to a filing with the U.S. Securities and Exchange Commission.
In the long term, Kaminski sees a runway for Clinetic to grow as an independent company, but he also sees opportunities in how this technology could be useful within a larger organization that helps Clinetic scale.
"How do you leverage the potential of the (electronic health record) data and add value around how clinical research is performed?" Kaminski said. "That's ultimately the mission and vision."
