A clinical trials software startup in Cary, North Carolina, is in the midst of developing its prototype and plans a $3 million fund-raise early next year.
RedOak Logic is creating digital clinical trials software but with a dimension of intelligence that can, among other things, pinpoint anomalies in trial subjects down to the genetic level, and contrast large amounts of trial data from virtually any type of public data. “We even threw in the Dow Jones Industrial Average” in one test, company founder Dale Fedewa said.
The company recently raised $250,000 in seed capital to use toward salaries and complete its prototype. Fedewa said he’ll begin meeting in January with investors for a $3 million round that would be used to build the platform, gather and ingest public data needed to analyze trials and begin business development. They could begin generating revenue next year, Fedewa said.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
He said the company’s system would help cut the costs of clinical trials and deliver deeper, more insightful results once the process is complete. It would eliminate disease variables in studies, better manage the “human element” in the design trials and increase regulatory approval, among other things. Fedewa said he hasn’t seen the pharmaceutical industry yet come to grips with how to manage the immense amount of public and proprietary data available to help interpret trial results.
“I don’t see the industry moving that way,” Fedewa said. “I see it starting to scratch its head and ask, ‘ How do we do this?’ That’s where we’ll step in and say, ‘This is how you do it.’ ”
The RedOak system relies on a technology from Saffron Technology, which is also based in Cary. Fedewa’s company has also partnered with NeuroCog Trials, a clinical trials company based in Durham, for at least one project.
