Lokavant Emerges from Roivant Sciences with Multiple Industry Partnerships to Accelerate Impact on Clinical Research
04 April 2023 - 9:37PM
Business Wire
Clinical trial intelligence platform hits key
commercial milestones, expands leadership team
Lokavant, the clinical trial intelligence platform company, has
achieved significant business milestones within three months of the
company’s $21 million Series A funding announcement, including new
customer growth and leadership hires. The venture has also formally
launched from parent company Roivant Sciences (Nasdaq: ROIV), which
develops transformative medicines and technologies by building
subsidiary companies called “Vants.” As one of Roivant’s most
promising health technology startups, Lokavant was incubated in
2020 with the mission to make clinical trials smarter and prevent
avoidable operational issues, accelerating drug development.
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Lokavant emerges from Roivant Sciences to
Accelerate Impact on Clinical Research (Graphic: Business Wire)
Through incubation within Roivant Health, Lokavant identified a
broader market opportunity to solve a longstanding problem in
clinical trials for sponsors and contract research organizations
(CROs). In 2020, the company entered its first multi-year
enterprise license agreement with top-10 CRO Parexel. “The ability
to continuously innovate is central to clinical development,” said
Peyton Howell, Parexel Chief Operating & Growth Officer.
“Through our collaboration with Lokavant, Parexel is able to
leverage the latest technology to manage the complexities of
clinical trials, improve clinical trial execution, and accelerate
the delivery of new therapies to patients.”
The number of data sources involved in clinical trials is
staggering. According to Tufts CSDD, clinical trial teams use at
least six different sources in a single trial and produce upwards
of 3.6 million data points, increasing the operational complexity
of each trial. Lokavant’s platform unifies data in real time across
all trial functions to power a machine-learning engine that
anticipates clinical trial events and their impact on trial
execution. The platform delivers deep analytical insights, clear
data visualizations and immediate alerts to sponsors and CROs to
enable decisive action and prevent trial derailment.
“Trials generate exponentially more data from twice as many
sources than just a few years ago, but our tools have not matured
to manage them,” said Craig Lipset, founder of Clinical Innovation
Partners and member of Lokavant’s advisory board. “This costs the
industry in resources and time, but more importantly impacts
patients who are waiting for breakthroughs for their unmet medical
needs. Now is the time for sponsors and CROs to fully leverage
advanced analytics to detect quality issues earlier and improve
trial performance.”
With successful deployment across a large number of trials,
Lokavant is now branching out and positioned for rapid growth,
recently achieving the following milestones:
- Customer Growth – Lokavant has increased its customer
base of sponsors and CROs by 3x year-over-year since its founding.
“As a CRO, we don’t usually have access to all of the trial data to
see a complete picture, but Lokavant empowers our team with a
real-time view of the data,” explained Shuji Ozawa, head of the
clinical operation promotion division at CMIC Group Co., Ltd,
Japan’s largest CRO. “This is a big advantage for our customers,
helping us pivot quickly to meet study timelines.”
- Product Development – Leveraging a proprietary data
asset of over 2,000 trials, Lokavant’s platform and analytical
applications increase the accuracy and efficiency of trial planning
and execution. It provides a single source of truth for all trial
teams and delivers real-time, predictive analytics, resulting in a
70x improvement in enrollment forecast accuracy, over $1 million in
cost savings from patient retention and six months' time savings
from detecting site noncompliance issues, on a per trial
basis.
- Strategic New Hires – Lokavant has 53% year-over-year
employee growth, most recently hiring Andrew (AJ) Mills as
executive vice president of sales; Doug Weatherhead as vice
president of marketing; and Meredith Dees as vice president of
product.
- Series A Funding – Lokavant raised $21 million in
December 2022, led by Edison Partners. This funding round was
concluded on the back of triple-digit growth in 2022, as
pharmaceutical companies and their CRO partners seek novel ways of
expediting successful therapeutics development in a challenging
economic environment.
“Incubated and battle-tested within a large tech-enabled
biopharmaceutical company, we learned from and iteratively
addressed the challenges of planning and executing specialized
global clinical trials,” said Lokavant CEO and co-founder, Rohit
Nambisan. “Our intelligence platform is proven, built on a trusted
and growing proprietary database of clinical research data from
more than 2,000 trials. Smarter trials are how we will transform
global drug development and expedite the delivery of therapies to
patients.”
In other news today, Lokavant announces strategic new hires
across sales, marketing and product development.
About Lokavant
Lokavant provides clinical trial teams with an intelligence
platform that improves the time, cost and quality of trial planning
and execution through data-driven analytics applications.
Lokavant's platform aggregates and integrates real-time data from
disparate trial data sources, and powers advanced analytics enabled
by its compendium of proprietary trial data. The suite of
applications built on the platform allows study teams to
proactively manage their studies and surface insights, driving
efficiencies in all scientific and operational use cases. Email
contact@lokavant.com to learn more or visit www.lokavant.com.
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Media Contacts: Lisa Barbadora, Big Valley Marketing for
Lokavant +1 (610) 420-3413 lbarbadora@bigvalley.co /
lbarbadora@barbadoraink.com
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