Huntsville biotech company that aims to increase diversity in clinical trials receives investment
Acclinate Genetics in Huntsville received this week an investment from Birmingham venture capital firm Bronze Valley. The investment will help Acclinate advance its mission of increasing diversity in clinical drug trials.
According to a release from Acclinate, “Racial and ethnic minorities make up 40 percent of the U.S. population. But in clinical trials, minorities often account for as little as two percent of participants.”
The company says this can lead to many “commonly prescribed pharmaceuticals that are less effective or have negative side effects due to a person’s race and ethnicity.”
Clinical drug trials are scientific research done on human subjects that evaluate whether a drug or other medical procedure is effective.
Acclinate adds that their business reduces the cost of clinical trials for pharmaceutical companies because they have a method of using machine learning and predictive analytics that helps identify individuals for inclusion in studies.
The clinical trial recruitment market is currently worth almost $3.5 billion and is estimated to increase in coming years.
Del Smith, co-founder and CEO of Acclinate, said he and his business “believe that diversifying genomic research and clinical trials to include more representation and diversity increases knowledge about health issues and makes a difference in personalized healthcare for all.”
Bronze Valley is a non-profit group that invests in tech companies founded by minorities.
Neill Wright, president and CEO of Bronze Valley, stated in a release that the investment in Acclinate is meant to go beyond helping them grow the business. Bronze Valley also wants “to encourage their vision for addressing critical economic and social needs.”
“Existing healthcare disparities in communities of color have been highlighted even more by COVID. Eliminating such chronic inequality is essential to creating a pipeline of economic opportunity and social progress,” Wright added.