Veeva Collaborates With RedHill for Coronavirus Clinical Study
Veeva Systems, Inc. VEEV and Bioforum recently announced that they have collaborated with RedHill Biopharma Ltd ("RedHill") on a global Phase 2/3 clinical study evaluating opaganib, which is a first-in-class, orally-administered, sphingosine kinase-2 (SK2) selective inhibitor. The study will be conducted in patients who have been hospitalized with severe COVID-19 pneumonia requiring treatment with supplemental oxygen.
This should boost Veeva’s portfolio of cloud-based offerings for the life sciences industry.
More on the Collaboration
The opaganib Phase 2/3 study is set to enroll up to 270 patients in up to 40 clinical sites globally and gather broad and rigorous data in a short span of time. To facilitate the study, RedHill has adopted Veeva Vault CDMS, which is a modern cloud platform equipped in electronic data capture (EDC), coding, data cleaning and reporting.
Vault CDMS provides RedHill with a flexible EDC that simplifies and streamlines processes for establishing and implementing clinical studies. Bioforum, a global data-focused contract research organization (CRO) and a certified Veeva partner, has been picked by RedHill, a long-time client, to deploy and configure Vault CDMS for this COVID-19 study.
The goal of this collaboration is to cater to the urgent unmet medical need for safe, efficient and life-saving treatments for patients afflicted with severe cases of COVID-19. The partnership with Bioforum and Veeva will enable RedHill to compile clinical data as early as the fourth quarter of 2020 in order to support potential applications for emergency use authorizations of opaganib.
Vault CDMS enables trial sponsors and their CRO partners to manage studies jointly from development through execution. Veeva Vault EDC, part of Vault CDMS, offers an intuitive interface for capturing trial data and is developed for flexibility.
Market Prospects
Per a report by MarketsandMarkets, the global cloud computing market size is expected to rise from $371.4 billion in 2020 to $832.1 billion by 2025, at a CAGR of 17.5%.
Recent Developments
This month,Veeva Systems announced that Switzerland-based Idorsia Pharmaceuticals has chosen Veeva Commercial Cloud to enable its digital field force in the United States, Japan and countries across Europe. Veeva Commercial Cloud will help Idorsia build the foundation for digital excellence through multichannel engagement, data, content and analytics.
Apart from this, Veeva Systems announced recently that AstraZeneca has selected Veeva Vault QMS and Veeva Vault QualityDocs to combine quality management and content on a single cloud platform. This development is expected to enhance Veeva Systems’ commitment toward strengthening its cloud-based software.
Price Performance
Shares of this Zacks Rank #3 (Hold) company have gained 20.3% compared with the industry’s growth of 18.9% in the past three months.
Key Picks
A few better-ranked stocks from the broader medical space include NextGen Healthcare NXGN, Surmodics SRDX and Thermo Fisher Scientic. TMO.
NextGen’s long-term earnings growth rate is estimated at 8%. The company presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Surmodics’ long-term earnings growth rate is estimated at 10%. The company presently carries a Zacks Rank #2.
Thermo Fisher’s long-term earnings growth rate is estimated at 15.5%. It currently carries a Zacks Rank #2.
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