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Synapse Medicine Raises 8 Million Dollars to Prevent Drug-related Risks Everywhere in the World

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Synapse Medicine has announced that it has raised 8 million dollars, spearheaded by the MACSF, a leading insurance provider for healthcare professionals, and with the support of XAnge, BNP Paribas, BPI, and Nicolas Dessaigne, co-founder of Algolia. The purpose of this move is to continue the development of its leading-edge medication intelligence platform, which is already being used by thousands of healthcare professionals and patients daily. The company has now raised 11 million dollars over a 14-month period and tripled the size of its staff.

Making knowledge about correct drug use widely available to prevent hospitalizations
and deaths


Taking medication comes with certain risks: the recent controversy surrounding hydroxychloroquine has made this clear once again. More generally, drugs are responsible for 130,000 hospitalizations and 30,000 deaths annually in countries such as France. That is the equivalent to the death toll and hospitalization numbers of the COVID-19 epidemic occurring every year in the country.

Via its SaaS platform, Synapse Medicine offers healthcare professionals such as doctors and pharmacists an easy way to look up reliable, up-to-date information about medications, to analyze prescriptions in real-time, and to ensure the safety of drug therapies. Key benefits include a guarantee that the information provided is free of fake news, as well as increased safety and time savings for healthcare professionals. The company, which has set itself the mission to provide reliable and up-to-date medical information to everyone who needs it, has also developed a dedicated version of its offering for the general public. This solution has already been directly integrated into other services such as telemedicine platforms.

Confirming Synapse Medicine’s leadership in prescription aids for telemedicine platforms

The telemedicine sector is growing fast. According to a recent study by the consultancy McKinsey & Company, 20% of healthcare services will be provided virtually in the United States in 2020 which is expected to reach 250 billion dollars. These figures show that telemedicine is being widely adopted everywhere in the world, which means that the ability for those stakeholders to warrant the safety of prescriptions has now become essential.

With this new funding round, Synapse Medicine intends to strengthen its leadership position in the field of prescription aids for telemedicine platforms globally. Its solution allows telemedicine companies to enhance their platforms with the integration of a turnkey prescription solution that ensures the safety of prescriptions, thereby helping them to attract and retain both physicians and patients.

“As an insurance provider for healthcare professionals, MACSF believes the innovations offered by Synapse Medicine are of the utmost importance in terms of preventing the risks linked to medication intake. Founded by two doctors and supported by a strong multidisciplinary team with international ambitions, with a leadership position and highly innovative technology on the dynamic telemedicine and prescription tool markets, Synapse Medicine has everything it takes to become a global health tech champion in the next few years. That is why MACSF has been very happy to lead this funding round alongside XAnge and BNP Paribas, and to support the further development of this start-up company that uses artificial intelligence to enable better healthcare,” said Stanislas Subra, head of venture capital investments at MACSF.

“Since the creation of Synapse Medicine, our mission has always been to provide everyone, everywhere in the world, with easy access to reliable and up-to-date medical information. This new funding round will allow us to move faster going forward and to bring Synapse within reach of anyone who needs it. 2020 has been marked by an unprecedented health crisis. However, hundreds of millions of people need our technology not just now, but every year that goes by. Time is of the essence here,” commented Dr. Clement Goehrs, CEO and co-founder of Synapse Medicine.

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Hakluyt’s 2023 accounts record another year of strong growth

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LONDON, March 28, 2024 /PRNewswire/ — Hakluyt, the global strategic advisory firm for businesses and investors, recorded another period of robust financial growth in the year ending 30 June 2023, expanding its core advisory business while investing for the future.

The firm’s financial results, which were filed today with Companies House, show that revenue increased by 9% to a new record level, with a slightly lower profit margin reflecting substantial investment in the firm’s people and geographic footprint. During this period, Hakluyt opened new offices in Abu Dhabi and Toronto, and continued to recruit new talent worldwide.

Hakluyt also announced its first investment fund, Hakluyt Capital, during this period, which gives some of the world’s most promising growth-stage companies access to the firm’s unrivalled global connectivity, advice and expertise.  

