Scientist.com teams up with VC firm to create marketplace for biotech

03-Jun-2019 - Last updated on 03-Jun-2019 at 14:46 GMT

(Image: Getty/VasylDolmatov)

The online marketplace for outsourced R&D services Scientist.com partners with 5AM Ventures to help researchers save time and money – as the industry is "caught between a rock and a hard place," says CEO.

The venture capital (VC) firm specializing in building early-stage biotech companies, 5AM Ventures, co-led an equity investment in Scientist.com in 2017. The company since its foundation in 2002 has raised approximately $1.5bn and invested in 77 companies.

5AM recently launched its "4:59 Initiative," which aims to “jumpstart” seed stage companies with little or no physical lab infrastructure, according to the company. Through its partnership with Scientist.com, these companies now can use the 5AM-branded R&D marketplace to procure outsourced services.

“R&D marketplaces like Scientist.com make it easy for start-up company researchers to connect with experts, design experiments, and then purchase outsourced R&D services on demand,” Kevin Lustig, PhD, Scientist.com CEO and founder, told us.

“The pharmaceutical industry is caught between a rock and a hard place. The industry needs to somehow create more drugs but spend less money doing so,” he added.

Lustig said, “R&D marketplaces are the only general solution to this major challenge. Marketplaces allow researchers to save time, save money, access innovation, and ensure compliance with internal and external regulations, all at the same time.”

Since it was founded in 2007, Scientist.com has raised $32m from Leerink Transformation Partners, Heritage Provider Network, 5AM Ventures, and others.