Science Exchange Raises $28M in Series C Funding

June 29, 2017 | Posted by Team in Company, Press Release, Science Exchange News |
Science Exchange Team

The Science Exchange Team

Funding led by Norwest Venture Partners with participation from Union Square Ventures, Maverick Capital and Collaborative Fund

Palo Alto, CA – June 29, 2017 As further evidence of its position as the world’s leading platform for outsourced research and development (R&D), Science Exchange today announced it has raised $28 million in Series C funding. Founded in response to the global growth in outsourced R&D services, the company has raised more than $58 million since its inception in 2011. Norwest Venture Partners led the latest round with participation from existing investors Union Square Ventures, Maverick Capital, and Collaborative Fund.

“In the last decade, outsourcing of R&D has become a core strategy for improving efficiency and providing access to innovation for top companies globally. Forty percent of R&D spend is now outsourced and this trend continues to grow,” explained Science Exchange CEO Elizabeth Iorns, Ph.D., a research scientist who co-founded the company. “At the same time, businesses are challenged to manage their outsourced R&D. They need to track progress and provider performance across what could be hundreds of service provider relationships, impacting the cost, quality and timeliness of research projects. The Science Exchange platform solves this by removing barriers in the outsourcing process – providing companies with instant access to a network of pre-qualified service providers, as well as contracting, project management and reporting tools.”

As part of the Series C, Casper de Clercq, General Partner at Norwest and veteran of the life sciences industry with more than 20 years of commercialization and operating experience, will join the company’s board.

“Science Exchange has developed an outsourcing platform that is enjoying tremendous momentum as many of the world’s largest pharma and biotech companies have signed up,” said Casper de Clercq, General Partner at Norwest. “They are well-positioned as the leader in a large and expanding market. We are excited to help Science Exchange become the world’s largest platform for outsourced R&D.”

“We’re thrilled to be partnering with such prestigious investors to help us grow our business at such a critical time in the evolution of R&D outsourcing,” commented Iorns. “This investor confidence confirms our business strategy and potential for continued growth.”

Through the Science Exchange platform, researchers have easy and secure access to more than 2,500 of the world’s premier outsourced R&D service providers — qualified contract research organizations (CROs), contract manufacturers (CMOs), academic labs, and government facilities. Thousands of scientists have used the platform to support their pursuit of breakthrough scientific discoveries, including those from 10 of the top 20 biopharma companies. In fact, the company has grown its enterprise-wide strategic sourcing agreements with leading pharmaceutical companies by more than 2,000 percent since 2015.

Science Exchange plans to use the funding to continue its expansion beyond biopharma into other industries where scientists are faced with R&D outsourcing challenges – including agricultural science, cosmetics, aerospace and industrial chemicals. The company will strategically hire across product, engineering, sales, marketing, and customer success.

About Science Exchange
Science Exchange is the world’s leading platform for outsourced research, providing an efficient procure-to-pay platform for ordering services from a network of more than 2,500 qualified scientific service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. The platform increases scientists’ access to innovation and improves productivity, freeing them up from the administrative tasks and delays associated with sourcing, establishing and managing service provider contracts. Additionally, the Science Exchange enterprise program enables organizations to consolidate research R&D outsourcing spend into a single strategic relationship, driving efficiency and cost savings. Since being founded in 2011, Science Exchange has raised more than $58 million from Norwest Venture Partners, Maverick Capital Ventures, Union Square Ventures, Collaborative Fund, Index Ventures, OATV, the YC Continuity Fund, and others. For more information, visit http://www.scienceexchange.com. Follow the company on Twitter @ScienceExchange.

About Norwest Venture Partners

Norwest Venture Partners is a leading Silicon-Valley based venture capital and growth equity investment firm managing more than $6 billion in capital. Since our inception, we have invested in more than 600 companies. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders advance on their journey. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in Mumbai and Bengaluru, India and Herzelia, Israel. For more information, please visit http://www.nvp.com. Follow Norwest on Twitter @NorwestVP.

# # #

Media Contacts

Kerry Metzdorf
Representing Science Exchange
[email protected]
978-463-2575

Ellie Javadi
Norwest Venture Partners
[email protected]
650-289-2227

 

Covance Nonclinical Services Now Listed On Science Exchange

June 14, 2017 | Posted by Team in Company, Drug Discovery, Science Exchange News, Uncategorized |

Covance   +  Science Exchange

 

Biopharma scientists seeking to outsource nonclinical studies have a new way to access the scientific expertise of Covance, a market leader in drug development. Covance’s nonclinical scientific services – including lead optimization, safety assessment, drug metabolism and bioanalytical solutions – are now available through Science Exchange. Scientists can order available study services from Covance by visiting the Covance Storefront on ScienceExchange.com. Or they can contact the Science Exchange Concierge Service to have a Sourcing Manager prepare custom quotes and provide start-to-finish project management.

Scientists from around the world already use Science Exchange to save time and money by ordering services from our network of more than 6400 pre-qualified service providers. With Covance joining the Science Exchange network, scientists can further benefit by being able to easily access the deep nonclinical scientific expertise of one of the world’s top CROs through the convenience of the Science Exchange platform. 

