Lloyd's, the world's leading insurance market,
has granted approval to MCI Syndicate 1966 to offer insurance for
clinical trials, facilitated by GATC's MAT AI platform, to greatly
reduce the financial risk in therapeutic drug development.
IRVINE, Calif. and LONDON, July 22,
2024 /PRNewswire/ -- Medical and Commercial
International Limited (MCI) a leading specialized liability
underwriting company in the London
market and GATC Health Corp, a technology company advancing drug
discovery using artificial intelligence, have established a
groundbreaking program that is poised to transform how clinical
trials are financed. This first-of-its-kind initiative, which has
been approved by Lloyd's of London, will offer the biotech industry
insurance coverage for clinical trial funding in the event of trial
failure. Enabled by GATC Health's proprietary AI technology, which
forecasts clinical trial endpoints, this new insurance model
significantly mitigates financial risks inherent in medical
innovation and research, thereby bolstering the growth of
therapeutic drug development.
"Clinical trial funding insurance is a revolutionary new
insurance product with huge unmet demand, and access to Lloyd's
will allow MCI to capitalize on this opportunity," said MCI
CEO Phil Trafford. "Working
side-by-side with lenders and investors, this new program will
promote medical innovation and promises a level of risk assessment
accuracy unparalleled in the industry."
Biotech entrepreneurs, investors and innovators are challenged
in securing funding for their drug development projects without
diluting their equity and compromising control of their company.
This new program, supported by GATC Health's technology, directly
addresses the financial challenges and obstacles inherent to
early-stage drug development companies. This innovative approach
will enhance clinical trials' risk selection process significantly
to bring a greater number of therapeutic drugs to market.
"GATC's AI has enabled this first-of-a-kind combination of
financing protected by insurance in case the clinical trial is not
successful," said Ben Canagaretna, Global Managing Director of
Acrisure Re Corporate Advisory & Solutions ("ARCAS"), the
international financing and consulting firm responsible for program
sales and distribution. "The early response from biotech companies
and large brokerage firms for this product has exceeded our
expectations which represents the pent-up demand for this
innovative financing program."
"GATC Health is focused on using artificial intelligence
technology to develop more efficacious and safer drugs in less time
and with less money," said John
Stroh, GATC Health CEO. "Through our new relationship with
MCI, backed by Lloyd's, we aim to transform the drug development
financial model to bring safer and more effective treatments to
those who are suffering from acute medical conditions," added Mr.
Stroh.
The collaboration between MCI and GATC, backed by Lloyd's is a
major development in the insurance industry, promising to reshape
the landscape of clinical trial funding. With Lloyd's endorsement,
stakeholders in the biotech industry can enhance risk management
and further unlock groundbreaking medical innovations.
GATC's Multiomics Advanced Technology™ (MAT) platform
uses proprietary AI and machine learning to simulate complex human
physiology and accurately predict the efficacy, safety, and
off-target impact (side effects) of a novel pharmaceutical asset to
any specific disease. The application of this technology
significantly increases the likelihood of clinical trial success.
In just two years, GATC Health's MAT platform has discovered
and tested seven drug candidates with the capacity to create 10 to
12 novel molecules each year.
About Lloyd's
Lloyd's is the world's leading
marketplace for insurance and reinsurance. Through the collective
intelligence and expertise of the market's underwriters and
brokers, we're sharing risk to create a braver world. The
Lloyd's market offers the resources, capability, and insight to
develop new and innovative products for customers in any industry,
on any scale, in more than 200 territories. We're made up of
more than 50 leading insurance companies, over 380 registered
Lloyd's brokers and a global network of over 4,000 local
coverholders. Behind the Lloyd's market is the Corporation: an
independent organization and regulator working to maintain the
market's successful reputation and operation.
About MCI
Medical & Commercial International
(MCI) specializes in underwriting international liability
risks. Its management and underwriting team have extensive
experience of the international insurance market and have worked
with companies ranging from start-ups to some of the largest
corporate and public entities in the world.
About Acrisure Re | ARCAS
Acrisure Re is a premier
global reinsurance broking and advisory firm, renowned for its
innovative placements for complex and technical books of business.
Operating in key international markets, Acrisure Re partners with
major insurance companies to achieve corporate risk management
goals through tailored reinsurance and insurance portfolio
solutions.
Acrisure Re Corporate Advisory and Solutions (ARCAS) supports
insurers and reinsurers globally in achieving strategic goals and
optimizing capital. ARCAS offers a distinct blend of insurance,
banking, ratings agency, and capital markets expertise. The team,
including former C-suite executives and professionals including
investment bankers, research analysts, ex-institutional investors,
capital raisers, rating agency experts, actuaries and insurance and
reinsurance underwriters, prioritizes deep client understanding and
collaborative problem-solving to deliver effective solutions. Learn
more at www.acrisurere.com.
About GATC Health
GATC Health Corp,
www.gatchealth.com, is a technology company revolutionizing disease
prediction and drug discovery and development through its
transformative AI platform and approach, which de-risks drug
pipelines and accelerates new therapies to treat disease with
accuracy, efficiency and speed never achieved in medical science.
The company's validated and proprietary Multiomics Advanced
Technology™ (MAT) platform simulates human
biochemistry's billions of interactions for accurate and rapid
disease prediction, novel target identification, and drug discovery
and development. GATC Health envisions the future of medicine now,
where health is protected, disease is reversed, and every person's
unique biology is treated with precision.
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