EVIDATION COMPANY PROFILE

FOUNDED YEAR

•  2012  

FUNDING HISTORY

• Evidation Health has received a total funding of $65 million since Aug 1, 2012.
• The funding status of the company is known as "Late Stage Funding". The last funding was "Series C Funding", raising $30 million.

MANAGEMENT HIERARCHY

• The CEO of Evidation is Deborah Kipatrick.
• Kipatrick is also a Member of Directors at The Task Force For Global Health, Co-founder of MedteVision Conference, and a Director at MedtechWomen. She has a PhD in Mechanical Engineering, Bioengineering focus, a Masters in Mechanical engineering, and a degree in Engineering Science and Mechanics all from Geogia Institute of Technology.
• The Co-founder and the President of Evidation is Christine Lemke.
• Lemke is also a Co-founder and Chief Operating Officer at Sense Networks, Inc, a partner at Ensemble Labs, a consultant at XBOX Hardware Organization, Microsoft, and Co-founder and investor of Channel Velocity. She has a BA in Business, Finance, and Entrepreneurship from the University of Washington, Seattle.

KEY TECHNICAL EMPLOYEES

• The Chief Architect at Evidation Health is Alessio Signorini.
• Signorini was also a Co-founder of the following companies: Evidation Health, The Activity Exchange, Spyrite.it, and IMRSV. He was a Director at the following companies: OneRiot and Ask.com, and Transportation Manager at Club Mediterrannee. He has a PhD in Artificial Intelligence/Epidemiology from the University of Iowa.
• The Chief Data Scientist at Evidation Health is Luca Foschini.
• Foschini is also a Co-founder of Evidation Health. He was a Visiting Research Scientist at Google, UC Santa Barbara, and ETH Zurich, and a Software Engineer at Ask.com. He has a PhD in Computer Science and a Masters in Computer Security, from UC Santa Barbara University.

PARTNERSHIP, MERGERS, AND ACQUISITIONS

• In December 2018, Lilly and Evidation Health partnered to analyze data from smartphones and connected sensors.
• In August 2018, Evidation Health and Tidepool partnered to use the data generated every day by people with diabetes to improve clinical outcomes.
• In March 2015, GE Ventures and Stanford Health Care merged up to create Evidation Health.
• In March 2015, Evidation Health merged with wellness engagement platform company, The Activity Exchange.

TARGET MARKET/CUSTOMERS

• Evidation Health's target customers are statisticians and data scientists at life sciences and health care companies.

OPERATING COUNTRIES

• Evidation Health operates in the United States.

PRODUCTS

•  Data Platform: Andromeda.
•  Studies: Observatory.

LICENSED TECHNOLOGIES

•  Andromeda Platform — A self-developed platform to process high-frequency medical data into actionable insights. (Source6)
•  Observatory Study Service — A tech-enabled service that conducts real-world research to support medical teams and staff in research.

KEY CUSTOMERS

•  Sanofi
•  Tueo Health
•  Tidepool
•  Eli Lilly and Company

TYPES OF DATA HELD

•  Insurance claims
•  EHR
•  Diagnostic Report data 
• Data from digital health devices like Fitbit, Apple Health, etc.

AMOUNT OF DATA HELD

• Evidation Health has data for more than 2 million patients.

DATA STORAGE METHODS

• The company stores data on its own platform, Andromeda.
• Evidation Health has stored information from more than 100 data sources on Andromeda.
• This data is linked with the patients' electronic health records, insurance claims, and environmental data.
• The data can be analyzed with queries to generate round the clock analysis and provide research solutions.

SUMMARY OF FINDINGS

• Individuals, doctors, and researchers at life sciences, payers and health care providers are different types of medical centers/facilities that Evidation Health holds records/data for.
• Although the terms of agreement with medical centers are undisclosed, Evidation Health has multi-year agreement to provide Lilly with global access to its Andromeda data platform. Lilly scientists leverage Evidation’s Andromeda platforms to gain "instant access to a private, collaborative, and secure analytical environment where they can use powerful algorithms to process raw data for use in clinical studies or to create their own predictive models."
•  Lightbeam Health and Vitreos Health are competitors of Evidation Health.
• Evidation Health uses Andromeda data platform to turn raw, high-frequency everyday behavior data from sensors, devices, speech, video, and other sources into new knowledge about health and disease.
• The data platform allows to set up secure, private instance or a single or multiple studies, with hundreds of pre-built connectors or custom ingestion.

RESEARCH STRATEGY:

TYPES OF MEDICAL CENTERS

AGREEMENTS WITH MEDICAL CENTERS

TWO MAIN COMPETITORS

TECHNICAL INFORMATION ON DATA

Competitors In Europe/Asia

1. Cota Health

• The website of Cota healthcare is accessible via this link.

