Clinithink Secures Growth-Equity Investment to Fuel Growth
Product News Feb 25, 2019
Clinithink, which offers healthcare and life sciences organizations powerful clinical data insights through its patented CLiX natural language processing (NLP) platform, has secured a growth-equity investment from TT Capital Partners (TTCP) and the MSD Global Health Innovation Fund (GHI) to expand its global footprint and continue to broaden its service offering.
Clinithink CEO, Dr Chris Tackaberry said: “We are delighted to have been able to close this latest round of funding with TTCP and MSD GHI. Not only because it enables us to expedite our growth but, strategically, we now have two further partners whose business is all about innovation.”
Narrative clinical patient data is a valuable asset in healthcare that has historically been inaccessible due to its lack of structure and the reliance on structured data and key word searches to interpret and understand this information. Clinithink’s CLiX technology uses market-leading artificial intelligence (AI) technology to accurately ‘read’ and interpret up to two million clinical documents an hour, impacting patient care across the healthcare continuum:
Precision medicine: Evidence suggests that phenotype is at least as important as genotype in diagnosis and the development of new treatments. Clinithink compares a patient’s extracted phenotype with over 12,000 phenotypes and over 15,000 synonyms describing the characteristics of thousands of rare diseases. Recently, Clinithink was part of a collaboration which achieved a GUINNESS WORLD RECORDS™ title for the fastest genetic diagnosis. The project successfully compressed the time needed to diagnose rare genetic disorders in newborns through DNA sequencing and phenotype analysis to 19.5 hours in a seamless end-to-end process. Clinithink participated in this exciting project with Rady Children’s Institute of Genomic Medicine (RCIGM), San Diego, California and its partners. This work also received a RARE Champion of Hope award from Global Genes® recognizing the contribution to rare disease diagnosis.
Patient matching for clinical trials and Real World Evidence (RWE) studies: An estimated 85% of all clinical trials will experience delays, with 94% being delayed by over a month. The financial impact can be massive, costing between $600,000 – $8 million every day. Many delays are caused because sites struggle to find and recruit patients. Clinithink automates the review of a hospital’s clinical notes and connects physicians and patients with clinical trials. Clinithink also helps leading biopharma and contract research organizations (CROs) with site selection and protocol optimization in order to accelerate drug development and get promising new therapies to patients by leveraging its solution to support real world data analysis.
Revenue cycle management (RCM): RCM is estimated to be a $90 billion market by 2022, representing the growing importance of capabilities that help optimize the healthcare system. Clinithink provides revenue cycle management capabilities to help hospitals and health systems review clinical documents to verify the appropriateness of diagnostic tests and treatments, while ensuring appropriate reimbursement.
“Clinithink has a proven track record of turning data and information into actionable insight for its biopharma and healthcare provider customers,” said Conor Green, Partner at TT Capital Partners. “We look forward to collaborating with Clinithink’s world-class team as they continue to improve the lives of patients around the world.”
“The ability to capture meaningful information from narrative clinical data across the healthcare spectrum is critical to driving innovation.” added Prem Tumkosit, Investment Principal at MSD Global Health Innovation Fund LLC, “We believe these capabilities have the potential to make a major contribution to changing the way healthcare is delivered.”