USA – Auxilius, a New York-based company that provides clinical trial financial management for biotech companies, raised $10M in Series A funding.
The round was led by Renegade Partners, with participation from Bain Capital Ventures, XYZ Venture Capital, Andy Palmer, Chase Gilbert, and Sam Whitaker. Roseanne Wincek from Renegade Partners is joining the board.The company intends to use the funds to expand operations and its development efforts. Led by CEO Adam Weisman, Auxilius simplifies and streamlines clinical trial financial management for biotech companies augmenting manual clinical business operations and FP&A/accounting processes with SaaS based software that scales and works with a company’s existing tech stack. This allows companies conducting clinical trials to take control over trial costs and clinical vendors, manage financial risk, and optimize spend in pursuit of trial targets. The Auxilius SaaS platform unifies disparate clinical, contractual, and financial data to empower companies to streamline core FP&A and accounting workflows, hold outsourced vendors accountable through change, and put processes in place that support audit, compliance, and reporting requirements. The platform was built to serve the needs and pace of growth at emerging, scaling, and mature biotech companies.Since its launch late last year, Auxilius has been in pilot with clinical trial sponsors managing 15 pre-clinical through Phase 3 programs, 45 distinct vendors, and nearly $100 million in trial spend. The company expects the solution to be deployed at 25 clients by end-of-year.17/06/2022
