- Auxilius recently announced that it has raised $10 million in funding. These are the details.
Auxilius, a company that simplifies and streamlines the financial management of clinical trials for biotech companies, announced that it raised $10 million in Series A funding. This funding round was led by Renegade Partners with participation previous investors Bain Capital Ventures and XYZ Venture Capital, as well as a number of leading angel investors including Andy Palmer (Koa Labs), Chase Gilbert (Built Technologies) and Sam Whitaker (Greenphire). Roseanne Wincek of Renegade Partners joins the board.
Over the past decade, 2 distinct trends have shaped drug development. For example, a noticeable shift in where innovation takes place – with more than 80% of registered clinical trials now sponsored by emerging biopharmaceutical companies, up from 55% in 2009. And second, clinical operations are increasingly more outsourced to external vendors, including clinical research organizations. (CRO) and a growing set of functional and decentralized service providers. The result is an evolving – and growing – underground industry that emerging biopharmaceutical companies are ill-equipped to manage operationally.
As biotech companies move from the lab to the clinic to the IPO, drug development is no longer just a matter of science. And almost a quarter of phase 3 trials fail because of a lack of funding, not because of the safety or effectiveness of the treatment. For clinical trial sponsors managing on a step-by-step basis, operational rigor and expense management are key to extending the company’s track and helping clinical teams achieve clinical results.
The Auxilius SaaS platform unifies disparate clinical, contract, and financial data to enable companies to streamline key FP&A and accounting workflows, hold outsourced vendors accountable for change, and build processes that support audit, compliance and reporting requirements. And the platform was designed to meet the needs and pace of growth of emerging, scalable and mature biotech companies – delivering the same financial and operational rigor that would exist at a top 10 pharma company for less than the cost of a full-time employee.
Since its launch late last year, Auxilius has been in the pilot phase with clinical trial sponsors managing 15 preclinical programs through Phase 3, 45 separate vendors and nearly $100 million in capital expenditures. test. And the company expects the solution to be rolled out to 25 customers by the end of the year.
“We have all learned how essential biotechnologies are to the well-being of our communities. And yet they have been largely forgotten by technology, lacking the basic financial tools to operate at scale. Auxilius powers critical financial processes and workflows, enabling clinical organizations to focus on science that saves lives.
— Ross Fubini, Founder and Managing Partner of XYZ Venture Capital
“Auxilius empowers biopharmaceutical company finance managers to make sound business decisions so they can support the important work of their colleagues in clinical development. We provide a powerful set of tools that allow companies to exponentially oversee all moving parts – contract terms, change orders, clinical milestones and financial complexities – to keep trial budgets on track.
“It’s tempting to believe that clinical R&D is inherently unpredictable and, given the stakes, that costs don’t matter. The reality is that costs matter and play a vital role in determining whether a therapy is ultimately successful. Looking to the future, we are committed to reducing financial risk and disseminating financial intelligence at every stage of the drug development lifecycle. We fundamentally believe that combining financial rigor with cutting-edge science will ultimately make more life-saving therapies available, at affordable costs.
— Adam Weisman, co-founder and CEO of Auxilius
“This industry is full of clinical tools and industry-neutral FP&A software, but the bulk of clinical R&D spending has always been managed manually in spreadsheets. Auxilius was specifically designed for companies like ours to manage clinical complexity, maintain alignment between clinical and financial stakeholders throughout change, and adapt to the evolution of our organization.
— Adam Mostafa, CFO of X4 Pharma
“The benefit of the Auxilius platform is immediately apparent to biotech companies who now drive the majority of drug research and development. Auxilius could be the difference between bringing a cure for a disease to market and watching it languish in a laboratory.
—Roseanne Wincek, co-founder and managing director of Renegade Partners