Auxilius, the first Clinical Trial Financial Management (CTFM) software, enables life science finance, accounting, and clinical operations teams to automate accounting workflows and improve clinical R&D forecast accuracy. The company has raised $10 million in additional financing led by SignalFire. This fundraiser follows a successful 2023, with annual recurring revenue (ARR) growing by 800% yearly and expanding partnerships with over 50 biopharma companies.
Cost management is crucial in an industry where access to capital is limited. However, the current collection of clinical and ERP systems available falls short in managing the biopharma industry’s largest cost: clinical trials, especially with $250 billion spent on R&D annually. This creates a significant gap, leaving finance and accounting teams to manage clinical trial budgets with cumbersome spreadsheets that are time-consuming, prone to crashing, and lacking in valuable insights. Despite a 44% increase in R&D spending over the past decade, the rate of new drug approvals has remained flat, emphasizing the growing importance of R&D efficiency.
By addressing this critical gap and optimizing the management of biopharma’s largest and most variable cost, Auxilius empowers its customers to rigorously manage clinical spend, mitigate risk, and improve team efficiency.
“In 2023, we established CTFM as a critical function in any biopharma company sponsoring clinical research. And while CTFM hasn’t seen material innovation since the advent of the spreadsheet, efficient and effective financial decision-making has never been more important. Our rapid growth and adoption is a testament to our underlying value proposition and the establishment of Auxilius as an essential part of the biopharma toolstack. Looking forward, we will continue to invest in product innovation and scale our go-to-market capabilities to further build momentum in the category we’re creating.” – Adam Weisman, CEO and co-founder, Auxilius.
“Auxilius marks a significant leap forward in addressing the complex financial management challenges inherent in clinical trial operations within biopharma. As we look ahead, the impact of Auxilius extends beyond mere efficiency gains; it holds the potential to revolutionize how clinical R&D expenses are managed, empowering biotech and pharma companies to allocate resources more effectively and accelerate the pace of innovation in medical breakthroughs.” – Lisa Liu, Principal SignalFire.
Auxilius clients see material improvements in their efficiency and effectiveness at managing clinical trial budgets:
- 75% reduction in time spent on monthly accounting tasks, resulting in faster close
- 40% improvement in study budget accuracy
- 80% of customers identifying vendor billing mistakes within their first 60 days on the platform, often preventing overcharges of more than $1M
The over 50 customers represent a wide range within the life science industry. They differ in therapeutic focus, filing status, portfolio scope, geographic footprint, and their use of external vendors and auditors. Among the new customers who joined us in 2023 are Trevi Therapeutics, TG Therapeutics, Invivyd, and Repare.
Auxilius continually innovates and expands its customer base. It has also strengthened partnerships with Big 4 accounting firms and other organizations to assist biopharma companies in their digital transformation journey.