In addition, researchers at companies who have established enterprise-level Master Service Agreements (MSAs) with Science Exchange can get projects started with Covance almost instantly.

As an introductory offer, through September 30, 2017, requesters can take advantage of special fast study starts on select GLP Toxicology in vivo studies or full IND/CTA-enabling packages available from Covance, ordered through the Science Exchange platform.  

Request a quote today — access nonclinical scientific services from Covance through the Covance Storefront on Science Exchange.

 

* To be eligible for introductory offer, work must begin by September 30, 2017. Additional terms and conditions apply.  This is a limited time, limited capacity offer – Covance reserves the right to end these promotions at any time, without notice.

Alzheimer’s Drug Discovery Foundation and Science Exchange Launch ADDF ACCESS

June 9, 2017 | Posted by Team in Company, Drug Discovery, New Feature, Press Release, Research, Science Exchange News |

ADDF ACCESS

New “CRO Finder” Connects Scientists with Specialized Resources

by Cliff Culver, VP Strategy and GM, Science Exchange | www.scienceexchange.com

NEW YORK, June 7, 2017 — The Alzheimer’s Drug Discovery Foundation (ADDF), the only public charity solely focused on funding the development of drugs for Alzheimer’s, and Science Exchange today announced the launch of ADDF ACCESS, a first-of-its-kind online platform designed to match scientists working on central nervous system (CNS) diseases with a vetted network of contract research organizations (CROs).

ADDF ACCESS meets the unique needs of scientists in both academia and small biotech companies by combining the resources of Science Exchange, the world’s leading marketplace for outsourced research and development, with the Alzheimer’s drug discovery knowledge of the ADDF.

“Drug discovery requires a wide range of expertise, from medicinal chemistry and pharmacology to project management and regulatory affairs,” said Lauren Friedman, Ph.D., ADDF ACCESS program director. “Researchers don’t always have the interdisciplinary teams needed to develop a drug. We created the new ACCESS website with Science Exchange to connect researchers with high-quality CROs and provide guidance and resources to help successfully advance their drug programs.”

On ADDF ACCESS, scientists will find:

  • A network of CROs and consultants with CNS drug discovery expertise, vetted by the ADDF and Science Exchange
  • An expert concierge service to match scientists with the right CROs, solicit multiple competitive quotes, and manage projects
  • A library of educational resources, including a guide to CNS drug discovery and development

“Early-stage drug research is the engine that drives progress in treating Alzheimer’s and CNS diseases,” said Dr. Howard Fillit, M.D., executive director and chief science officer of the ADDF. “We are excited to provide a resource specifically designed to facilitate connections that fuel this engine. Every scientific discovery gets us closer to finding a treatment.”

“Eliminating the laborious, resource-intensive process of finding and negotiating with CROs and other service providers helps researchers focus on their important work, and that’s what Science Exchange is all about,” said Elizabeth Iorns, Ph.D., CEO and co-founder of Science Exchange. “We are thrilled to partner with the ADDF on this new ACCESS website that will give scientists specializing in CNS diseases the tools and services they need to bring important, potentially life-saving drugs to market faster.”

To learn more, visit https://www.alzdiscovery.org/addf-access

About the Alzheimer’s Drug Discovery Foundation (ADDF)
Founded in 1998 by Leonard A. and Ronald S. Lauder, the Alzheimer’s Drug Discovery Foundation (ADDF) is dedicated to rapidly accelerating the discovery of drugs to prevent, treat and cure Alzheimer’s disease. The ADDF is the only public charity solely focused on funding the development of drugs for Alzheimer’s, employing a venture philanthropy model to support research in academia and the biotech industry. Through the generosity of its donors, the ADDF has awarded over $100 million to fund more than 500 Alzheimer’s drug discovery programs and clinical trials in 18 countries. To learn more, please visit: http://www.alzdiscovery.org/.

About Science Exchange
Science Exchange is the world’s leading marketplace for outsourced research. Science Exchange provides an efficient procure-to-pay platform for ordering services from the world’s largest network of scientific service providers. Through Science Exchange, clients gain access to over 2,400 qualified service providers, all with pre-established contracts in place that protect client intellectual property and confidentiality. This increases scientists access to innovation and significantly improves their productivity because they are freed up from the administrative tasks and delays associated with sourcing, establishing and managing service provider contracts. At an organizational level, the Science Exchange enterprise program enables organizations to consolidate the long tail of research outsourcing spend into a single strategic relationship driving significant efficiency and cost savings. To date, Science Exchange has raised over $30 million from Maverick Capital Ventures, Union Square Ventures, Index Ventures, OATV, the YC Continuity Fund, and others. For more information, visit www.scienceexchange.com.