Hakluyt’s managing partner, Varun Chandra, said: “As business leaders continue to face increasingly complex challenges, we have invested in the international reach and expertise of our team, which enable us to provide world-class counsel and connectivity where they are most needed. I am pleased that our core business grew substantially in the financial year 2022-23, and that operating profits remained strong. My thanks to every member of the brilliant Hakluyt team who has helped us deliver against our plan.”

Notes to editors:

Hakluyt is a strategic advisory firm that works with corporate leaders and investors around the world on their most important commercial issues. For more information on the firm, please visit www.hakluytandco.com 

 

 

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Tigermed Reports Full Year 2023 Results

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HANGZHOU, China, March 28, 2024 /PRNewswire/ — Hangzhou Tigermed Consulting Co., Ltd. (“Tigermed” or the “company”) (Stock code: 300347.SZ / 3347.HK), a leading global provider of integrated research and development solutions for biopharmaceutical and medical device industry, announced its annual results for the year ended December 31, 2023 (the “Reporting Period”).

This press release is for information and summary only and is not intended to provide any representation, in whole or in part, of the relevant matters. For further information, please refer to the 2023 annual results and relevant announcements published on the websites of the Shenzhen Stock Exchange (www.szse.cn) and the Stock Exchange of Hong Kong (www.hkexnews.hk).

All financials disclosed in this press release are prepared based on International Financial Reporting Standards (IFRS) except for those specifically noted otherwise.

The 2023 Annual Results of the Company has been audited.

Financial Highlights:

  • Total revenue achieved 4.2% year-over-year (“YoY”) growth to RMB 7,384 million during the Reporting Period.
  • Adjusted Non-IFRS net profit attributable to the owners of the Company increased by 7.2% YoY to RMB 1,786 million during the Reporting Period.
  • Segment revenue generated from Clinical Trial Solutions reached RMB 4,168.1 million and that from Clinical-related and Lab Services reached RMB 3,215.9 million, representing a YoY growth of 1.0% and 8.6%, respectively.
  • Geographically, China’s revenue increased by 17.6% YoY to RMB 4,234.5 million. The company’s overseas revenue decreased by 9.6% YoY to RMB 3,149.5 million in 2023.

Business Highlights

Tigermed continued to empower pharmaceutical and medical device innovation in 2023 and navigated the complexities of the life science sector, solidifying its leading position in the clinical CRO industry. From 2004 to 2023, Tigermed provided services to 61% of all Class I new drug approvals in China. During the reporting period, Tigermed assisted in the approval of 22 Class I new drugs and 6 innovative medical devices in China. Additionally, Tigermed opened its International Headquarters in Hong Kong in 2023, serving as the main hub for overseas functional support and business development. As of December 31, 2023, Tigermed had 9,701 total employees in 28 countries worldwide, including 1,632 overseas employees.

In the clinical trial solutions field, as of December 31, 2023, Tigermed has 752 ongoing drug clinical trials and 465 ongoing medical device & IVD projects. In 2023, Regulatory Affairs had a total of 1,009 accumulated project experience, added 29 new US FDA IND projects, and assisted 9 products to receive approvals in China. Medical Translation added 86 new customers in 2023. Besides, Medical Device & IVD assisted 6 innovative medical device products to receive China launch approvals. Moreover, Real World Studies projects have been further expanded to multiple therapeutic areas, including oncology, rare diseases, orthopaedics, etc.

In the clinical-related and lab services field, as of December 31, 2023, Tigermed Data Management & Statistical Analysis (“DMSA”) team had over 850 professionals globally, serving a total of 340 customers, with ongoing projects increasing to 826.

In addition, Tigermed Site Management (“SMO”) had 1,952 ongoing SMO projects as of December 31, 2023 and provided services to support 50 Class I innovative drug approvals in China accumulatively. Tigermed’s Clinical Trial Sites of Excellence (“E-Site”) had 224 core collaborative sites and 74 green channel sites. Furthermore, Independent Central Imaging has provided services for over 280 clinical trials, with 25 products approved.

In 2023, Tigermed laboratory services–Frontage, completed the acquisition of Nucro-Technics Holdings, Inc. and its subsidiary, Nucro-Technics, Inc. (“Nucro Technics”), expanding its lab capacity by over 60,000 square feet. Moreover, on June 6, 2023, Frontage Suzhou Safety Assessment Center obtained the GLP (Good Laboratory Practice) certification issued by the NMPA.

