Clinical trials technology company Science 37 went public during the Covid-19 pandemic, a time when drug developers readily embraced technologies that enable drug study participation from a patient’s home. Decentralized clinical trials are still part of the biopharmaceutical industry’s present and future, but Science 37 fell short of the rapid and sustained growth it projected.

临床试验技术公司Science 37在新型冠状病毒大流行期间上市，当时药物开发人员很容易接受能够让患者在家中参与药物研究的技术。分散的临床试验仍然是生物制药行业现在和未来的一部分，但Science 37没有达到其预期的快速持续增长。

The company is now going private in a deal that’s a fraction of a valuation that once topped $1 billion..

该公司目前正在进行一项私有化交易，这只是一度超过10亿美元的估值的一小部分。。

Science 37 has agreed to be acquired by privately held eMed, the companies announced Monday. Miami-based eMed is paying $5.75 cash for each share of Research Triangle Park, North Carolina-based Science 37. That price represents a 21.3% premium to the firm’s closing stock price last Friday, but it amounts to a valuation of just $38 million.

两家公司周一宣布，Science 37已同意被私人控股的eMed收购。总部位于迈阿密的eMed以5.75美元的现金收购了位于北卡罗莱纳州的三角研究公园（Research Triangle Park）的科学37号（Science 37）。该价格比该公司上周五的收盘价溢价21.3%，但估值仅为3800万美元。

.

.

Founded in 2014 by physician-scientists co-founders who shared a vision for site-less clinical trials, Science 37’s technology offering includes software that serves as an intermediary between a clinical trial participant and a trial investigator. This interaction had historically been done at a clinical trial site.

Science 37的技术产品包括作为临床试验参与者和试验研究者之间中介的软件，该软件于2014年由医师-科学家联合创始人创立，他们对无场地临床试验有着共同的愿景。这种相互作用历史上是在临床试验现场进行的。

Recorded on paper, the information was later entered into a data capture system. Science 37’s technology handles the entire process with a mobile app that walks the patient through informed consent and other aspects of a clinical trial. Science 37 does not run clinical trials. Rather, it supplies its technology to customers that include pharma and biotech companies as well as contract research organizations..

这些信息被记录在纸上，随后被输入数据采集系统。Science 37的技术通过一个移动应用程序处理整个过程，该应用程序可以引导患者通过知情同意和临床试验的其他方面。Science 37不进行临床试验。相反，它向包括制药和生物技术公司以及合同研究组织在内的客户提供技术。。

Science 37’s rise coincided with two trends: growing adoption of decentralized clinical trial software and the boom in SPAC mergers. The 2021 merger deal that took Science 37 public valued the company at more than $1 billion, which represented 5.8 times the $182 million in revenue it projected for 2023 revenue, according to an investor presentation.

Science 37的兴起与两个趋势相吻合：分散临床试验软件的日益采用和SPAC合并的蓬勃发展。据投资者介绍，2021年的合并交易使Science 37上市，该公司估值超过10亿美元，是其预计2023年收入1.82亿美元的5.8倍。

For 2021, Science 37 reported $59.6 million in revenue, a more than 151% increase over sales in the prior year. But the $70.1 million in 2022 revenue was well short of the $100 million it had forecast at the time of the SPAC merger..

2021年，Science 37报告收入为5960万美元，比上一年的销售额增长了151%以上。但2022年的7010万美元收入远低于SPAC合并时预测的1亿美元。。

Similar to contract research organizations, a key metric for Science 37 is backlog, which represents anticipated revenue for work that has been contracted but has not yet been completed. Backlog is not recognized as revenue until work is complete. The minimum contractual value of this work changes due to additions and modifications to contracts, and in some cases cancellations.

与合同研究组织类似，Science 37的一个关键指标是积压，它代表了已经签订合同但尚未完成的工作的预期收入。在工作完成之前，积压不确认为收入。由于合同的增加和修改，以及在某些情况下的取消，这项工作的最低合同价值发生了变化。

Science 37’s 2022 annual report shows an $84.7 million decrease in this measure, called net bookings. That’s a 51% decline from the prior year..

《科学37》的2022年年度报告显示，这一指标（称为净预订量）减少了8470万美元。比前一年下降了51%。。

Science 37 attributed the decrease in net bookings to longer sales cycle timelines, two Covid-19 contract cancellations, and one repeat customer hitting enrollment sooner than expected. That impact continued into 2023, reducing the ability of Science 37 to convert the contracted into revenue. The company’s $44.3 million in revenue reported for the nine months ending Sept.

