FindMeCure — A New Promising Startup From Bulgaria

Clinical studies are an integral part of pharmacy: without them, modern drugs would never reach the market. But the special thing is that even with them a lot of the tests do not end, the main reason is not even their unreliability, but it is far more prosaic — the lack of enough patients to participate in them. Because of their small number, about 40% of these tests fail. The Bulgarian launch company FindMeCure is committed to coping with this problem by helping both patients and companies. It creates a technology platform that collects much of all clinical trials around the world and provides information in an easy and accessible way to anyone who needs it. Thus, patients can test alternative treatments before they are on the market, being aware of all the pros and cons of the whole process.

Founders of FindMeCure Maya Zlatanova, Miroslav Valchev, and Ivailo Yosifov have many years of experience in the field of clinical research. They have known each other for ten years when they started working in a British company that makes software for this industry. Zlatanova has also been involved with the training of specialists in this field, while Valchev and Yosifov have a technological background.

The beginning

The idea of ​​FindMeCure comes to Zlatanova after she has to look for alternative treatment for a very close person. This makes it clear that anyone who wants to participate in clinical research is confronted with a vast amount of incomprehensible information. At the same time, there are many open tests that are constantly looking for patients. “I realized that when you have enough information and enough good know-how, you can very well understand what alternative treatments there are,” says Zlatanova.

A little later she participates in a competition at Singularity University, where people have to share ideas that will help at least 1 million people. “I decided to tell about my — a clinical trials platform that responds to people’s demand — a kind of Google-like search engine whose algorithm helps you get the results that are most relevant to you — I wanted the platform to show the most, Appropriate clinical trials for every person and he / she will appreciate the pros and cons and take advantage of it, “added Zlatanova.

It turns out that such a search engine is sought after not only by people but by the industry itself, which suffers from the lack of volunteers. Over 50% of people do not know about clinical trials, and 95% of those who have already done so would do it again.

Participation in Singularity University’s competition draws attention to Zlatanova’s idea and many institutions associated with it, including local associations for clinical trials, the Bulgarian Drug Agency, and others. “So, with Miro and Ivo, we sat down and started talking-the two of them had already come to the idea that what they were doing they liked and had their power — the software products, and we also had a cause that created real value for the people. To gather strength and start FindMeCure, “said Zlatanova, who is the executive director of the start-up firm, while Valchev is an operating director and Yosifov is a technology director. At the time, they both had their own software company, which also helped to bring more specialists to FindMeCure. Currently, the startup firm has a team of nine people.

How it works

The debut of the platform officially for patients became reality last year. At present, about 7,000–8,000 people per month are looking for real clinical trials, and a percentage of them directly apply to these studies, the company said.

“Through our platform, we provide them with the largest package of information that is publicly available in a way that they can understand to be able to decide and apply, and then link them to the relevant clinical trial specialists and consult them. Help, as long as, of course, the doctor says they are suitable for them, “says Zlatanova.

At the same time, they work on their business model and customer contact. FindMeCure already has a pilot project with local offices in Bulgaria of Novartis, Bayer, GSK and other companies. “One of our first clients is a US company that we need to find 300 patients by the end of the year,” the company said. Meanwhile, at least two to three per day is personally associated with people in the company after they have found a clinical trial that meets their characteristics.

The company recalls that many of the clinical trials organizations — companies, state institutes or universities — are not allowed to contact patients directly. This is what researchers do — doctors who have their own practice. But they are sometimes busy and hard to sift a large number of candidates. “So we save a lot of time for both the industry and the patients,” says Vulchev.

“We say: these are the pros, those are the minuses and we consult the patients, we give full information about what this test is and we are doing a preliminary screening for the companies,” Zlatanova added.

Investors

The development of the company also attracted the attention of investors. In the FindMeCure the LAUNCHub Ventures Fund enters. “We are currently investing $ 300,000 with an extra financing option for business development, and we are also investing in the global accelerator TechStars, which totals more than $ 400,000 and provides the company with funding for between 12 and 18 months, Capital “Stanislav Sirakov, the partner at LAUNCHub Ventures. According to him, one of the reasons to choose the company for his next investment is the ineffective work of the vast clinical research industry, which is a $ 100 billion business. “Industry seems ready to be optimized thanks to technology, and Maya and the team are at the right time with the right positioning.” In the future, we see opportunities in the sector by optimizing medical information for a patient and artificial intelligence to further digitize the industry. We would invest in the company if we did not see an opportunity to become a 100 millionth business in the coming years, “Sirakov adds.

In July, the three founders joined TechStars London’s current accelerator class and are one of only 11 selected companies. The selection covered 21 countries and hundreds of entrepreneurs, and seven of the companies have women for executive directors. Maya Zlatanova is one of them.