Funding History

• The total funding amount of Cota Healthcare is $65 million in four funding rounds.
• Cota Healthcare raised $40million in its last funding round (Series C) in February 2018.
• Cota Healthcare lead investor is EW Healthcare Partners, IQVIA.
• A single series A funding of Cota Healthcare occurred in 2014, while two series B funding rounds were implemented in 2016.

Management Hierarchy: CEO

• Michael Doyle is the President and CEO of Cota Healthcare.
• Michael Doyle attended the University of Chicago Booth School of Business between 1980 – 1982 and graduated with an MBA in Hospital Administration and Finance.
• Michael Doyle attended Tufts University where he obtained a BS Field in Biology and Community Health between 1976 and 1980. He was the President and CEO of QPID Health an eviCore Company Express Scripts Company from Dec 2012 to Sep 2018.

Management Hierarchy: Founder & executive chairman

• The founder, as well as executive chairman of Cota healthcare, is Dr. Andrew L. Pecora.
• Dr. Pecora is a Professor of Medicine, with the UMDNJ-New Jersey Medical School, and also a Professor of Oncology and Medicine with the Georgetown University.
• Dr. Pecora co-founded Progenitor Cell Therapy, L.L.C.; and Amorcyte, Inc. He holds a B.S. from the Seton Hall University and obtained an M.D. from the University of Medicine and Dentistry, New Jersey.
• Dr. Pecora completed his internship and residency with the New York Hospital-Cornell Cooperating Hospitals System as well as a fellowship in hematology/oncology with the Memorial Sloan-Kettering Cancer Center.
• Additional details on the company Profile of Cota Health are found in the attached spreadsheet.

METHODOLOGY

Technology license

•  Cota Nodal Address (CNA) — Software that organizes the files of big data to determine information of medical interest, through a control code.
•  Influx — Software by which Cota acquires, processes, and structures the data. It extracts important information from unstructured data to be interpreted by the CNA.
• And, the company has five different patents for "clinical outcome tracking and analysis".

Key clients

•  Novartis Pharmaceuticals Corporation
•  HealthScape Advisors — Health management consulting company
•  Celgene — Pharmaceutical group

data storage

• Cota stores the electronic medical records (EMR) of users, medical professionals, experts, public databases, and data from any online source.

The amount of data held by the company

• Currently, CotaHealthcare estimates that its database has 2,000,000 patients.

Different methods of data storage

• The Cota data storage parameters include screening, tracking results, and analyzing the performance status of the Eastern Cooperative Oncology Group (ECOG), checking the toxicity to therapy, and cost of care.
• Each Cota data record includes data associated with an illness and data associated with patients currently with the disease or patients who have had the disease.
• The Cota module can allow the users to perform multiple analysis on one or more of the data records, which are stored through their specifications.
• The Cota nodal address (CNA) code, indicating one or more variables, is applied to the patient's medical records ordered set to determine a clinically relevant set of patient medical records such as the patient's medical records sorted by satisfying one or more variables.
• Each CNA is represented as a discrete punctuated sequence of digits comprising a prefix, a medium, and a suffix representing a set of preselected variables that divide the classified information into a clinically relevant set of health information.
• The Cota module tracks the consequences of treatment choices and report results associated with the use of Cota Node Addresses (CNAs).

• Cota Health works with health providers (which may include hospitals, clinics, private practices), payers, life sciences companies, patients, and the Food and Drug Administration.  
• Cota Health has signed a multi-year agreement with Memorial Sloan Kettering Cancer Center (MSK) which is one of the world's most renowned cancer centers.
• There is a technological collaboration between MSK and Cota Health that is focused on advanced analytics to enable more consistent disease classification within oncology thus helping to drive further insights for both researchers and physicians.
• Through its unique classification system, the Cota Nodal Address (CNA), Cota will construct optimized clinical and genomic datasets from the MSK records. The resulting datasets will help MSK improve patient care and advance its world-leading research efforts.
• The CNA is the first and only system that precisely categorizes patient factors, their diseases, and intended therapies, which enables precision medicine at scale.
• Cota Health also uses Google Analytics to collect visitor information so that they can better understand how to improve their products and services.
• Cota Healthcare uses 10 technology products and services in total including Google Analytics, G Suite, formerly known as Google Apps for Work, and Microsoft Office 365.
• Cota Healthcare competes with BostonGene, PierianDx, EarlySense, Bluebee, Flatiron, Health and DNAnexus.
• EarlySense is a Jewish company while BlueBee is a European company based in the Netherlands.

Research Strategy:

IQVIA

• In 2017, IMS health and Quintiles Transnational Holdings announced the merging and became Iqvia.
• Based on the CrunchBase profile of Iqvia, The company has not been acquired by any company, and they have active company acquisitions. The most recent purchase was Linguamatics on February 12, 2019.

