Opyl reaches key milestone for its clinical trial recruitment platform Opin, shares jump
Health & Biotech
Health & Biotech
Opyl’s agreement with CCRM today will provide Opin access to a global network of regenerative medicine companies who are conducting clinical trials.
In a key development, Opyl (ASX:OPL) has announced that its clinical trial patient recruitment platform, Opin, has achieved a number of milestones that include securing the first in a series of planned global and local strategic alliances with clinical trial aggregators and gateways.
Opyl has today sealed an MoU agreement with the Centre for Commercialisation for Regenerative Medicine (CCRM) Australia which will provide the Opin platform access to a CCRM industry consortium of companies and research organisations in the regenerative medicine industry globally.
Share in the company ripped higher by around 15% in morning trade, to 20c.
The regenerative medicine (stem cells) field currently accounts for approximately 10 per cent of Australia’s public medical research capacity, with more than 30 companies in Australia developing products with a regenerative medicine focus.
The sector is also one of the fastest growing sub-sectors in the global biopharma industry, with an annual growth rate (CAGR) of 31.5 per cent, making it one of Opyl’s strategic focuses for driving revenue.
With today’s deal, Opyl will have access to not only the CCRM Australia network, but also to companies globally who are developing regenerative medicine-based technologies and cell therapies within the CCRM network.
“Our focus is on creating network alliances with sub-sectors where there is a large volume of trials that require large patient and participant cohorts, have sizable recruitment budgets, and in which we have subject matter expertise and connections within the Opyl team,” explained CEO of Opyl, Michelle Gallaher.
“As such, the regenerative medicine sector is an obvious choice.”
With today’s deal, the major initial benefits for Opyl will be in having approved access to the large Australian sub-sector and to the CCRM Global Network in North America and Europe in the future.
Gallaher explained that Opyl’s approach to achieving scale is to partner in return for access to networks.
“Partnering with clinical trial aggregators or gateways accelerates visibility for Opin and offers us preferred supplier access to new client clusters, whilst delivering subject matter expertise back to Opin in helping us to continue development on the platform,” she said.
Gallaher added that the deal will provide the word-of-mouth economy that those exclusive networks provide.
The terms of today’s deal allow Opin to be promoted to network members of the global CCRM Network as an active patient recruitment platform for the next two years.
It will also provide Opyl the opportunity to participate in the sponsorship of any regenerative medicine commercialisation initiatives as well as in roundtable industry events.
The other key benefit is that it will enable Opyl to utilise subject matter expertise within the CCRM network to assist in the further development of its AI and predictive analytics platforms technologies associated with clinical trial efficiencies.
Opyl also announced that the Opin platform is now a featured service partner on three state-based clinical trial portals used by biopharma and medtech companies looking to host trials and studies in Australia.
Specifically, Opin will be featured in three different states’ portals: the Victorian Clinical Trials Gateway, the Queensland Clinical Trials Portal, and on SA Health: Clinical Trials.
Being a part of these Government gateways will help Opin connect patients with clinical trials as these state-hosted trials are typically promoted at international biopharma and medtech conferences around the world.
“The gateways and portal websites are important resources for inbound and local biopharma as well as medtechs setting up trials,” said Gallaher.
The Opin.ai platform matches patients to clinical trials anywhere in the world.
The company’s proprietary algorithm uses artificial intelligence to search and rank a global database of more than 58,000 open trials that are searching for clinical trial participants.
Opyl says that poor recruitment is frequently cited as one of the core reasons for clinical trial failure.
In fact, more than 80% of clinical trials fail to recruit on time and on budget, putting at risk hundreds of millions, if not billions, of dollars each year through delays in taking products to market.
These delays often result in complete trial failure, as well as delaying vital treatments and medication to patients.
Opin is solving this problem by working with companies to accelerate clinical studies and providing patient insights into clinical trial options across diseases and medical conditions.
Opyl charges a fee to research organisations conducting trials to unlock matched and qualified patients who have self-selected an interest in a specific trial.
It also generates revenue by offering research organisations the option to have a trial or study featured on its platform.
Leveraging social media and digital channels to create awareness of trials and studies is one of the key competitive advantages of the Opin platform.
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.