Panxora backs ClinTex to raise $7 million USD and provide faster access to medicines
- Blockchain , Treasury
- 31.07.2020 02:31 pm
Panxora, the digital asset treasury management service, announced it will support ClinTex, a pharmaceuticals industry solutions provider, in raising and managing $7 million USD for a blockchain-powered clinical trials solution to accelerate access to medicines for patients. Panxora will provide a management framework, determining when capital raised is released into the project, which will enable ClinTex to strategically grow its business.
Currently, efficiency issues in clinical trials are costing between $600,000 and $8 million per day and are significantly delaying the delivery of new medicine to patients in need. ClinTex’s data analytics platform aims to transform the medicin development industry through the application of predictive analytics, machine learning, and the novel use of blockchain technology and smart contracts in clinical trials. Its mission is to bring down the cost of, and improve the speed to market of new medicines for the people with unmet clinical need. This is achieved by a Clinical Trial Intelligence (CTi) platform to identify and predict the main areas of cost over-runs, delays and data quality issues in clinical trials, thus reducing development costs for the global pharmaceuticals industry, and helping get medicines to patients faster.
As well as investing in the project, Panxora also provides the necessary framework for capital to be held and hedged appropriately against market risk for the life of the project. Panxora’s AI-based risk management software allows token founders to focus on successfully building their businesses, safe in the knowledge that their capital is being effectively protected against cryptocurrency volatility. It safely and responsibly manages the capital that token projects raise during their token sales and generates returns from funds which are surplus to business requirements. The service takes a professional approach to safeguarding assets, which is becoming a requirement as conventional investors start to look for opportunities in alternative asset classes including the cryptocurrency markets.
Brendan Mannion, ClinTex’s co-founder, said: “Our main priority has always been to meet patients’ needs. Recent circumstances have exposed the pharmaceutical industry’s flaws and reluctance to share data. However, with the use of blockchain here for this project, not only will the technology spread information quickly, but the structure of the token industry provides opportunity for many to participate in bringing essential products to market. We’re excited to work closely with Panxora who will provide the necessary guidance in this space. Through streamlining the clinical trial process with blockchain, we aim to normalise this collaborative culture in pharmaceuticals for the benefit of all.”
Gavin Smith, CEO at Panxora, commented: “Panxora is committed to steering professional institutions in the safest direction throughout their token fundraising journey. Right from the outset, we saw the potential in ClinTex’s use of blockchain to improve a very fragmented and inefficient industry – the project team has a responsible long-term plan for growth and we plan to support this every step of the way. With our backing and the use of our treasury management system, we’re able to offer our expertise to project founders so they can focus on meeting their goals. We’re delighted to be part of this project as ClinTex has a solid plan for the funds raised for its demonstrable prototypes.”
Panxora will invest in ClinTex’s project to raise $2 million USD by September 2020 to develop regulatory compliant prototypes. Then, they will look to raise a further $5 million to pilot with large pharmaceutical companies, refine algorithms and then further deploy these within the industry.