MERGE

•  IBM acquired Merge for $1 billion on August 6, 2015.
• The main driver of the acquisition was the successful use of Merge's technology platforms by most of the world's top pharmaceutical firms and clinical research institutes to manage medical images. And, the addition of Watson Health Cloud could allow these organizations to receive more in-depth insights from a "consolidated, patient-centric view of current and historical images, electronic health records, data from wearable devices and other related medical data, in a HIPAA-enabled environment.
• The main reason for the acquisition was IBM's plan to combine data and images from Merge Healthcare's medical imaging management platform with Watson's cloud-based healthcare computing system which will allow customers to get a more detailed analysis of images.
• More than 7,500 U.S. healthcare sites used Merge's technology platforms, prior to its acquisition.

PHYTEL

•  IBM acquired Phytel at an undisclosed amount on May 4, 2015.
• The Phytel's acquisition will allow primary care providers, physician networks, and large hospital systems to improve healthcare quality and effect healthier patient outcomes with the use of IBM's advanced analytics and cognitive computing system.
•  Mike Rhodin, senior vice president of IBM Watson, stated that the acquisition of Phytel would support the vision of the company to improve the quality and effectiveness of personal healthcare by allowing secure access to customized insights and a complete picture of the factors that might affect people's health.
• Nationwide, Phytel's state-of-the-art registry had 20 million patients before the acquisition.

Research Strategy:

EXPLORYS

• In 2015, IBM acquired Explorys at an undisclosed amount.
• IBM's acquisitions of four companies which include Explorys cost more than $4 billion.
•  IBM acquired Explorys as part of the company in establishing Watson Health Cloud which provides a secure and open platform for medical professionals, insurers, and related companies in the health and wellness segment.
• Prior to the acquisition — Explorys offers a secure software platform that allows healthcare systems to summarize, analyze, and manage data.

TRUVEN

• In 2016, Truven Health Analytics was acquired by IBM amounting to $2.6 Billion. (s8)
• Based on Truven's former annual report, the company's key product offerings were advantage suite data, marketscan, micromedex, and action OI. (s9, corroborated by s10)

MEDIDATA

•  Medidata was acquired by Dassault Systemes on June 12, 2019, in the deal amounting to $5.8 billion.
• The expertise of Medidata in clinical trials and of cloud-based solutions power the development and commercialization of smarter therapies have been the most important factor for Dassault Systems especially it matches their goal of strengthening its position in life sciences industry.
•  Medidata product where study conduct — medical imaging and virtual trials; data management — medical coding; analytics — biomarker analysis, SHYFT analytics; trial planning — study design, targeted SDFV; trial management — site payments, RBM; and platform/platform tools — Medidata enterprise data store.

RESEARCH STRATEGY

Flatiron Health

• Roche acquired Flatiron Health in April 2018 for a value of $1.9 billion.

Valuation Factors

• Roche's interest in Flatiron Health was due to the company's innovative practices for managing structured and unstructured clinical data and how these could be used to increase the efficacy of clinical trials. Flatiron's partnerships with the National Institutes of Health, and National Cancer Institute in the United States gave it a unique place to utilize its curated model of data structuring and analysis to impact how cancer drug clinical trials are carried out.

• Flatiron's data analysis approach is seen to allow for the comparison of oncology drugs outside of the clinical trials environment, thus enabling a "value-based pricing" model for said drugs.

• Flatiron's data analytics capabilities and integration with oncology clinics, practitioners, companies, and academic/federal laboratories is seen as giving the company a decided advantage in terms of being able to streamline the clinical trials process for Roche's therapeutic oncology drugs. By connecting the right patients to the right clinical trials, Flatiron's capabilities may enhance the efficacy of drugs that make it to the market.

Patient Records and Customers

• At the time of acquisition, Flatiron had approximately 2.2 million patient records and partnerships with 15 major companies, 7 research institutions, and its 2,600 OncoEMR system users.

Products

•  Flatiron's products include the OncologyCloud software suite, including OncoAnalytics, OncoEMR, OncoBilling, and SeeYourChart. All these products leveraged Flatiron's process for aggregating structured and unstructured data for clinical trials analysis.

Foundation Medicine

• Roche acquired Foundation Medicine in June 2018, and the company was valued at $5.3 billion at the time.

Valuation Factors

• Foundation's genome sequencing and matching technology allows for the alignment of a patient's specific cancer traits to immunotherapy drugs to achieve maximum efficacy.

• Before 2017, Foundation had struggled to generate uptake of its technology amongst insurance payers and oncologists. However, through the U.S. Food and Drug Administration's approval of their diagnostic tool, Foundation One CDx, and recent support from the U.S. government for the use of genomic sequencing tools in cancer treatment, sales have increased considerably.

• Foundation Medicine's genomic profiling technology will enable Roche to have at its disposal systems for matching a patient's cancer to specific immunotherapy drugs identified as being ideal to treat that specific cancer type.

