Market Overview

RDMD Secures $3 Million in Seed Funding to Drive Patient-Accelerated Drug Development in Rare Diseases

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RDMD to partner with biopharmaceutical companies to provide
regulatory-compliant data for use in rare disease research and drug
development

Proceeds to support online patient-focused platform, initially
focused on forms of neurofibromatosis, and expansion into additional
rare diseases

RDMD, a healthcare technology company dedicated to accelerating research
for patients with rare diseases, today announced that it has raised $3
million in seed financing. The financing was led by Lux Capital, with
participation from Village Global, First Round's Healthcare Co-Op,
Garuda, Shasta Ventures and various angel investors from the biotech and
healthtech industry. RDMD has developed a technology platform that
generates deep data insights to accelerate rare disease research and
drug development, as well as a patient application that empowers
patients and families to get access to and benefit from their own
medical data.

"RDMD was born out of my own personal journey with a rare disease called
neurofibromatosis type 2, a disease that affects only 1 in 30,000
people. I've been developing technology products my entire life, and I
wondered if we could marry a powerful data and analytics platform with
patient data to gain insights into rare diseases," said Onno Faber, RDMD
founder, chairman and head of product. "That idea turned into reality
with the founding of RDMD. We have since pioneered the development of a
powerful platform that leverages deep data insights to empower rare
disease research and drug development, as well as an application that
allows patients to take the management of their disease into their own
hands. This financing enables us to expand our efforts and tailor our
approach for the needs of any rare condition, providing real value for
both patients and drug developers."

Proceeds of the financing will be used to further develop the company's
platform, expand the leadership team to support demand and growth,
generate high quality data, expand into new rare conditions, and work
with partners to advance their research and development programs.

"There are over 7,000 rare diseases, affecting 1 in 10 people, yet less
than five percent of them have an FDA-approved therapy. Collectively,
it's a massive problem," said Adam Goulburn, Ph.D., general partner of
Lux Capital. "Unlike the more well-resourced conditions like cancer and
diabetes, rare diseases suffer from a lack of data infrastructure. As a
result, many programs fail to even get off the ground. RDMD represents a
central place dedicated specifically to the problems in rare disease,
where we aim to create fertile ground for therapeutic programs."

Curation of Real World Data for Rare Disease Research

RDMD aims to partner with rare disease biopharmaceutical companies to
provide deep clinical electronic health record (EHR) data from patients,
rare disease doctors, and foundations. The company's proprietary
database of research-and-regulatory-grade evidence can be leveraged to
gain insights on natural history, endpoint selection and evidence
generation for regulatory submissions.

RDMD's technology platform transforms unstructured data from medical
records into disease-specific data models that can be readily analyzed.
Most data from medical records are currently unusable for research
because they are trapped in physician notes and progress reports that
cannot be easily mined. RDMD works with top research doctors in each
condition to define the relevant data measures and biomarkers to collect
in order to generate the most relevant insights for clinical
development. RDMD's technology enables audit-trails and links to
original source documents to ensure compliance and quality control.

RDMD is currently collaborating with researchers at the National Cancer
Institute to track pain symptoms in people with a type of
neurofibromatosis called NF1. The company has also partnered with the
Children's Tumor Foundation to generate real world evidence from NF
patient medical records across all forms of neurofibromatosis, including
NF1, NF2 and schwannomatosis. RDMD plans to expand into rare
neurological and inherited metabolic diseases.

"As our programs advance into clinical stage, we have a greater need for
robust evidence that can be used to inform and support these programs,"
said Annette Bakker, Ph.D., president of the Children's Tumor
Foundation. "We're excited to partner with Onno and RDMD to move to a
truly patient-centric approach to drug research and development."

A Disease-Specific Platform for Patients

RDMD has also created an application that offers patients the ability to
view and control their complete medical records. With patient
authorization, RDMD will retrieve medical records on a patient's behalf,
and keep this information updated over time. RDMD displays patients'
records in a disease-specific timeline with summaries of their medical
data. Patients fully own their data, control whether to contribute their
de-identified data to research, and can delete their account at any time.

RDMD's first application, which is focused on neurofibromatosis, has
allowed patients to share their private records with new facilities they
visit, and seek remote consults from experts in their condition.
Patients have also provided informed consent to RDMD to share relevant
biomarkers, endpoints and measures with researchers such as
biopharmaceutical partners, academic researchers and nonprofits working
in the condition.

"To date, we have enrolled more than 150 patients with neurofibromatosis
to use our application. Patients have already been able to connect with
or get second opinions from top doctors from across the country,
coordinate ongoing care and contribute their de-identified data to
research their condition," said Nancy Yu, chief executive officer of
RDMD. "It normally takes millions of dollars over several years to
gather this type of data in rare diseases. For the first time, we have a
centralized and consented set of data for use in translational research,
for a fraction of the time and cost."

Founding Team and Board of Directors

RDMD's founders include:

  • Onno Faber, RDMD founder, chairman and head of product; NF2 patient;
    and former CEO of TapTalk, a video messaging platform
  • Nancy Yu, RDMD co-founder and chief executive officer; former head of
    corporate development at 23andMe; and former biotechnology investment
    banker

RDMD's board of directors includes Nancy Yu, Onno Faber and investor
Adam Goulburn. In conjunction with the financing, Renata Quintini,
partner of Lux Capital, joins as a board observer.

About RDMD

RDMD is a healthcare technology company dedicated to accelerating
treatments for patients with rare diseases. RDMD has developed a
technology platform that generates deep data insights to accelerate rare
disease research and drug development, as well as a patient application
that empowers patients and families to get access to and benefit from
their own medical data. RDMD was founded in 2017 by technology developer
Onno Faber, following his diagnosis and journey with the rare disease
neurofibromatosis type 2. The company is backed by Lux Capital, Village
Global, First Round's Healthcare Co-Op, Garuda, Shasta Ventures and a
number of angel investors. For more information, visit www.rdmd.com.

About Lux Capital

Lux Capital is a venture firm based in New York City and Silicon Valley
investing in counter-conventional, seed and early stage science and
technology ventures. Lux manages $1.4 billion in assets across multiple
funds. For more information please visit www.luxcapital.com
or follow us on Twitter @Lux_Capital.

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