Aetion announces $36 million in Series B funding to accelerate its platform for the analysis of real-world evidence to biopharma companies and payers
Company’s technology helps those developing and purchasing medicines to uncover what works best – saving lives and money
NEW YORK, April 11, 2018 /PRNewswire/ -- Aetion, the software platform company delivering the real-world analytics and evidence needed for biopharma and payers to engage in value-based care, announced it has raised $36.4 million in Series B funding. The round was led by New Enterprise Associates (NEA) and included, as a new investor, Amgen Ventures, alongside existing investors Flare Capital Partners, Lakestar, and Oxeon Ventures. Mohamad Makhzoumi of NEA will join the Aetion board of directors.
With this funding, Aetion has raised a total of $50 million. These funds will be used to meet growing demand for its unique software platform, and to advance the global adoption of real-world evidence for medical treatment approvals and access, and for outcomes-based contracting.
"As the health care system moves to value-based care, it's imperative to understand which medications and treatments deliver the best results," said Carolyn Magill, chief executive officer of Aetion. "By using our patented rapid-cycle analytics technology, Aetion's customers are able to analyze real-world evidence to identify, for example, which drugs work best, for whom, and when. These insights lead to lower costs and better outcomes."
The 2016 passage of the bipartisan 21st Century Cures Act ushered in a new era of assessing novel therapies through the use of real-world evidence. The Aetion Evidence Platform is the leading software solution for using this data to evaluate the safety, effectiveness, and value of medications. It employs a longitudinal view, shedding light on the clinical pathways that can bring about the best outcome for patients. Biopharma companies can use the Aetion platform to demonstrate to payers and regulators which medications will best serve their populations – supporting care access and appropriateness. For payers, Aetion provides the ability to identify therapies that are both clinically effective and cost-effective – enabling formulary and plan design that boost patient outcomes and curb premium hikes.
"We chose the Aetion Evidence Platform® because, given the visibility and unprecedented scale of our work, we needed an extensively validated, highly efficient and transparent analytics solution with the flexibility to implement a wide range of real-world data analytics," says Shirley Wang, Ph.D., director of the Harvard REPEAT Initiative and principal investigator of an international task force on Transparency and Validity in Real-World Data Analytics.
"Amgen recognizes the tremendous value of using real-world evidence to deliver innovative medicines to patients and physicians," said Elliott Levy, senior vice president of research and development at Amgen. "Using Aetion's Evidence Platform helps us inform our development efforts and improve our understanding of real-world practice patterns to ultimately enhance patient care."
With this funding, Aetion plans to further build out its platform to support specific complex therapeutic areas. In addition, Aetion will expand its team of biopharma and pharmacy benefit design experts.
"The key for all stakeholders in health care is figuring out how to get the most value out of every treatment," said Mohamad Makhzoumi, general partner and head of health care services and health care information technology investing at NEA. "Aetion's unique, science-driven analyses drive business decisions that deliver significant return on investment for a wide range of health care players. We're thrilled to partner with Aetion on their next phase of growth."
"We're excited for Aetion's commercial success to date and the experienced team led by Carolyn Magill, who brings perspective from her time at UnitedHealth, Evolent, and Remedy Partners," said Bill Geary, co-founder and general partner of Flare Capital Partners. "Aetion serves a broad array of leading health care organizations. This significant financing round will further accelerate the company's expansion, and in turn, the reach and results of its rapidly growing roster of clients."
Based in New York City, Aetion is a leading health care technology company that delivers the real-world analytics and evidence needed for pharmaceutical developers and purchasers to thrive in value-based care. With its patented rapid-cycle analytics™ technology, the platform uses the everyday clinical and financial interactions of the health care system to unlock essential evidence about the effectiveness and value of medical treatments. Founded by Harvard Medical School faculty members and a big data pioneer, Aetion enables biopharma companies and payers to collaborate in real-time to develop therapeutic insights so that patients get the most clinically effective – and cost-effective – care. Learn more at www.aetion.com.