General Business Flashcards
Describe what Neucruit does in 1 sentence
Neucruit is democratising clinical trial recruitment with AI.
What is the problem with clinical trial recruitment?
Over 86% of clinical trials are delayed by at least 6 months due to inefficiencies in patient recruitment.
Can you explain further what Neucruit does?
Neucruit accelerates patient recruitment via a webbased platform that uses AI to generate recruitment strategies and campaigns. Through the automation of currently manual tasks, Neucruit provides a faster and more affordable solution than what currently exists.
What is Neucruit’s mission?
Our mission is to cut the time it takes to develop new medications by 4 years.
Does Neucruit have competitors?
Globally, we have close to a dozen large competitors with larger competitors in the US generating around $25M in revenue each year.
How many clinical trials do larger competitors complete each year?
Our largest competitors complete recruitment for around 150 clinical trials each year, charging on average $170K per clinical trial.
How much global market share is captured by all competitors?
When we combine the total number of clinical trials conducted by our competitors, this amounts to a cumulative global market share of less than 3%.
Why is Neucruit better than competitors?
Neucruit uses AI to automate manually intensive processes in patient recruitment, reducing staff associated costs. We provide a service that is faster and more affordable for the vast majority of clinical trials that are not able to pay $170K for patient recruitment.
What traction have you had?
Neucruit is partnered with 12 universities in the UK and EU. We have completed recruitment for 63 research studies, enrolling over 2,500 participants.
Have you run a clinical trial?
In August, we completed our clinical trial pilot where we were given a 3 month recruitment timeline to recruit 51 patients. We exceeded expectations, completing recruitment in 5 days. This demonstrated that we are not only 5 times cheaper than existing alternatives, but also 18 times faster.
What funding stage is Neucruit at?
Neucruit recently closed their pre-seed round of $450,000 USD with a $290,000 contribution from the UK government.
