Vial reels in $67M in series B fund raising; adds NEXT Oncology to network

CRO startup Vial, which focuses on offering clinical trial services to the biotech industry, reeled in $67 million in series B funding it plans to use to further its global expansion.

The funding round was led by General Catalyst and included Byers Capital and BoxGroup, according to a Nov. 30 press release. To date, Vial has raised $100 million since being founded in 2020.

Vial, like others in the CRO arena, have begun to refashion how clinical trials are conducted in the wake of the COVID-19 pandemic that caused widespread disruption for sponsors and trial sites. Those disruptions triggered an almost immediate acceptance of digital tools and technology to bolster decentralized clinical trials and improve diversity inclusion in trials.

"We are proud of what Vial is building—a global, full-service CRO powered by intuitive end-to-end technology aimed at meeting the needs of biotech,” Simon Burns, Vials chief executive and co-founder, said in the press release. “The fundraise is the latest and exciting step towards executing on our mission of reimagining clinical trials."

Additionally, Vial recently announced it signed NEXT Oncology to its Preferred Site Network that pairs sponsors with dedicated sites to help streamline the clinical trial process.

NEXT, which is headquartered in San Antonio, Texas, has a global network of phase 1 cancer research clinics serving patients that need the latest treatments for advanced cancers.

On Tuesday, the company continued loading its advisory board with the addition of Adam Friedman, M.D., who will advise the company on enhancing its Dermatology CRO product and services.

In August, Vial bolstered its oncology experience with the addition of cancer physician Neeraj Agarwal, M.D., to its scientific advisory board. In his new role, Agarwal advises Vial’s oncology CRO business that debuted in June and runs parallel to its dermatology and ophthalmology units that were launched earlier this year.