Lloyd's, the world's leading insurance market, has granted approval to MCI Syndicate 1966 to offer insurance for clinical trials, facilitated by GATC's MAT AI platform, to greatly reduce the financial risk in therapeutic drug development. IRVINE, Calif. and LONDON , July 22, 2024 /PRNewswire/ -- Medical and Commercial International Limited (MCI) a leading specialized liability underwriting company in the London market and GATC Health Corp , a technology company advancing drug discovery using artificial intelligence, have established a groundbreaking program that is poised to transform how clinical trials are financed.
This first-of-its-kind initiative, which has been approved by Lloyd's of London , will offer the biotech industry insurance coverage for clinical trial funding in the event of trial failure. Enabled by GATC Health's proprietary AI technology, which forecasts clinical trial endpoints, this new insurance model significantly mitigates financial risks inherent in medical innovation and research, thereby bolstering the growth of therapeutic drug development. "Clinical trial funding insurance is a revolutionary new insurance product with huge unmet demand, and access to Lloyd's will allow MCI to capitalize on this opportunity," said MCI CEO Phil Trafford .
"Working side-by-side with lenders and investors, this new program will promote medical innovation and promises a level of risk assessment accuracy unparalleled in the industry." Biotech entrepreneurs, investors and.