In 2023, Tigermed accelerated the integration of innovative and digital technologies into clinical development, introducing a wide range of virtual and hybrid approaches to Decentralized Clinical Trials (DCT). The company’s in-house DCT technology has been widely used in various projects, including pivotal clinical trials, post-marketing studies, real-world studies, etc., covering therapeutic areas including oncology, hematology, central nervous system, respiratory and endocrine, etc.

As of December 31, 2023, 13% of Tigermed’s ongoing clinical trials had adopted the DCT hybrid model. Further, Tigermed played a significant role in the development of China’s DCT ecosystem and published the landmark report on the DCT Industry Best Practice and authored Tigermed DCT Global Regulatory Handbook.

In 2023, Tigermed continued to deepen its global presence and service capabilities. Tigermed US clinical operation business saw rapid growth in revenue and backlog with a well-supported integrated platform and a growing team. Tigermed US team had accumulated know-how from over 100 clinical trials. As of December 31, 2023, Tigermed had 59 ongoing multi-regional clinical trials (MRCTs) conducted in countries across North America, Asia Pacific, Europe, and Africa, as well as 194 ongoing single region overseas clinical trials, primarily in South Korea, Australia, and the United States.

Tigermed’s exceptional performance earned recognition from industry, media outlets, and other stakeholders, including an upgrade to an AA rating by MSCI. Tigermed has also received notable awards, such as being named the Best Medical Device Overseas Enabling Service Provider and LinkedIn Best Employer Brand Award, etc.

Management Comments

“Despite industry fluctuations in 2023, Tigermed maintained a steady growth, reflecting our team’s dedication and the company’s robust capabilities and resilience,” stated Dr. Xiaoping Ye, Co-Founder and Chairman of Tigermed. “Looking ahead, the life science industry remains ripe with vast opportunities and potential. The company will continue to embrace regulatory changes, technological innovation, and global expansion to deliver value to society.”

Dr. Xiaochun Cao, Co-Founder, Executive Director, and President of Tigermed, said: “Since our founding in 2004, Tigermed has been integral to China’s pharmaceutical evolution from imitation to innovation. With global expansion and exceptional quality, we’re driving impactful advancements in clinical research and addressing patient needs for better health outcomes.”

Mr. Hao Wu, Executive Director and Co-President of Tigermed, said: “Tigermed is dedicated to delivering professional, high-quality, and efficient services, actively responding to market changes, and advancing innovative product launches to meet diverse customer needs. Looking forward, Tigermed remains steadfast in its mission, collaborating globally to drive medical industry development and contribute to human health.”

Forward-Looking Statements

The information communicated herein may contain certain “forward-looking statements”, which are not historical facts but instead include predictions about future events based on our beliefs and information currently made available to us. Although we believe that these predictions are reasonable on the date hereof, future events are inherently uncertain and these forward-looking statements may turn out to be incorrect. Forward-looking statements involve risk and uncertainty by nature because they relate to events and will depend on circumstances that will occur in the future relating to, inter alia, our ability to compete effectively, our ability to develop and market new service offerings, our ability to expand into new markets, the risks associated with listed subsidiaries of the Company, unforeseeable international tensions, regulatory or governmental scrutiny in certain countries, the impact of emergencies and other force majeure events. We undertake no obligations to update forward-looking statements or to adapt them to future events or developments except as required by applicable laws or listing rules. Any investment in any securities issued by the Company or its subsidiaries will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties, you should not rely on these forward-looking statements.

