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AllStripes, a start-up focused on accelerating clinical research and development of rare disease interventions through its technology platform, has raised $50 million in series B financing. The company said the funding will be used to support the launch of 100 new rare disease research programmes, as well as expand its supporting platform.
The technology platform comprises data processing and analytics software, plus an app that allows patients and families to securely participate in treatment research online and benefit from their own medical data. Biopharmaceutical companies, including Novartis and UCB, are also primary customers of AllStripes' platform.
"Beginning research on a rare condition can feel like being dropped into a new world without a map and we are on a mission to change that with data," remarked Nancy Yu, CEO and co-founder of AllStripes. The company noted that the latest funding will also be used to expand its global operational footprint, as well as for technology and data automation enhancements to improve research insights.
"There are more than 7000 rare diseases and only 5% have treatments," explained James Wilson, director of the Orphan Disease Center at the University of Pennsylvania. "By working with AllStripes, we hope to improve the number of treatments available by accelerating research for rare diseases," Wilson added.
This latest fundraise comes a year after the company raised $14 million in a Series A round. To date, investors in AllStripes include Lux Capital, Spark Capital, Jazz Venture Partners, Medidata Solutions, McKesson Ventures, Maveron, as well as individual investors from various life sciences and health tech companies and patient foundations.
For related analysis, see One To Watch: AllStripes to rev up rare disease R&D with one-of-a-kind offering.
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