Monday, September 9, 2013

Could crowd funding be the next step to get drugs to market?

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Pure Transplant Solutions, a biotech from Austin, Texas, has taken a new step in order to get funding for their medial device.

They're looking for funding for the ARC device:
The ARC device works by removing a donor recipient’s antibodies that causes the rejection of organs that aren’t biological matches. If successful, the device will make any available organ viable for transplant into a patient in need and reduce the typical waiting time for a transplant from seven years to less than two years.

Its use will also help to lengthen the usefulness of donated organs for their recipient since all bodies eventually attack and reject transplants.


They went to the crowd using Indiegogo. With a goal to reach $100,000, the Austin Business Journal shares that their real goal of the project was to attract new researcher partners and potential investors.  Not only were they able to spread the word of the device through crowd funding, but they were also able to bring awareness to transplant organizations.  Many people are interested in donating, but value was also brought to the project by sharing the cause behind the development of the product.  At least $10 million is needed to head into Phase I of the clinical trial.

Digital is constantly bringing new ways for Pharma and Biotech to get their word out to the market about their potential products.  They're also constantly looking for a way to reduce the cost of bringing drugs and devices to the market.  What do you think of this effort from Pure Transplant Solutions.  Even though they didn't reach their goal of $100,000, would you view this as a success?
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