Opyl Ltd (ASX:OPL) non-executive director Damon Rasheed has demonstrated his faith in the company’s vision to improve health and wellness by optimising data assets and digital activation with the purchase of shares in an on-market transaction.
Rasheed purchased 300,000 shares in a direct interest at 19.4 cents per share on September 8, increasing the total number of securities held after the change to 70,000 shares.
New software using AI
The company has developed a software that uses artificial intelligence (AI) to make a probability of success prediction on the likelihood of a vaccine, drug, diagnostic or medical device succeeding in clinical trials.
Previous studies demonstrated that on average only 13.8% of all drugs in phase 1 clinical trials eventually win approval from regulators and enter the market.
Typically, vaccines have a higher success rate (33.4%) than most other drugs, while cancer drugs have a far lower rate of success (3%).
The application of the Opyl software platform is to work with drug and device development companies to refine their clinical trial approaches to improve the outcomes of their clinical studies, which reduces costs and accelerates the timeline to get new treatments to patients.