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LEXINGTON, Mass., May 29 — iSpecimen®, a provider of on-demand human specimens to the life science community, announced today it has been selected as a finalist in the MassChallenge, an accelerator and startup competition.  Finalists in the competition are provided mentorship, networking opportunities, free office space, and the chance to compete for $1M in funding at the end of the three month program.

 

“We are honored to be selected among such high-impact startups and to be acknowledged for our pioneering biospecimen procurement technology,” said Dr. Chris Ianelli, Founder and Chief Executive Officer. “Our technology accelerates human specimen procurement and enables medical research that previously was impractical due to the exorbitant time and costs involved in accessing patients and specimens.”

 

iSpecimen’s technology watches the flow of specimens in clinical laboratories along with de-identified patient information and matches these remnant specimens and data to researchers’ requests for specimens.  When matches are made, it instructs laboratory personnel to pick and ship these specimens to researchers instead of discarding them as usual. The company’s pre-cursor technology provided an order of magnitude improvement in specimen procurement times and costs when compared to traditional patient enrollment processes.

 

MassChallenge recognizes young companies that solve major global challenges by awarding cash grants and providing training, mentoring, PR and networking support from experts, as well as the use of their 22,000 square feet of free office space located on the waterfront in the Boston Innovation District. In 2013, 1237 companies from 35 states and 36 countries applied for 125 finalist positions.  These companies sought to join the 236 elite companies selected by MassChallenge in the preceding two years as finalists who already raised more than $250 million in funding from outside sources.

 

“The idea for our technology was born out of a research program at a major academic hospital, where university researchers saved time and money by using clinical remnant specimens to drive their studies. Our technology resides at clinical laboratories in our Partner Network and brings these efficiencies to the rest of the research community in the life science, diagnostic and therapeutic industries,” added Dr. Ianelli.

 

About iSpecimen

iSpecimen, a privately held company, provides life scientists with a rich source of high-quality human biospecimens for their research and development programs. The company’s pioneering technology allows it to search through millions of patient specimens flowing through its partner network of clinical laboratories each year to find biospecimens based on associated laboratory and medical record data. These samples, most of which would otherwise be discarded after clinical testing, exactly match patient cohort criteria and provide a steady supply of richly-annotated human biospecimens for a variety of basic and translational research. For more information about iSpecimen, please visit www.ispecimen.com.

 

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