Auxilius Revenue Grows 800% in 2023, Raises $10M to Scale Clinical Trial Financial Management Platform
Adam Weisman & Erin Warner Guill
NEW YORK, June 11, 2024 (Newswire.com) - Auxilius, the first Clinical Trial Financial Management (CTFM) software which enables life science finance, accounting, and clinical operations teams to automate accounting workflows and improve clinical R&D forecast accuracy, has raised $10M in additional financing, led by SignalFire. This fundraise came on the back of a 2023 that saw annual recurring revenue (ARR) grow 800% year-over-year, expanding partnerships with over 50 biopharma companies.
Particularly when the biopharma industry lacks access to capital, cost management is paramount. But the existing collection of clinical and ERP systems available leaves a massive gap when it comes to managing biopharma’s largest cost: clinical trials. And with $250B spent on R&D every year, this gap is big. This leaves finance and accounting teams to manage clinical trial budgets on massive spreadsheets that are time-consuming to maintain, susceptible to crashing, and fail to provide insights to drive their business forward. Despite a 44% increase in R&D spend over the past decade, the rate of new drug approvals has remained flat - making R&D efficiency more important than ever (source).
By filling this critical gap and optimizing the management of biopharma’s single largest, most variable cost, Auxilius empowers its customer to manage clinical spend with rigor, manage risk and runway, and improve team efficiency.
“In 2023, we established CTFM as a critical function in any biopharma company sponsoring clinical research. And while CTFM hasn’t seen material innovation since the advent of the spreadsheet, efficient and effective financial decision-making has never been more important. Our rapid growth and adoption is a testament to our underlying value proposition and the establishment of Auxilius as an essential part of the biopharma toolstack. Looking forward, we will continue to invest in product innovation and scale our go-to-market capabilities to further build momentum in the category we’re creating.” - Adam Weisman, CEO and co-founder, Auxilius
“Auxilius marks a significant leap forward in addressing the complex financial management challenges inherent in clinical trial operations within biopharma. As we look ahead, the impact of Auxilius extends beyond mere efficiency gains; it holds the potential to revolutionize how clinical R&D expenses are managed, empowering biotech and pharma companies to allocate resources more effectively and accelerate the pace of innovation in medical breakthroughs.” - Lisa Liu, Principal SignalFire
Auxilius clients see material improvements in their efficiency and effectiveness at managing clinical trial budgets:
- 75% reduction in time spent on monthly accounting tasks, resulting in faster close
- 40% improvement in study budget accuracy
- 80% of customers identifying vendor billing mistakes within their first 60 days on the platform, often preventing overcharges of more than $1M
The over 50 customers reflect a broad range of the life science industry, in terms of diversity in therapeutic focus, filing status, portfolio scope, geographic footprint, external vendors and auditors. New customers who came on board in 2023 include Trevi Therapeutics, TG Therapeutics, Invivyd and Repare.
In addition to ongoing innovation and customer growth, Auxilius has also strengthened its relationships with Big 4 accounting firms and other organizations to help biopharma companies in their digitization journey.
About Auxilius
Auxilius is a software company designed to help biopharma companies tackle the unique operational, financial, and accounting needs of clinical trials. The company has built FP&A and Accounting software that replaces manual processes and allows sponsors to take control over trial costs and clinical vendors through study-level budgeting, planning and financial close. Currently, the company works with over 50 sponsors including emerging Biotech and mature, public Pharma. For more information, visit www.auxili.us, or follow on LinkedIn at https://www.linkedin.com/company/auxilius/
Contact Information:Peter Kinchley
Head of Marketing
pkinchley@auxili.us
617-548-2295
Original Source: Auxilius Revenue Grows 800% in 2023, Raises $10M to Scale Clinical Trial Financial Management Platform
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