Cambridge's TriNetX raises $40M for clinical analytics platform; NovaBay chops its sales force, appoints new chief
→ Merck Global Health Innovation Fund has led a $40 million Series D to support TriNetX in building out and expanding the reach of its clinical analytics platform based on real-world evidence involving 300 million patients. The Cambridge, MA-based company — led by CEO Gadi Lachman — said it will use the funds to accelerate ongoing commercialization in Europe, Asia and South America, adding to its biopharma and CRO customer base as well as healthcare network. New investors Mitsui & Co, ITOCHU Technology Ventures, ITOCHU Corporation, and existing investors MPM Capital, F2 Ventures, and Deerfield Management are also betting on TriNetX’s potential to drive clinical trial design.
→ Just days ahead of its scheduled earnings report, NovaBay $NBY is installing a new interim CEO to implement its consolidated sales effort. General counsel Justin Hall will now ascend to the helm, replacing Jack McGovern (who was also serving in an interim capacity), while corporate controller Jason Raleigh will take over McGovern’s CFO and treasurer duties. To maintain the cost effectiveness of commercializing its eye drug Avenova, the microcap biotech said, it’s axing two-thirds of its sales force (from 45 to 15). Remaining reps will concentrate in “high-performing territories” and places deemed to have potential for “significant prescription volume.”