Patient Records and Customers

• At the time of acquisition, Foundation had patient data for approximately 300,000 individuals, as well as around 30 biopharmaceutical industry partners.

Products

• At the time of acquisition, Foundation's major products were FoundationACT, FoundationOne CDx, and Comprehensive Gene Profiling services

ANOLINX

• Anolinx was acquired by Parelex in 2017.

Valuation Factors

•  Anolinx is estimated to have a triangulated valuation of approximately $174 million. Parexel acquired Anolinx due to its expertise in data science in support of bioinformatics in epidemiology. Parexel was in need of Anolinx's data science expertise to manage the transfer of data from labs closing to other facilities.

Patient Records and Customers

• While no specific number exists for Anolinx's total customers, it is known that Anolinx was working with AstraZeneca on a 50 private practice, ambulatory clinic, and outpatient clinic assessment of their EMR tools. In addition, Anolinx was working with United States Department of Veterans' Affairs Salt Lake City facility, serving some 57,000 veterans, before its acquisition.

Products

• Anolinx's primary products were Big Data analytics to assess the competitive nature of clinical trial protocols, and EMR/EHR records analysis for clinical trials optimization.

Symphony Health

• Symphony Health was acquired by PRA Health Solutions in September 2017 for $530 million.

VALUATION FACTORS

• Pharmaceutical Research Associates paid about $530 million in cash for the outstanding equity of Symphony Health. The company had just revamped their IT infrastructure which became very scalable, and "being on one platform gives them the agility and nimbleness to provide customized data solutions.”

Patient Records and Customers

• Symphony Health’s main asset is a data service called Integrated Dataverse, a collection of claims data and prescriber information for 280 million patients and 1.8 million prescribers in the US.

Products

• Symphony Health's products and services included Integrated Dataverse, high-value data, analytics, technology solutions, and connecting and integrating health data and analytics delivered as cloud-based solutions.

Research Strategy:

• Starting with each respective company and the requested inputs, we conducted a series of searches examining the company's acquisition, its services and sector, and other relevant publications addressing the company's value to the pharmaceutical and biopharmaceutical sector. This approach yielded information for each company in alignment with the client's request except Anolinx. For some of these data points, out of date sources were used and this was necessary to capture the relevant historical information about two of the companies, Symphony Health and Anolinx, as both were acquired in 2017.

• After an exhaustive search of credible sources on Anolinx, including startup company databases, annual reports (SEC 10-Ks) from the acquiring company, Anolinx's website and social media profiles (either no longer functioning or not used), and research papers, we were unable to find a specific dollar amount valuation, amount of patient data handled, or number of customers at the time of acquisition. To address the first point, we broadened the research strategy to include all financial information pertaining to Anolinx, searching various databases, such as Crunchbase, to gather information such as annual revenue, and sales. This approach yielded an annual revenue estimate for Anolinx, and the information was used to triangulate a value of the company based on the ratio of an analogous company's annual revenue to valuation at time of sales.

• According to The Hartford, and supported by Ben McClure of Investopedia, when a valuation number is unavailable for a firm at the time of sale, one can use the ratio of valuation to annual sales for an analogous company in the same market, to create a multiplier that allows for estimating the value of the aforementioned first firm.

Triangulation:

• Anolinx Value = Anolinx Estimated Annual Revenue (source 25)*(Foundation Medicine Valuation (source 9)/Foundation Medicine Annual Revenue at time of Sale). Anolinx Value = $5,000,000*($5,300,000,000/$152,000,000) = $174,342,105.

• After triangulating the value of Anolinx, we searched for references to the company in relationship to patient or customer data. This initial search did not yield any definitive information either. We first searched through credible databases, looking through major startup databases like Crunchbase, Owler, and AngelList. We searched for information pertaining to patient data and customers, however, these databases did not yield any information, and most had little to no information about Anolinx, its employees, or their key products and services.

• After being unable to find any information in major startup databases, we expanded the research criteria to focus on identifying any mention of patients, patient data, or partnerships (in lieu of customers) that referenced Anolinx. This approach yielded references to two partnerships, one with AstraZeneca and another with the U.S. Veterans' Administration, however there were no specific tallies of patient data or total customers. We however managed to find a tally for a single source resulting from the AstraZeneca partnership.

• Data concerning the amount of patient data available was limited, and the sources that could be used for rough triangulation, such as patient data available to AstraZeneca and the VA, are expansive systems and it was unclear based on the sources found how much Anolinx had access to customer data. What was available was a 2016 estimate, the most recent report from the VA, of the number of patients served by the US Veterans' Administration facility in the Salt Lake City, UT area where Anolinx was conducting its primary partnership. This value has been supplied as a partial estimate of the total potential patient records available to Anolinx before its acquisition.