Opyl prepares to launch Opin into the global $4.7 billion clinical trial recruitment market
Health & Biotech
Health & Biotech
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Opyl’s flagship platform Opin is ready to be launched internationally, while Trial Key is set to be a game changer in clinical trial design.
Medtech Opyl (ASX:OPL) has delivered a solid FY22, with annual revenue notching up a double digit growth to $0.9m, underpinned by its flagship Opin, a global digital clinical trial recruitment platform.
The platform has gained significant traction, with 5 global biopharma and contract research organisations (CRO) signing on with a total revenue of $415k.
The past 12 months also delivered a strong sales pipeline across APAC and the US, and the platform is now ready to fully scale into the high-growth, $4.7bn global clinical trial recruitment and retention market.
Opyl is currently in advanced negotiations with global CRO and biopharma channel partners, with a view to entering the US and EU markets in the near future.
During the year, Opyl has successfully upgraded the Opin platform interface – releasing vastly improved search, data capture, security, user features, and customer dashboard to enable this global launch.
Trial Key, the company’s second platform, also provides another sizable value-creation and global scale opportunity for Opyl.
“Both Opin and Trial Key represent enormous upside, each and collectively,” said Michelle Gallaher, CEO of Opyl.
“The ability of Opin to deliver recruitment results for customers, particularly when they have tried our competitors and failed, is very validating.
“We have a first-class experienced and ambitious team and two platforms with the proven potential to generate enormous savings for the biopharma and medical research global sector,” Gallaher said.
In the boardroom, Mark Ziirsen will replace Dr Julian Chick as Chair, who is stepping down due to external business commitments, but remains as a Non-Executive Director.
Ziirsen brings a range of skills that are aligned with Opyl’s strategy, including proven success in helping technology businesses that are looking to achieve scale and grow exactly as Opyl is now positioned to.
Opin is recognised in the Australian market as the leader in social media-based clinical trial recruitment.
The significant tech investment made by Opyl during the year in the platform has further delivered significant exponential value – allowing the company to be in a position to scale in APAC and US within the coming year.
The company is also confident that Opin will have the potential to achieve high double digit revenue growth over coming years, after the platform’s average client contract increased to approximately $100K per contract.
The release of customer dashboard, multi-language, and international trial recruitment capabilities mean that Opyl would be able to increase revenue and sales pipeline.
In FY23, there will be further new features for Opin such as giving participants direct access to link to trials. This feature is due for release in Q1 of FY23.
Other features like E-consent capability and nurse screening service are also expected to come online in Q1.
Trial Key is positioned to augment and significantly improve on the current laborious, expensive, time consuming and often biased human-driven trial and study design process.
This is a tool which is sought after by CRO’s and global pharma to improve design and de-risk studies to deliver a higher return on investment.
Trial Key applies artificial intelligence (machine learning) and a data analysis approach to improving clinical trial design.
The platform has few competitors, and Opyl believes that when it enters the market, it will be a significant disruptive force.
Opyl expects Trial Key to transform the way trials are designed, saving research organisations hundreds of millions, if not billions of funds on trials destined to fail or falter.
To get Trial Key to market there are several major technology hurdles to clear, of which Opyl is addressing within the RMIT University collaboration.
The first hurdle is to improve the predictive accuracy and power of the tool. In addition, trial outcomes need to be accurately linked using machine learning, which might appear obvious, but it is an exceedingly difficult task but the Trial Key team have already made progress.
Right now, Trial Key is already being applied to predicting recruitment outcomes for Opin, delivering a major competitive advantage for Opin and its customers.
Opyl’s focus this financial year will continue to be on establishing and growing Opin, building on the past two years that has seen new revenue streams for Opin unlocked, transforming a predominantly service delivery consulting business model into a highly scalable and more sustainable global multi-platform organisation.
The pace of development, and trial recruitment outcomes Opin has achieved since launch has far exceeded expectations.
Plans for FY23 include the release of new features in Opin, and a user dashboard on Trial Key, while the company also expects Opin to enter the US market via channel partnerships in FY23.
This article was developed in collaboration with Opyl, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.