Science 37: Clinical Trials Tech Firm Goes Private at a Fraction of Its Previous $1 Billion Valuation

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Tech News Summary:

  • Science 37, a clinical trial technology company, went public during the Covid-19 pandemic but did not achieve the projected growth, leading to its acquisition by eMed for a fraction of its past $1 billion valuation.
  • Founded in 2014, Science 37’s technology allows patients to participate in drug studies from home, but the company fell short of revenue forecasts after going public through a SPAC merger.
  • The acquisition will see Science 37’s technology offerings become part of eMed’s portfolio, adding to eMed’s growth in the development of digital at-home testing kits, but challenges surrounding actualization against forecasted revenues led to Science 37’s acquisition.

In a surprising turn of events, Science 37, the clinical trials tech firm, has announced that it will be going private at a fraction of its past $1 billion valuation. The company, which was once a darling of the healthcare technology industry, has faced challenges in recent years as it struggled to live up to its early promise.

The decision to go private comes as a result of mounting pressure from investors and the need to restructure the company in order to focus on long-term growth and sustainability. By going private, Science 37 hopes to have more flexibility in its strategic decision making and to regain its competitive edge in the market.

Despite the decline in valuation, the company remains optimistic about its future prospects. Science 37 is confident that it can turn things around and emerge as a stronger and more agile player in the clinical trials technology space.

The news of Science 37’s decision to go private has sent shockwaves through the industry, with analysts and industry insiders closely watching to see how the company will navigate this new chapter in its evolution. It remains to be seen whether this bold move will pay off for Science 37, but one thing is clear: the company is determined to chart a new course for itself and make a comeback in the healthcare technology sector.

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