Faro Announces $18.3M in Seed and Series A Funding
Faro Health Inc. Announces $18.3M in Seed and Series A Funding to Digitize Clinical Development to Transform Clinical Protocol Design
Faro, the clinical protocol solutions company, announces the closing of a $15 million Series A financing, led by Section 32, with additional participation from Northpond Ventures, Polaris Partners and Zetta Ventures, to accelerate its go-to-market efforts. Faro’s cloud platform helps teams collaboratively design clinical protocols that balance the scientific needs of complex clinical development with the key drivers of performance, feasibility and patient centricity.
“Faro’s platform empowers the design of more intelligent clinical trials that master the operational complexities inherent in modern trial designs, are more patient centric in their approach, and reach milestones faster,” states Scott Chetham, Ph.D., co-founder and CEO of Faro. “Finding investment partners like Section 32 has been a key success factor for us at Faro. Section 32 has expertise in the complexities of clinical trials and is a terrific partner to have alongside us as we drive the digital transformation of clinical development.”
The Problem of Rising Protocol Design Complexity
High and rising protocol design complexity is the inevitable consequence of biopharmaceutical companies pursuing more ambitious clinical development programs. Increasing investments in rare disease, immuno-oncology and efforts to stratify patient subgroups, the use of genetic data or biomarkers, increasing use of structured and unstructured patient data from multiple sources; are all continuing to drive more complex clinical trials. The mean number of patient procedures performed during a phase II or III trial is now 263 supporting a mean of 21 and 19 total endpoints respectively. Given the inverse relationship between complexity and every metric of clinical trial performance, new tools – many that have been introduced during the coronavirus pandemic- are required to drive development speed, efficiency, and quality.
The Faro Solution
Faro’s cloud platform addresses the operational problems and delays caused by the traditional word processing and spreadsheet driven method of clinical protocol development. Software assisted design of the Schedule of Activities powered by standardized study activities and relevant metadata provides real time actionable insights into critical performance and quality metrics during the clinical protocol development process. This ensures teams can collaboratively make informed decisions about the impact of every study activity and its associated measurement. Protocol optimization algorithms provide Intuitive recommendations to assist teams to adopt modern decentralized approaches. With visualizations of the patient journey always available, teams can focus on developing protocols that are more inclusive and patient centric in their design.
About Faro
Faro redefines how clinical protocols are developed by connecting all the stakeholders in the clinical trials ecosystem, including sponsor and CRO ClinOps teams, research sites, vendors, patients, and laboratories through a single software platform. The Faro platform provides a best in class standardized library of study activities that has been augmented with performance related metadata to provide intuitive insights during protocol development. Faro brings transparency, trust and predictability to protocol development through detailed analysis of the impact of each study activity, ensuring teams have the optimum protocol design for operationally complex trials. As a result, clinical protocols developed using Faro’s platform are operationally efficient answering the right questions in the least burdensome way for patients, payers and regulators.
Sponsors, CROs, and researchers can learn more by visiting www.farohealth.com and requesting a consultation with a Faro solutions expert.