ePatientFinder has raised $2.58 million in a Series A round led by its first institutional investor, Parsons & Whittemore, according to a company statement. The financing comes during a period of major growth for the company and as it prepares to add more staff and move beyond supporting trials for major chronic conditions in adults to new, more complex areas for the business like cancer immunotherapy and pediatrics.
In an interview with CEO Tom Dorsett, he talked about the Austin, Texas-based company’s unique position with a management team steeped in the worlds of electronic medical record providers and life science companies. Unlike competitors, it works directly with physicians and health systems.
The company’s approach involves scanning through structured data in electronic medical records and information provided by patients to identify appropriate candidates for clinical trials. It also notifies physicians of advanced treatment options through these clinical trials available in their area and relevant to their specific patient base. It offers the treatment details in a clear and consistent format. Dorsett notes that its technology can function with different EMR providers.
“We have the advantage of having a data scientist team with trial protocol experience and EMR experience. You can look at protocols and translate them. That varies a lot depending on the provider.”
He added that the company’s success with life sciences companies has created a need to add more staff to support more customers. It currently has 17 but said that will double to 34 by the end of the next quarter. Dorsett said it expects to grow to 50 by the end of the year. It is also raising a second round of financing — which it expects to close at the end of the first half to support an expanded workforce. It will also use the funds to grow its provider network.
Although there are several companies trying to reduce the time it takes to recruit patients for clinical trials — which is regarded as one of the biggest sources of delays for clinical trials — Dorsett said online services “catch a very small percentage of patients. Because we have been doing this for so long, some of these online companies are beginning to approach us.” It also collaborated with contract research organizations, many of which have developed their own approach to recruitment.
