On November 3, 2020 Massive Bio, Inc., a leader in precision medicine and artificial intelligence (AI) enabled patient centric clinical trial enrollment, reported a $2.6 million round of funding led by Revo Capital with additional participation from Cavendish Impact Foundation (CIF), through their donor advised fund at ImpactAssets (Press release, Massive Bio, NOV 3, 2020, View Source [SID1234569774]). The investment brings Massive Bio’s total funding since launch to $6.6 million and will enable the biotechnology company to scale to meet the demand in the U.S. and overseas for its oncology clinical trial recruitment platform solutions. The financing round builds on an exceptional year for Massive Bio which saw a rapidly growing roster of clients across the pharmaceutical company and contract research organization (CRO) industry globally, and exponential demand which was further accelerated by COVID-19.
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Massive Bio Co-founder and CEO Selin Kurnaz stated, "Since our foundation in 2015, Massive Bio has experienced impressive growth, relying mostly on revenue generated by customer demand to fuel its growth. However, due to an additional layer of growth at rapid pace that we have been experiencing in 2020, we have partnered with very hard working and passionate investors, Revo Capital and CIF, to execute our vision even more rapidly and broadly. I could not be prouder of our team and success, and this is our time to expand globally." Massive Bio has focused on improving patient enrollment for oncology clinical trials since the company was founded in 2015. Approximately 3%-5% of cancer patients participate in clinical trials and enrollment rates have decreased further since the COVID-19 pandemic. Dr. Kurnaz added, "As an industry we are just scratching the surface of how powerful digital health technology and value-added services can be when combined with the massive scale offered by the global research portfolio ecosystem".
"Amid the COVID-19 pandemic and beyond, the clinical trial industry needs a digital health technology solution to assist in study enrollment now more than ever," said Cenk Bayrakdar, Revo Capital’s Managing Director. "Massive Bio has a unique solution that was purpose-built to address the challenges associated with clinical trial recruitment challenges, which aligned with their patient-centric approach makes it a powerful solution for the industry, and we are excited to collaborate with and support them as they work to transform their ideas into a world-changing company."
"At CIF, we are committed to being long-term partners and supporters of the companies in which we invest. We have been impressed with Massive Bio because of their innovative approach to a significant problem in cancer care equality – helping to enroll as many patients as possible in clinical trials, which can potentially be life saving for patients who may have few other options," said Rachel Butler, President and Board Co-Chair of the Cavendish Impact Foundation. "Selin and the Massive Bio team have built an impressive business and expansive list of clients, and we look forward to supporting the team as they build the company into the premier global oncology trial recruitment platform."