" class="no-js "lang="en-US"> Trial Library Emerges Out of Stealth with $5 Million in Seed Funding, Led by Lux Capital - Medtech Alert
Monday, June 17, 2024

Trial Library Emerges Out of Stealth with $5 Million in Seed Funding, Led by Lux Capital

Trial Library, Inc., an oncology clinical trials company, today announced it has come out of stealth mode and received its first funding to address the need for equity in patient recruitment to oncology clinical trials. The $5 million seed round was led by Deena Shakir, Partner at Lux Capital, with participation from Julian Eison, Managing Partner at NEXT VENTŪRES, Unseen Capital, as well as other notable angel investors. This investment supports the growing need for more inclusivity in oncology clinical trials, and will expand the usage of the Trial Library platform among community oncologists who are patients’ trusted sources for advice on clinical trials.

After a decade of researching inequities in clinical trials with a team of veteran researchers and best-in-class physicians in cancer digital health, Trial Library CEO and founder Dr. Hala Borno, a University of California, San Francisco (UCSF) oncologist and experienced health equity researcher, introduced a new, tech-enabled approach that prioritizes the need for diverse and underrepresented patient groups. While advancements in personalized oncology therapeutics continue to produce astounding results, not all patients are afforded the opportunity to receive the latest therapies available. Along with co-founder and Chief Product Officer Steve Buck, former vice president and general manager at Ro Pharmacy and an accomplished healthcare entrepreneur who co-founded cancersurvivalrates.com and RxDividends (a company sold to GoodRx that he joined as a co-founder), the two have built Trial Library’s virtual care navigation platform with 24/7 delivery. As a result, patients who decide to participate in a clinical trial will be supported throughout their journey to a clinical trial site.

“The lack of equity in access is a huge barrier that needs to be solved,” said Trial Library CEO and founder Dr. Hala Borno. “As a society, we’ve invested so much into exciting new biotech therapies and we’re optimistic that many of these personalized treatments will extend patients’ lives. However, there are still many obstacles that exist, and we aim to combat the barriers experienced by all participants in our research ecosystem – the patients, providers and researchers.”

“The flow of a more diverse set of patients in trials is an important and measurable outcome that will only come if community oncologists are motivated to participate,” said co-founder and Chief Product Officer Steve Buck. “About half of all patients undergoing treatment for cancer rely upon a community oncologist for advice on next steps. If these clinicians are not actively exploring nearby trial opportunities, there’s little chance a patient will find out about a trial or go to one on their own. We need to promote engagement with community providers through a combination of better technology and reimbursement opportunities. Trial Library will be the go to for community providers that have been overlooked to date.”

Research indicates that 90% of patients and physicians do not participate in oncology clinical trials.1 Trial inclusion and exclusion criteria have become more complex for oncology practices attempting to screen for eligible patients. As a result, participation in trials, especially among community oncology practices, has fallen far down on the list of priorities for oncologists treating patients. A net outcome is that racial and ethnic minorities and women are far less likely to be offered and recruited into clinical trials compared to non-Hispanic white men.2

“There is a renewed need and desire from the major stakeholders in healthcare to start facilitating more inclusive clinical trials, especially as it relates to cancer precision medicine, in order to achieve broader health equity goals,” said Deena Shakir, Partner at Lux Capital. “Trial Library’s deep understanding of this complex space has enabled them to align on incentives and stakeholders, and build a platform that patients, providers and researchers can trust. For years, Dr. Borno has been my go-to diligence call for all things precision medicine, and I couldn’t be more excited to back her and Steve in their effort to take this vision to market.”

“Growing up, many of my family members lost hard-fought battles to cancer. It brings joy to my heart to know that we can look to technology, community support, and research to be our superpowers in defeating health inequities and improving clinical outcomes,” said Julian Eison, Managing Partner at NEXT VENTŪRES. “We fundamentally believe that Trial Library’s strategy of enabling physicians to provide contextually relevant awareness and enrollment pathways is novel and promising. It’s been an honor to partner with Dr. Borno and Steve, as their combined experiences represent hope and promise in an industry chock-full of competition.”

“The lack of representation in clinical trials has had significant ramifications on the design and outcome of oncology treatments,” said Dr. Ivor Horn, an advisor to Unseen Capital. “Trial Library has an incredible potential to tackle the systemic barriers underrepresented individuals face in accessing clinicals trials.”

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