e.Lilly Venture Fund Invests in 1747, Inc.
1747 plans to use the investment combined with existing revenue to complete the development of its direct-to-participant clinical trials system. Additionally, the funds will be used to help accelerate and expand commercialization of its system.
"1747's revolutionary solution offers significant value in the clinical trials arena," said Alph Bingham, vice president of e.R&D, Eli Lilly and Company. "The clinical trial portion of drug development is the most complex and time-consuming part of drug discovery and development. Our strategic investment in this technology enables us to improve access to the participant and in some cases, will provide us with faster, better and more broad clinical trial data."
Designed as a new approach to clinical trials, 1747's flagship product is designed to conduct randomized, controlled, double-blinded clinical trials over the Internet. With direct-to-participant clinical trials, pharmaceutical companies will be able to leverage the Internet in a way that was not possible with traditional methods of conducting clinical trials.
"This funding will enable us to capitalize on clinical trials in this industry by providing the convenience for more people to participate in clinical trials by using their computer," said Julian Nikolchev, president of 1747. "We are delighted to be associated with e.Lilly and the tremendous added value as business partners and advisors that they will bring to 1747."
The benefits of the 1747 approach include:
"Clinical trials are vital to medical research," said Steve Cummings, M.D., a leader in the area of clinical trial design and a founding member of the 1747 team. "1747 has developed an innovative, high-quality approach that changes the current clinical trial paradigm by bringing the clinical trials to participants rather than recruiting participants to clinical trial centers."
1747's clinical trial system automates all procedures in clinical trials, from recruitment to consent to closeout and analysis. Participants are randomized online to receive a treatment or a placebo, and study treatments are delivered to their homes. After completion of the study, each participant will be provided treatment information and individual results.
About Eli Lilly and Company
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers - through medicines and information - for some of the world's most urgent medical needs.
About 1747, Inc.
1747 Inc., with headquarters in San Francisco, is a leader in direct-to-participant clinical trials conducted directly with participants by means of the Internet. 1747 founders have decades of experience in teaching research methodology and conducting standard clinical trials for industry and the National Institute for Health. 1747's first trial, KALM, efficiently compared two nutraceuticals, Kava and Valerian, versus placebo for anxiety and insomnia. For more information, visit the 1747 web site at www.1747.net or call 415-355-1747.