Lokavant has released a new artificial intelligence solution it claims can help contract research organizations and sponsors predict, optimize and control clinical trials in real time.
In a June 11 press release, the clinical trial intelligence company said its new product, dubbed Spectrum, would give researchers a way to conduct iterative feasibility analysis and course-correct mid-study.
“In minutes, Spectrum can run thousands of simulations to uncover the best recommendations based on customer priorities—and all in real time for continuous remediation,” Aaron Mackey, Ph.D., senior vice president of AI and data science at Lokavant, said in the release.
The software’s functionality includes site startup modeling, scenario planning and optimization, study enrollment projections, financial modeling and more. It’s part of the company’s clinical intelligence platform, which was built using historical trial data from more than 2,000 studies, including more than 400,000 third-party trials, but can be purchased as a standalone product, Lokavant confirmed to Fierce Biotech in an email.
One CRO testing out Spectrum used it to run different scenarios and make recommendations to a sponsor during bid defense, according to Lokavant.
The software has supposedly already saved users more than $1 million in patient retention costs thanks to its detection of site noncompliance issues.
In August 2023, Lokavant announced a similar solution—without AI—to help CROs with trial site selection. The company is one is one of the so-called “Vants” incubated by Roivant Sciences and as of October 2023 has raised $29 million total in funding.