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Monday, January 17, 2022

Elem Opens €1.2 Million Round with Oracle’s Backing

FinTech Elem Opens €1.2 Million Round with Oracle's Backing

Elem is seeking capital to revolutionize drug validation. The Spanish startup has opened a $1.36 million (€1.2 million) round with the aim of expanding its virtual population sample, which so far consists of 256 patients. The company has already raised $77,000 (€680,000) from Oracle partners, Christopher Morton, CEO of Elem, confirmed.

In addition to Oracle, with whom Elem has been working for three years, an investment fund from Luxembourg, whose name has not been disclosed, and different business angels have also entered Elem’s capital.

Founded in 2018, Elem is a spin-off of the Barcelona Supercomputing Center, the result of research carried out at the center for the past fifteen years on simulation and modeling of biological systems. This company has developed a platform that is capable of performing clinical trials on supercomputers on virtual humans and that represent synthetic human beings.

Elem models biology and physics at different scales, ranging from the cell, through tissues, to organs and complete systems. This creates virtual samples, representative of real human variants.

Read more about Elem and its most recent financing round with the Born2Invest mobile app. Our companion app keeps its readers up to date with the latest market updates and the most important business news of the day.

Elem is developing a platform that is capable of performing clinical trials on supercomputers on virtual humans

These populations are based on high-resolution data from real patients with different conditions and comorbidities. The aim of this platform is to optimize the period of drug or medical device trials conducted by pharmaceutical companies. The company’s intention is to accelerate its arrival on the market, while reducing commercial risks.

“The National Institute of Health (NIH) has calculated that when a drug fails, once it reaches Phase III, the losses for the company reach billions of dollars,” according to Morton. This solution also aims to reduce animal testing by reaching clinical trial endpoints earlier in the development process.

V.Heart is Elem’s first solution and is targeted exclusively at the cardiovascular system, although the company’s goal is to treat any other human biological area. Currently, the startup has a complete product for cardiac resynchronization through the use of pacemakers.

The company plans to double its work team and build up its sales team

Elem is conducting cardiac safety studies, focused on the parameters derived from the use of ventricular pumps, for which it is working with the U.S. Food and Drug Administration (FDA) and the University of San Diego. The Spanish company has also reached an agreement with the Hospital de Sant Pau in Barcelona to extract data from real patients and feed its simulator bank.

Following this round of financing, the company plans to double its workforce to twenty employees. This staff expansion is aimed at building up the company’s commercial team. Once Elem starts its sales process, sales will also be channeled through the use of the web platform scientist.com and Oracle.

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(Featured image by NASA Goddard Space Flight Center CC BY 2.0 via Flickr)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.


Source link – born2invest.com
Author: Anthony Donaghue, Biotech – Born2Invest

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