Reify Health raises $220M Series D to bridge the Diversity Gap

Reify Health, the leading provider of solutions to support clinical trial ecosystems, announced today a $220M Series C round. It was co-led by Altimeter Capital Coatue you are joined by Dragoneer Investment Group existing investors ICONIQ Growth, Adams street and Battery Ventures. This round of funding, which brings the company’s valuation to over $4.8 billion, was secured to accelerate the company’s efforts to improve diversity and representation in clinical trial participation.

Some minority communities were underrepresented in clinical trials. This presents a major health equity problem. Different races and ethnicities may have different treatment options. These differences should be understood first in a controlled setting such as a clinical study, and then in daily healthcare after the medicine has been made public. In recent years, key stakeholders such as the FDA, biopharmaceutical firms, medical research institutes, and non-profit organisations have made efforts to increase diversity within clinical trial participation. But, significant progress has not been made.

“As we looked at what needs to be done to bring representation and inclusion to clinical trials, we reached two conclusions,” Ralph Passarella is the CEO of Reify Health. “First, while we all want a quick solution, this is a complex, multi-layered problem that will require significant resource commitments over the next decade to achieve meaningful, long-lasting improvements. We recognized that our two businesses, Care Access, and StudyTeam, are uniquely placed to make an impact on the problem. We see what needs to be done and have a way to contribute, so we have the responsibility to act.”

Reify Health launched this initiative to contribute to the effort. BRIDGE (Bringing Representation, Inclusion, and Diversity to Global Enrollment), an initiative aimed at devoting the company’s capabilities in partnership with like-minded organizations to achieve two primary objectives:

  1. Develop a solid understanding of the barriers that underrepresented minorities face when participating in clinical trials.
  2. Provide solutions that overcome these obstacles so that clinical trials can better represent the patient populations they are trying to treat.

Reify, along with its partners, will take BRIDGE as a means to make specific commitments to reach certain goals over the next ten years.

“Our announcement today about capital investment and long-term commitment speaks to the size of the challenge ahead to make clinical trials more representative,” Michael Lin, Executive Chairman of Reify Health. “When we celebrated the ten-year anniversary of our company in March of 2022, the message to our team and partners was: ‘The last ten years have been about building a foundation, and the next ten years are about making an impact at scale.’ BRIDGE represents the magnitude of impact we aim to make in life sciences in our next decade.”

Reify Health, through Care Access and StudyTeam, has already started to work in this direction. StudyTeam, for example, recently added its enrollment management platform. Diversity Reporting capability so research sponsors can measure and understand the gaps in their enrollment strategy and take immediate action to help increase representation where needed. Care Access is expanding its ability to offer clinical trials almost anywhere, so that more communities, even those previously underrepresented, can participate.

“We are building the next generation of clinical trial infrastructure—the roads and highways of where clinical trials can go and who they reach,” Ahmad Namvargolian is the CEO of Care Access. “As we lay this foundation, we have the opportunity to fill historical gaps and have a responsibility to make diversity, inclusion, and representation a foundational element in clinical trials moving forward.”

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