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Neural ID |
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April 21, 2014 Issue |
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The Most Powerful Name In Corporate News and Information |
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Scalable Enterprise Waveform Analytics Platform for Big Pharma |
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 About
Neural ID
Neural ID
provides enterprise waveform analytics software that addresses the critical
issues of risk, cost and time for Big Pharma. The platform integrates a
pattern-recognition methodology informed by human experts with machine
learning to tackle complex big data challenges across the R&D lifecycle,
with a focus on bio signal analysis for cardio toxicity/safety assessment. |
Suite 250 Redwood City CA 94065 650-394-8800
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Interview conducted by: Lynn Fosse, Senior Editor, CEOCFO Magazine, Published – April 21, 2014
CEOCFO: Mr. Carruthers, what is the concept at Neural ID? Mr. Carruthers: Neural ID is a solution that addresses a critical pain point in the pharma industry. We provide an enterprise waveform analytics platform titled Intelligent Waveform Service, which we refer to as IWS. It is a scalable waveform analytics platform, targeted for cardio toxicity, safety assessment and efficacy.
CEOCFO: What is the pain point you are addressing and how does your solution solve the problem? Mr. Carruthers: The average cost of a successful drug is $1.5 billion dollars. It takes between twelve and fifteen years to get the product to market. There is a very high attrition rate in clinical phase two trials (2 in 10 drugs survive to market). As you look at the industry, the Pharma leaders describe several key pain points. Neural ID’s flagship product, Intelligent Waveform Service (IWS), matches the needs, vendors, and industry standard requirements of top global pharmaceutical companies. We deliver deep analytic value across the R&D lifecycle in Pharma. Productivity and risk mitigation with a single solution.
CEOCFO: What were the challenges you found in developing the analytics? Have people tried unsuccessfully in the past to work on a system that would speed up the process? Mr. Carruthers: The combination of machine learning and scalable parallel processing is where we found the fit. Like many industries, Pharma has its own set of silos and processes that have served the market to date. Our challenge was to harmonize biosignals related to cardio safety and toxicity in a comprehensive manner. At the same time, our challenge was to implement AI in a way that allowed expert knowledge to be shared across the organization. Customers universally describe the need for collaborative platforms that enable them to build a deeper understanding and improve their productivity. The decision to move into clinical phase testing is a huge risk. Being able to audit from the bench to the clinic is all about risk mitigation and cost.
CEOCFO: Are the companies making use of your system when they have implemented it? Do you know whether it is being used or are people, even though they may have the system, still not familiar or not understanding the concept? Mr. Carruthers: Yes they are moving forward rapidly to leverage the solution. To speed productivity for scientists and researchers, or use IWS as an internal audit tool across the R&D lifecycle, our customers are realizing an ROI within one month of licensing the software.
CEOCFO: As people are starting to use the system what changes have you made? What have you learned since you first came up with the concept that is different now? Mr. Carruthers: Having come out of the Silicon Valley software business with a focus on pattern recognition and AI, we have a strong foundational understanding of waveform and image processing. Because the tool is built to leverage expert knowledge, it makes for a very productive training and turn-up process. We also are adding expertise internally and through collaborations from Pharma and CROs. We add features and capabilities driven by customer innovation. We are a company driven by learning and improving the offering to our customers.
CEOCFO: How do you continue the rollout? How do you reach out to additional layers of prospective customers? Mr. Carruthers: The exciting part about the IWS platform is that is that we have a natural extension into other areas of application. We started in late discovery microelectrode array applications (MEA); this is a fairly new area for researchers to understand compounds at an early phase, before it gets into an animal or human. May 1st we roll out our GLP (Good Lab Practices) version supporting preclinical applications. We are targeting early 2015 to support clinical and post market applications for cardio toxicity. The platform can also support web based uses including healthcare monitoring and wearables. We plan to develop modules for neurological signals as well.
CEOCFO: What are the challenges? What are you on the lookout for as you develop new areas of utilization? What do you worry about as a company as you continue to develop? Mr. Carruthers: New FDA guidelines and publications support improved pharmacovigilance, transparency and collaboration to improve our understanding as an industry. This trend is very positive for us, because we are a collaborative platform providing deep analytic value across the R&D lifecycle. We are focused on building strong channel partnerships to drive adoption while keeping our focus on scaling our offering. What we can do to speed cures and improve our understanding of the science and art of this business is what gets me up in the morning. It is a very exciting time in Health Sciences.
CEOCFO: What have you learned from previous ventures that have been most helpful as you develop Neural ID? Mr. Carruthers: I would say the central theme I have focused on in any business is to stay customer focused from the beginning, and to build a team that has a high level of communication and a willingness to learn and improve. The other really important lesson that I have learned from other successful entrepreneurs is the importance of getting to market rapidly. I also have a very strong belief in providing a product the customer can use on their own, without a great deal of customization. It sounds simple, but too often software vendors make the mistake of delivering a product that requires high touch and services. We believe the software is where to put the resource and support, then you have the chance to be the solution of choice.
CEOCFO: Are you funded for the next steps? Will you be seeking funding or partnerships? Mr. Carruthers: Yes, we are venture funded, and continue to grow our investor relations and partners. We will complete a new round of institutional investment in 2014.
CEOCFO: Why does Neural ID standout?
Mr. Carruthers:
The reason we
standout to customers is very straightforward. With IWS, Pharma can address
productivity, cost and risk mitigation with a single solution. Customers
understand the power of a scalable analytic platform to audit and speed the
delivery of cures. |
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Analytics for Big Pharma, Neural ID, Healthcare Companies, CEO Interviews 2014, Tim Carruthers, Scalable Enterprise Waveform Analytics Platform for Big Pharma, Intelligent Waveform Service, IWS, deliver deep analytic value across the R&D lifecycle in Pharma. Productivity and risk mitigation with a single solution, Recent CEO Interviews, Neural ID provides enterprise waveform analytics software that addresses the critical issues of risk, cost and time for Big Pharma, the platform integrates a pattern recognition methodology informed by human experts with machine learning to tackle complex big data challenges across the R&D lifecycle, with a focus on bio signal analysis for cardio toxicity/safety assessment, scalable waveform analytics platform, targeted for cardio toxicity, safety assessment and efficacy, Neural ID Press Releases, News, Healthcare Stock, Companies looking for venture capital, Angel Investors, private companies looking for investors, healthcare companies seeking investors, analytics companies needing investment capital |
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