NIH Continues Collaboration With Palantir Technologies to Support COVID-19 Research

Rhea-AI Summary

Palantir Technologies Inc. (NYSE:PLTR) has secured a contract from the NIH's NCATS to provide a cloud-based data enclave for COVID-19 research, valued at $59.5 million over two years. The initial task order amounts to $7.9 million for the first five months. This partnership, involving over 70 institutions, aims to centralize COVID-19 data and enhance clinical research capabilities. Additionally, NCATS has extended its contract with Palantir for cancer research support, raising the total contract value to $60 million.

Positive

• Contract awarded to Palantir worth a total potential value of $59.5 million over two years.
• Initial task order of $7.9 million to support COVID-19 research for the National COVID Cohort Collaborative.
• Partnership with over 70 institutions enhances data centralization for COVID-19 clinical research.
• Extension of a separate contract for cancer research increases total contract value to $60 million.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Palantir Technologies Inc. (NYSE:PLTR), a leading builder of operating systems for the modern enterprise, announced today the National Institutes of Health's (NIH) National Center for Advancing Translational Sciences (NCATS) has awarded Palantir a contract to continue providing a secure cloud-based data enclave to centralize data on COVID-19 for collaborative clinical research.

The contract to support the National COVID Cohort Collaborative (N3C) and its data enclave is an indefinite delivery indefinite quantity (IDIQ) contract with a total potential value of $59.5m over two years, with an initial task order for $7.9m over the first five months.

N3C is a partnership among more than 70 institutions to centralize data on COVID-19 for clinical research. The N3C Data Enclave is now one of the largest collections of COVID-19 health records in the world, with over 8 million records from 65 institutions and counting.

Palantir’s software, designed to integrate siloed data sources into a common environment, is ideally suited to support the N3C Data Enclave. It has done so since the project launched in April 2020, offering a secure platform to integrate, manage, harmonize, and analyze COVID-19 data, while providing controlled access to internal and external collaborators.

Since the beginning of the global pandemic, N3C has accelerated patient research and improved COVID-19 evidence, studying everything from health inequities in treatment to risk factors for severe and long-lasting symptoms. The large-scale data platform, powered by Palantir software, allows researchers approved to access the enclave to form cross-institute research teams analyzing rich data sets, and to drive focus on populations most vulnerable to COVID-19.

The N3C will also be used as part of the NIH RECOVER Initiative to study post-acute sequelae from COVID-19 (PASC), or so-called “Long COVID.”

“We are very excited to continue our work with NCATS and the research community to support this critical resource in the fight against COVID-19 as well as to study long COVID and potentially other diseases that pose major public health challenges,” said Akash Jain, Palantir USG President. “Palantir was founded to put the most innovative software to work solving the world’s most pressing challenges, and working to empower scientific research, especially when it comes to helping the most vulnerable, fits squarely within our mission.”

In addition to the contract to support the N3C, NCATS has also extended a separate contract with Palantir for it to provide its software to help accelerate cancer research with the National Cancer Institute (NCI), as well as efforts to support the President's Emergency Plan for AIDS Relief (PEPFAR). This contract, originally for $36m over one year, has been extended for an additional year for a total amount of $60m.

About Palantir Technologies

Palantir Technologies is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at https://www.palantir.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contracts and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211004005350/en/

Lisa Gordon

media@palantir.com

 

Source: Palantir Technologies Inc.

FAQ

What is the value of the contract awarded to Palantir for COVID-19 data research?

The contract awarded to Palantir for COVID-19 data research is valued at a total potential of $59.5 million over two years.

What is the initial task order amount for Palantir's contract with NCATS?

The initial task order for Palantir's contract with NCATS is $7.9 million for the first five months.

How many institutions are involved in the National COVID Cohort Collaborative?

The National COVID Cohort Collaborative involves over 70 institutions.

What is the total contract value for Palantir's cancer research support contract?

The total contract value for Palantir's cancer research support contract has been raised to $60 million after an extension.