11th April 2022
Biologit, an Irish tech company focused on drug safety, has raised €1 million from investors.
Gerard Ryan, founder of Longboat Clinical, a clinical trials platform, David Shanahan, a life sciences veteran, and Enterprise Ireland have all lined up to back the Trinity College spin-out.
Founded by Nicole Baker and Bruno Ohana in 2019, the company has developed an artificial intelligence-powered platform that monitors scientific and medical literature to provide up-to-date information for clinical safety and pharmacovigilance.
“Our vision is to help to keep patients safe by simplifying the detection of adverse events from drug development to post-market,” Baker, Biologit’s chief executive, said.
“With so much information available and the need to better understand and prevent adverse events and minimize risks, there is a need within the industry to automate repetitive tasks and keep core activities in the capable handle of healthcare professionals responsible for pharmacovigilance,” she said.
The new funding round is to be used to further develop Biologit’s platform, and to take on additional staff.
In addition to being a spin-out from Trinity’s Adapt research centre, Biologit is also classed as one of EI’s high-potential start-ups.
There are internationally focused companies that have the potential to generate revenues of at least €1 million within three years.
Biologit is tapping into a big market. The World Health Organisation estimates one in ten patients suffer harm from adverse events while in care. Moreover, within the pharmaceutical industry alone, clinical/drugsafety activities cost over $21 billion annually, a figure that is set to rise further as the number of approved treatments and volume of real-world data grows.
“We believe you can do better using Biologit’s platform, accessing a large repository of biomedical literature integrating artificial intelligence and workflow automation to deliver high-quality literature screening faster, all in one place,” Baker said.
Source: Business Post
Image source: Business Post