CRF Box receives second round financing from 3i and Stratos Ventures
The deal is being executed as a share issue to the investors and CRF Box plans to use the funding to expand its service capability in Europe and the United States.
By on Feb 13, 2001The deal is being executed as a share issue to the investors and CRF Box plans to use the funding to expand its service capability in Europe and the United States.
"In 2001, CRF Box focuses on execution and enforces its current position as a leading provider of wireless connectivity in clinical R&D," said Timo Ahopelto, CEO of CRF Box. "The market is taking its form, and we are extremely well positioned with CRF Box Wireless, that is compatible with both European and U.S. wireless Internet technologies. CRF Box WirelessT product shows tangible time, cost and quality of data benefits to study sponsors."
"Pharmaceutical R&D is one of the areas, worldwide, where wireless technologies offer immediate value-add," said Alan MacKay, 3i Managing Director for the Nordic region. "Outsourced clinical trials marketing is growing, and traditionally conservative pharmaceutical industry is changing the paradigm from paper to electronic data capture in their battle towards time-to-market and cost pressures."
"CRF Box demonstrates highly secure technology combined with a customer-oriented approach into clinical R&D process," said Kalle Helander, Technology Analyst from 3i Finland.
According to Hambrecht&Quist, pharmaceutical R&D spending in clinical trials is nearly $30 billion, while the outsourced clinical trial services market is estimated to be near $6 billion. In addition, an Accenture report on electronic clinical trials estimates that by 2003, 60% of clinical data managers will use electronic data capture. Currently, only 5% of trials are conducted electronically, mainly via the Internet.