New Company Formed with Support of Brown University, Slater Technology Fund
Software Development Venture to Improve Clinical Trial Process for New Drugs and Medical Devices
East Greenwich, R.I., June 6, 2006 – Analytical Edge, Inc., today announced that it has partnered with Brown University and received funding from the Slater Technology Fund to develop and commercialize a revolutionary statistical methodology that has the potential to dramatically reduce the time and costs of performing clinical trials for new drugs and medical devices.
The pharmaceutical industry spends over $10 billion annually on clinical trials, which now account for more than half the total cost of developing a new drug or medical device. Factors driving up the cost include a greater emphasis on developing treatments for chronic and degenerative diseases; rising subject recruitment costs; and the ever increasing size and complexity of clinical trials.
Analytical Edge uses a more flexible, efficient and accurate statistical approach to design clinical trials and analyze their results. The approach is based on a methodology referred to as Pure Likelihood, a new technique for measuring the strength of statistical evidence in data, which presents significant advantages for both standard and adaptive clinical trial designs.
Analytical Edge was founded by Arthur Blume, Ph.D. and Jeffrey Blume, Ph.D. Arthur Blume, the CEO and President, has more than 35 years of experience in biotechnology and pharmaceutical research and development. Dr. Blume helped to co-found two biotechnology companies, Gene Logic Inc. (NASDAQ: GLGC) and DGI Biotechnologies (now Antyra Inc.), a drug development venture which partnered with Novo Nordisk. Previously, Dr. Blume spent eight years with Lederle Labs/American Cyanamid and, before that, 14 years with the Roche Institute of Molecular Biology, the research affiliate of F. Hoffmann-LaRoche & Co. Prior to joining the Roche Institute, Dr. Blume spent four years in the Laboratory for Biochemical Genetics at NIH. His primary research interests have been in the field of neurobiology. He received his Ph.D. in molecular biology from Syracuse University in 1968.
Jeffrey Blume, Analytical Edge’s Chief Scientific Officer, is an Assistant Professor in the Center for Statistical Sciences at Brown University, and the Deputy Director of the American College of Radiology Imaging Network (ACRIN). He has extensive experience in the development operation, analysis and methodological aspects of clinical trials and is a leading academic expert on Likelihood methods for measuring statistical evidence. Dr. Blume received his Ph.D. in Biostatistics from Johns Hopkins University in 1999, under the direction of Richard Royall, Ph.D., formerly Professor of Biostatistics at Johns Hopkins and recognized authority in the field of Pure Likelihood methods in statistics.
"Both the pharmaceutical and medical device industries must stretch their current resources for development and discovery programs in order to maintain their competitive advantage. Likelihood methodology for measuring statistical evidence provides a low cost solution to this problem because it maximizes a clinical triae’s efficiency, flexibility, and accuracy from a statistical perspective," said Analytical Edge CEO Arthur Blume. "The Likelihood paradigm for designing and analyzing clinical trials will result in smaller, less expensive and more reliable clinical trials. The ultimate benefactor will be the public: drug development will cost less and proceed more quickly, and there will be a better chance of detecting rare side effects during the process. This should result in cheaper, more effective medications in the future."
"The technological basis underlying Analytical Edge shows promise in reducing the time and cost of clinical trials for new drugs and medical devices and new indications for existing drugs and devices," said Charles Kingdon, Associate Vice President of the Brown Technology Partnership at Brown University. "The formation of Analytical Edge is part of a continuing effort by the University to bring the results of its research programs to practical application. We’re especially pleased to have the company locate here in Rhode Island, where it will benefit the state and local economy."
"The significance of the problems faced by pharmaceutical and medical device companies in the design and implementation of clinical trials has increased greatly in recent years in light of numerous high profile product recalls," according to Richard G. Horan, Managing Director of the Slater Technology Fund. "The solution proposed by Analytical Edge has the potential to deliver tremendous value to the companies undertaking such trials. We look forward to working with Arthur and Jeff as well as their colleagues at Brown in addressing this important challenge."
About Analytical Edge, Inc.
Analytical Edge, headquartered in East Greenwich, R.I., provides software and services for measuring and interpreting the strength of statistical evidence in data based on a statistical paradigm referred to as Likelihood. Analytical Edge is focused on developing and promoting the use of this methodology for the design, conduct and analysis of clinical trials in industrial, academic and government sectors.
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