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The cost to develop a drug and the complexity of clinical trials has increased over the years. And as more biotech startups launch, many lack the resources to keep track of their spending, Adam Weisman, CEO and co-founder of startup Auxilius, told Endpoints News.
To fix that, Auxilius has raised another $10 million to help biotechs manage their clinical trial finances and expand into serving larger pharma companies.
The Series A-1 round was led by SignalFire, with participation from venture firms XYZ, Renegade Partners, CP Overture, and angel investors. It follows the startup’s $10 million Series A round announced in 2022 and brings its total funding to $22 million.
Conducting a clinical trial is a group effort that involves many parties, from labs to companies that recruit patients and organize logistics. Auxilius’ financial analysis and accounting platform pulls data out of contracts with these parties, and organizes it to help customers easily determine where money is owed and if spending is within budget. Auxilius said it manages more than $2 billion dollars of spend for around 50 customers.
The startup’s plan is to use the new funding to scale up its platform to build an enterprise product for the biggest pharma companies. It’s piloting a solution with three of the top 25 largest pharma companies, Weisman said.