SOURCE Alzheimer’s Drug Discovery Foundation

Related Links

http://www.alzdiscovery.org

Shark Poaching Exposed by the Science Exchange Network

June 8, 2017 | Posted by Team in Research, Stories |

by Kaitlin Ziemer and JR Clark, Science Exchange | www.scienceexchange.com

Today, we celebrate World Oceans Day with a Science Exchange success story. This is a story about connecting ocean conservation advocates with the scientists whose expertise is helping to guide conservation strategy.  

World Oceans Day -- Sharks

Robust shark populations are a sign of healthy oceans. [photo credit: JR Clark]

The Project Earth team from Fusion TV approached Science Exchange with a unique sequencing project. They were working on a documentary film about the illegal poaching of sharks for use in shark cartilage capsules.

Studies have shown that shark cartilage is ineffective or even pro-inflammatory. Despite this and the importance of conserving sharks, who are the ocean’s apex predators, the cartilage capsule industry has managed to persuade retailers and consumers that shark cartilage could promote joint and bone health.

The Fusion TV Project Earth team wanted to find out if cartilage pills contained illegally obtained shark tissue. They needed a service provider who could perform DNA sequencing on 30 different supplements to see if they contained protected or endangered sharks.

Through the Science Exchange network, the Fusion TV Project Earth team obtained sequencing services from Laragen, Inc., a California-based service provider. Together, they were able to detect DNA from the endangered scalloped hammerhead sharks, whose trade is highly regulated, in the capsules sold at nationwide health food stores and pharmacies.

The Fusion TV Project Earth team urged both the cartilage pill manufacturers and retailers to share more precise information about the origins of the shark material found in the pills. In response, two major retailers removed shark cartilage pills from their stores and website.

These results showed that scientific evidence can influence positive change and help to protect our natural environment. And by providing the Fusion TV Project Earth team with easy access to the world’s best scientific service providers, Science Exchange helped put the data directly into the hands of the agents of change.

About the authors:

 

Kaitlin Ziemer, B.S., is a Senior Sourcing Manager and Account Lead at Science Exchange. With her extensive prior experience in managing toxicology and regulated studies for large biopharma and contract research organizations, Kaitlin now specializes in human and animal tissue procurement.

JR Clark, M.S., is Science Exchange’s expert in shark biology, given his extensive research experience in evolutionary development and reproductive behavior of vertebrates. As a Sourcing Manager, he manages a wide variety of projects from basic research through drug discovery.

New Feature for Requesters: Add Collaborators to Your Order

June 1, 2017 | Posted by Team in Company, New Feature, Science Exchange News |

by Elizabeth Iorns, Co-Founder & CEO, Science Exchange

Science, by its very nature, lends itself to collaboration. At Science Exchange, we endeavor to make discovery and access to scientific services as easy as possible – while also improving researchers’ ability to collaborate effectively.

With that goal in mind, we have released the Requester Collaboration feature. This feature allows requesters of scientific services to invite and manage additional collaborators for a project.

Examples of collaborators include:

  • A member of your organization’s accounting team who needs to view the project to make payment.
  • A colleague helping you to work through the project details with the service provider.
  • An administrator seeking a high level overview of research activities of their organization on Science Exchange.

The new feature will enable:

  • Intuitive addition of collaborators to existing projects
  • Transparent communication between collaborating requesters and the service provider
  • Easy transfer of ownership between requesters/collaborators

We will continue to listen to our users and bring new features to our platform to facilitate scientific discovery. To learn more about the Requester Collaboration Feature, view our video demo or check out the Q&A below. If you’d like a personal demo of this feature or the Science Exchange marketplace, submit a request here.

Requester Collaboration Feature Video Demo

 

Requester Collaboration Feature Q&A

What can collaborators do?

Invited collaborators will see the order on their Science Exchange Dashboard. The collaborator can access the order page, post messages, accept quotes, and mark orders as completed.

How will collaborators be notified?

Collaborators will get email notifications regarding new messages that have been posted to the order page. They can also reply to the new message email notification from their inbox and the response will be posted to the order page. However, they will not get email notifications when the provider generates a quote for the request or that the order has been completed.

How does this change what the primary Requester can do?

There are no changes for the primary Requesters — they can still do everything, e.g., post messages, accept quotes, and mark orders as completed. As the primary Requester, you will also be notified via email of main updates regarding the order, e.g., messages, quotes submitted, quotes accepted, provider completing the order. However, you can transfer the ownership of the order to a collaborator so that they become to primary Requester.

How do I invite a collaborator?

  1. Go to the order page
  2. On the right-hand side, under “Researchers,” you’ll see a link called “Manage.” Click on that link.
  3. Enter your collaborator’s email and then invite them.
  4. The collaborator will get an email from Science Exchange with the invitation. They should click on the green button in the email.
  5. The collaborator will (sign up for a Science Exchange account, and then) arrive at the order page.
  6. Collaborator can post messages, accept quote, mark order as complete.

How do I transfer ownership of the order to my collaborator?

  1. Go to the order page
  2. On the right-hand side, under “Researchers,” you’ll see a link called “Manage.” Click on that link.
  3. You’ll see your collaborator’s name. Click on the blue “Make Owner” link.

Still have questions?

We’re happy to help! Contact us here with your questions.

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