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Clinical research company Science 37 CEO David Coman joins the Yahoo Finance Live panel to discuss the company's SPAC debut.
ADAM SHAPIRO: The company is called Science 37. Their CEO David Coman joins us now. Because the way the United States and different pharmaceutical companies developers test their medications, Science 37 is changing that to give us better results. And David, we appreciate your being here. If I got that wrong, correct me, because when it was first suggested that we bring you into the stream, I was asking the people who were speaking to us, well, what does science 37 offer that doesn't already exist? And they explained it very well is that, we've tested medicines, but left whole groups of people out of the testing, and you've corrected that.
DAVID COMAN: Yes, well, thanks-- first of all, thanks for having me on the show. Appreciate it. Science 37 is enabling universal access to patients anywhere, regardless of geography. And as a result, we are disrupting what ultimately is $195 billion market. And the way we do this is through our operating system.
Our operating system has two components. The first of which are what we call our Specialized networks. That includes telemedicine investigators. Those are the doctors that are managing the patients. Mobile nurses, who go into patients' homes to be able to triangulate care with that investigator and patient. And Remote Coordinators who choreographed the entire study. This all takes place in the second component, which is our technology platform, which includes the workflow in order to be able to orchestrate everything, the evidence that's required to be gathered in the trial all to harmonize that data for submission to the FDA.
Now, if I compare that to the way clinical research has traditionally been done, traditional research is done through a series of clinics or what we call sites that are mapped throughout the world. Each of those sites have their own people, processes, and technologies in order to be able to pull the data in. But to date, only about 5% of providers want to participate in clinical research. So that makes the number of clinicians, you know, very vast minority of the total population. And of course, they're the ones that are recruiting patients from their local geography, which means only about 8% of patients ever get approached about joining a clinical research study. This makes a big issue if you're thinking about how do you go find the right number of people in order to participate in the clinical study.
In Science 37, after the entire population is giving us the ability to attract patients faster up to 15 times faster, we're retaining patients up to 28% longer, and we're getting three times the diversity in the clinical research than otherwise is being done in the traditional model.
ADAM SHAPIRO: That-- that was when I was talking with your staff before the interview that-- that really jumped out at me is take it for granted that these tests that are done, these studies that are done are broad based and inclusive, when in fact, sometimes large cultural groups, racial groups are left out of the studies which would seem to me might not give you the best results, is that accurate?
DAVID COMAN: Well, it's important to note that getting the right patient populations isn't just a social issue. It's actually a scientific issue. Because ultimately, these medicines need to be tested in the marketplace with the right people who are a representative population that are using them. And so to be able to find the right patients and introduce those patients into clinical research is incredibly important. And if you are relying just on a geographically based hospital, then you're excluding a percentage of the total patient population.
But it's not just-- it's just-- not just diversity groups, it's actually patients of all sorts. I think a great story for you. The first study that I ever was able to go into, this is a couple of decades now ago, mind you this-- this model has been the same way for the last 60 to 90 years, it was in Coastal Carolina. And there was a hospital system there where I met, you know, Fred and Eleanor who are a couple of patients that traveled 2 and 1/2 hours in order to get to the site. They waited in the waiting room for 45 minutes. And then after waiting, they finally got to see the doctor. When they saw the doctor, they were told that they can come back every month now for the next two years to, you know, to do this visit. So 2 and 1/2 hours plus 45 minutes in the waiting room, and by the way, Fred had Advanced Parkinson's disease.
And so think about, you know, a patient on any therapeutic area much less Parkinson's, cancer, MS, ALS, you name it, and then geography starts to become a big issue. And Science 37 has been able to resolve that, and not only get participation from virtually anyone, anywhere, but also do it on one platform that aggregates all that data together. So that there's not manual re-entry of data from one site into a system and another site into a system. It's all within the Science 37 platform, ultimately, revolutionizing the way clinical research gets done.
ADAM SHAPIRO: Are you allowed to share with us who some of your-- your clients for this kind of testing? Who some of those clients might be?
DAVID COMAN: I can tell you that we're working with large pharma. We're working with mid-size pharma, Biotech, some government work as well, and some academic. The application for Science 37's operating system is virtually everybody. And it all goes into this whole-- whole universal access ideological view that we have of the world. And I'd invite anybody if you are a sponsor or if you're an investigator of patient, a provider to come to Science37.com to learn a little bit more. And we have a lot of information there that can give you a lot of depth about what we're doing.
ADAM SHAPIRO: So what's going to come next year? Now publicly traded, I believe you're going to be ringing the bell, again, correct me if I get it wrong, coming up over at NASDAQ. What's going to be next for you? Because the people who watch our program are always looking for the kind of investment that they can make, that others aren't paying attention to. And it seems to me, you're not off the beaten path, but you should get a lot more attention than you're getting.
DAVID COMAN: Well, thanks a lot, really appreciate that. You know, with this transaction, of course, we've raised a lot of funds and we're going to be utilizing that to help expand the company, geographically, commercially, technologically. And as we continue to expand, we should be accelerating our overall progress. If you just take a look at our-- our bookings, which are sales from the first half of 2021 relative to the full year of 2020, we're already at 150%, again, against the full year number in 2020.
Our revenues already have outpaced it-- outpaced what we came in full year 2020. We already did that in the first half of this year. And we expect us to continue to grow and expand as the, you know, rest of this year goes on and then into the future.
ADAM SHAPIRO: David Coman, Science 37, CEO. We look forward to seeing you ring the bell at NASDAQ in the next couple of week.