《科学37》将净预订量的减少归因于销售周期的延长，两次新型冠状病毒合同的取消，以及一名回头客比预期更快地登记。这种影响持续到2023年，降低了Science 37将合同转化为收入的能力。截至9月9日的九个月内，该公司报告的收入为4430万美元。

30, 2023 represents an 18.2% decrease compared to the same period in 2022..

2023年，与2022年同期相比，下降了18.2%。。

The 2021 merger deal infused Science 37 with $235 million. In the investor presentation, the company said the new capital would support geographic expansion and the pursuit of M&A opportunities. But today, the vast majority of Science 37’s business continues to come from the U.S. and the company does not list any newly acquired technologies, according to its annual reports..

2021年的合并协议为Science 37注入了2.35亿美元。在投资者介绍中，该公司表示，新资金将支持地理扩张和寻求并购机会。但今天，根据其年度报告，Science 37的绝大多数业务仍然来自美国，该公司没有列出任何新收购的技术。。

“After an extensive review of opportunities available to Science 37, we believe that eMed provides the greatest value to our stockholders, customers, patients, and employees” CEO David Coman said in a prepared statement. “Stockholders will receive a premium, trial sponsors will gain greater access to patients, faster enrollment, and confidence in the company’s capital position, and our employees will be able to continue to pursue the existing mission of the company.”.

首席执行官大卫·科曼（DavidComan）在一份准备好的声明中表示：“在对Science 37可用的机会进行了广泛审查后，我们认为eMed为我们的股东、客户、患者和员工提供了最大的价值。”。“股东将获得溢价，试验赞助商将获得更多接触患者的机会，更快的入学率，以及对公司资本状况的信心，我们的员工将能够继续追求公司现有的使命。”。

Science 37’s board of directors has unanimously approved the acquisition. The company also said shareholders holding about 44% of common stock have already agreed to support the deal. When the transaction closes, Science 37’s technology offerings will become part of the portfolio of eMed, a telehealth and diagnostics company whose digital technology enables patients to complete testing in their homes.

科学37董事会一致批准了此次收购。该公司还表示，持有约44%普通股的股东已经同意支持该交易。交易结束后，Science 37的技术产品将成为远程医疗和诊断公司eMed投资组合的一部分，该公司的数字技术使患者能够在家中完成测试。

Similar to Science 37, eMed can attribute much of its growth to Covid-19. The company developed the first at-home, digital point-of-care Covid-19 test in 2020. Its offerings now also include test kits for the flu, urinary tract infections, and more..

与Science 37类似，eMed可以将其大部分增长归因于Covid-19。该公司于2020年开发了第一个在家进行的数字即时新型冠状病毒肺炎检测。它现在还提供流感、尿路感染等检测试剂盒。。

Image: Venimo, Getty Images

图片：Venimo，Getty Images

Promoted

已升级

Heard at HLTH: Clarify Health

在HLTH听取：澄清健康

Todd Gottula, co-founder and president of Clarify Health, discusses how their analytics platform promises to power higher margins and higher value care for its customers.

Clarify Health联合创始人兼总裁托德·戈图拉（ToddGottula）讨论了他们的分析平台如何承诺为客户提供更高的利润率和更高的价值关怀。

Clarify Health and MedCity News

澄清健康和医疗城新闻

Promoted

已升级

Heard at HLTH: Quantum Health

在HLTH上听到：量子健康

Quantum Health’s Chief Product Officer, Dan Shur talks about the company’s recent Index Report on the changing landscape of healthcare consultants.

Quantum Health首席产品官丹·舒尔（DanShur）谈到了该公司最近关于医疗保健顾问不断变化的情况的指数报告。

Quantum Health and MedCity News

量子健康与医学城新闻

Heard at HLTH: Clarify Health

在HLTH听取：澄清健康

Todd Gottula, co-founder and president of Clarify Health, discusses how their analytics platform promises to power higher margins and higher value care for its customers.

Clarify Health联合创始人兼总裁托德·戈图拉（ToddGottula）讨论了他们的分析平台如何承诺为客户提供更高的利润率和更高的价值关怀。

Clarify Health and MedCity News

澄清健康和医疗城新闻

Heard at HLTH: Quantum Health

在HLTH上听到：量子健康

Quantum Health’s Chief Product Officer, Dan Shur talks about the company’s recent Index Report on the changing landscape of healthcare consultants.

Quantum Health首席产品官丹·舒尔（DanShur）谈到了该公司最近关于医疗保健顾问不断变化的情况的指数报告。

Quantum Health and MedCity News

量子健康与医学城新闻