Market Overview Raises $24M to Expand Next Generation Pharmaceutical Outsourcing Marketplace

the world's largest marketplace for outsourced research, announced today
that it raised $24M in an equity financing co-led by Boston-based
Leerink Transformation Partners (LTP) and San Francisco and Boston-based
5AM Ventures. Heritage Provider Network, Bootstrap Ventures and
Hollywood producer Jack Giarraputo also participated. The funding will
help the company expand its revolutionary pharmaceutical outsourcing

The ongoing need and opportunity to improve pharmaceutical R&D
efficiency is well documented. Last year marked a six-year low for new
drug approvals; the industry spent $150 billion on R&D in 2016 but
produced only 22 new medicines – well below the five-year average
(2012-2016) of 29. The cost of bringing a single new drug to market has
now reached as much as $7 billion, and profit margins have declined
precipitously over the last 20 years.

"It is too expensive and time-consuming to bring new drugs to market,"
said Jared Kesselheim, Managing Partner of LTP. "The outsourcing
platform built by has enabled pharmaceutical companies to
run drug programs in less time and at a fraction of today's cost. We
expect the marketplace to continue to be a game-changer for life science
research, creating huge efficiencies for pharma companies and the entire
scientific community." connects buyers and sellers of pharmaceutical research
services, showcases the latest innovative tools and technologies and
streamlines the entire ‘source-to-settle' process. The company currently
has multi-year partnerships with 12 of the top 25 large pharmaceutical
companies and the US National Institutes of Health (NIH). Thousands of
commercial suppliers (CROs) have already joined the

"We are fundamentally changing the way drug R&D is conducted," said
Kevin Lustig, PhD, President and CEO of "Pharmaceutical
company researchers can now outsource everything but the genius™,
limited only by their imagination in the experiments they carry out.
This investment will help us expand our seasoned team of industry
experts and bring even more simplification and innovation to drug
research." is extending the benefits of its platform to smaller,
early-stage biopharmaceutical companies. An increasing number of
biopharma start-ups are outsourcing many or all the laboratory tests,
services and studies needed to run a complex, multi-year drug discovery
and development program. A private marketplace located at
enables these virtual companies to run an entire drug program, from
concept to clinic, using only their laptop computers and mobile phones.

" is pioneering a dramatically more efficient approach to
drug research, enabling both large and small biopharmaceutical
companies," stated Paul Stone, 5AM Partner. "By solving the primary
challenges currently facing the drug industry - how to effectively
develop more medicines while reducing costs - the company has created a
game-changing platform for all life science research."

About (formerly Assay Depot) is the world's largest scientific
services marketplace. The marketplace simplifies research sourcing,
saves time and money, and showcases innovative tools and technologies -
while maintaining full compliance with an organization's procurement
policies. currently operates private marketplaces for 12
large pharmaceutical companies and the US National Institutes of Health
(NIH). Other clients include hundreds of small pharmaceutical companies,
government organizations, research universities, biotechnology
companies, regional bioclusters and academic labs. Visit
to learn more.

About Leerink Transformation Partners (LTP)

LTP invests in privately-held innovative companies in the healthcare
technology and services sectors. The firm was founded in 2015 by Todd
Cozzens and Jared Kesselheim, M.D. Todd, most recently at Sequoia
Capital, had a long operating career as CEO of Picis and as a senior
executive at UnitedHealth Group/Optum. Jared, most recently at Bain
Capital Ventures, was formerly a clinician at Massachusetts General
Hospital. LTP applies its decades of operational and clinical experience
and its extensive industry contacts to help founders and CEOs build
important businesses. Founders today want more than just money and
nowhere is this more apparent than in the complex, insular and dynamic
healthcare market. Visit
to learn more.

About 5AM Ventures

Founded in 2002, 5AM Ventures actively invests in next-generation life
science companies. With ~$1 billion under management, 5AM has invested
in over 60 companies and successful exits include DVS Sciences (acquired
by Fluidigm), Envoy Therapeutics (acquired by Takeda), Flexion
Therapeutics (NASDAQ:FLXN), Ikaria (acquired by Mallinckrodt), Ilypsa
(acquired by Amgen), Incline Therapeutics (acquired by The Medicines
Company), Marcadia Biotech (acquired by Roche), Novira Therapeutics
(acquired by J&J), Pearl Therapeutics (acquired by AstraZeneca) and
Relypsa (NASDAQ:RLYP, acquired by Galenica)). Visit
to learn more.

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