Non-IFRS Measure

To supplement our financial information which are presented in accordance with IFRS, we use adjusted net profit attributable to owners of the Company as an additional financial measure, which is not required by, or presented in accordance with IFRS. We define adjusted net profit attributable to owners of the Company as profit for the year attributable to owners of the Company before certain expenses and amortization. We define adjusted net profit attributable to owners of the Company as profit attributable to owners of the Company adjusted for (1) share-based compensation expense, (2) net foreign exchange loss/(gain), (3) amortization of intangible assets arising from acquisitions, (4) listing expenses incurred by our Group, and (5) increase in fair value of financial assets at FVTPL. Adjusted net profit attributable to owners of the Company is not an alternative to (i) profit before tax, profit for the year or profit for the year attributable to owners of the Company (as determined in accordance with IFRS) as a measure of our operating performance, (ii) cash flows from operating, investing and financing activities as a measure of our ability to meet our cash needs, or (iii) any other measures of performance or liquidity. We believe that this non-IFRS measure is useful for understanding and assessing underlying business performance and operating trends and that the owners of the company and we may benefit from referring to this non-IFRS measure in assessing our financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that we do not consider indicative of the performance of our business. However, the presentation of this non-IFRS measure is not intended to, and should not, be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with the IFRS. You should not view the non-IFRS measure on a stand-alone basis or as a substitute for results under the IFRS, or as being comparable to results or a similarly titled financial measure reported or forecasted by other companies.

About Tigermed

Tigermed (Stock code: 300347.SZ/3347.HK) is a leading global provider of integrated research and development solutions for biopharmaceutical and medical device industry. With a broad portfolio of services and a promise of quality, from preclinical development to clinical trial to commercialization, we are collaborating with over 2,800 customers and committed to moving their development journey efficiently and cost-effectively. Tigermed currently represents a worldwide network of more than 180 locations with over 9,700 employees across Asia Pacific, Europe, North America, Latin America and Africa. We are devoted to building an integrated platform that enables the boundless possibilities for the healthcare industry, embracing challenges to fulfill our commitment to serving unmet patients’ needs, and ultimately saving lives.

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Volvo Financial Services, JA Worldwide Expand Partnership, Bringing Financial Literacy Education to More Youth

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GREENSBORO, N.C., March 28, 2024 /PRNewswire/ — Volvo Financial Services (VFS) today announced a continuation of its partnership with JA (Junior Achievement) Worldwide through 2025, bringing financial literacy skills and knowledge to even more youth around the world. In addition, VFS and JA are expanding their geographic reach with the addition of programs in Romania and Sweden. These new programs will be in addition to efforts already underway in Brazil, France, India, Italy, Peru, South Africa, Spain, the United Kingdom and the United States.

“As significant change reshapes our world, understanding basic financial principles becomes an even more important cornerstone for future success,” said Marcio Pedroso, president, VFS. “Teaching these skills to youth also helps secure a more equitable and sustainable society, which is why we are so proud to continue our partnership with JA and expand our reach together.”

VFS and JA established their partnership in 2022, with VFS employee volunteers and JA educators working together to bring financial literacy skills to youth through JA’s proven curriculum. Participating youth will also have a chance to learn about finance-related careers from VFS volunteers. In the first year of the partnership, about 140 VFS employee volunteers partnered with JA educators to reach more than 14,000 youth around the world.

“One of the central ways that young people build self-efficacy is through role models who share their own financially healthy journeys,” said Asheesh Advani, president & CEO, JA Worldwide. “Renewing and expanding our partnership with VFS will enable even more Volvo volunteers to serve as financial mentors and role models to JA students. Without corporate partners like VFS enabling their employees to serve as volunteers, this key component of financial education wouldn’t be possible.”

Broadening its partnership with JA demonstrates VFS’ commitment to make a positive impact on society and is fully aligned with the Volvo Group’s commitment to all 17 of the United Nations Sustainable Development Goals (SDGs). Strong financial literacy skills makes a positive impact on several SDGs, including helping empowering women and girls and supporting quality education.

JA Worldwide delivers hands on, immersive learning in entrepreneurship, work readiness, and financial health. Delivering more than 17 million student experiences each year in over 100 countries, JA is one of few organizations with the scale, experience, and passion to build a brighter future for the next generation of innovators, entrepreneurs, and leaders.

Volvo Financial Services is the captive finance arm of the Volvo Group, providing financial services and solutions that meet the needs of our customers today and into the future. Dedicated to innovation, VFS is supporting society in its adoption of sustainable transport and equipment solutions. VFS is headquartered in Gothenburg, Sweden, and serves Volvo Group customers and dealers in about 50 markets. For more information, please visit www.volvofinancialservices.com or follow us on LinkedIn

The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers’ uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 190 markets. In 2023, net sales amounted to SEK 553 billion (EUR 48 billion). Volvo shares are listed on Nasdaq Stockholm.

Volvo Financial Services

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