RDMD Raises $14 million in Series A Financing
April 16, 2020
RDMD, a healthcare technology company working
to accelerating treatments for patients with rare diseases by generating
FDA-ready evidence to accelerate drug development, said it completed a $14 million in a series A financing.
Spark Capital led the round, which included participation from existing seed investors Lux Capital, Village Global, and Garuda Ventures, and new investor Maveron Capital.
In addition, angel investors representing a diverse group of executives from various healthcare technology, biopharmaceutical, and technology companies, as well as patient foundations, participated in the round.
RDMD said the financing will be used to expand to an additional 20 rare diseases from 12 in which it is working. It said it will launch research studies into each of those conditions to provide a better understanding into the natural progression of each disease and allow for the design of better clinical trials.
In addition, the company will use the proceeds to expands its collaborative partnerships with patient organizations and academic consortiums, grow its commercial partnerships, and expand staff.
In conjunction with the financing, Nabeel Hyatt, general partner at Spark Capital, joined the company’s board of directors. At Spark, Hyatt focuses on early-stage investments.
“Since our $3 million seed funding and founding in 2018, RDMD has been committed to empowering patients with rare diseases by driving access to their own medical data and providing an easy way to directly impact future drug development for their conditions,” said Nancy Yu, co-founder and CEO of RDMD. “Today, we are the only patient-centered, regulatory-grade, real world evidence platform focused on the unique and growing challenges in rare disease drug development. The traditional model just isn’t cutting it for rare disease communities, and we aim to redefine the model.”
RDMD also announced that it had entered into a partnership with UCB for up to five years to enable research in progressive supranuclear palsy (PSP), a rare neurodegenerative disease. UCB will leverage RDMD’s platform of real-world evidence to advance UCB’s drug discovery and development efforts in PSP. Terms of the partnership were not disclosed.
RDMD is now partnering with patient advocacy organizations and physician consortiums across 12 conditions, including the Children’s Tumor Foundation, Cure GM1 Foundation, Cure IBM, Cure Sanfilippo Foundation, International Foundation for CDKL5 Research, Myositis Support and Understanding Association, National Tay-Sachs & Allied Diseases Association, NF2 Biosolutions and the PSP & CBD Foundation.
Author: Rare Daily Staff
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