BIRMINGHAM, Ala., July 21, 2015 /PRNewswire/ -- ContinuumRX, Inc. announced today it has closed on a round of financing of $13.5 million led by New Spring Capital of Philadelphia. Existing investors participated in the financing by providing $2.0 million in new capital and converting $4.5 million of debt to equity.
ContinuumRX CEO, Chuck Jett, said, "We are very pleased to close this financing and move forward with our growth plans. Attracting a quality lead investor with a deep understanding of healthcare services in general and the pharmacy sector specifically was very important to us. New Spring Capital meets both criteria and we are excited to begin working with Brian and the New Spring team."
Jett continued; "This new capital will enable expansion into new markets as well as expanding services within existing markets. Our unique service model helps hospitals gain efficiencies during the discharge process by providing patients a seamless transition from the hospital to the home setting. We create a single point of contact for physicians managing patients in the home and provide health plans, ACOs and payers with rich data regarding therapy compliance and avoidable readmissions. By working together with our hospital partners and physicians, we help to insure patients are treated in the lowest cost setting appropriate to their clinical situation".
Brian G. Murphy, General Partner at New Spring Capital and newly added Member of the Board of Directors commented, "ContinuumRX's unique business model, forming joint ventures and becoming a partner with hospitals, offers a strong value proposition to health systems wanting to control their post-acute network and improve patient care while reducing hospital readmissions." Murphy continued, "We look forward to partnering with Chuck and his team and supporting them as they execute on the growth initiatives that they have implemented." Chris Bodine, a venture partner with NewSpring Capital and former President of CVS Caremark, will also be joining the Board of Directors.
Ziegler was retained by ContinuumRX as its exclusive financial advisor.
Headquartered in Birmingham, AL, ContinuumRX, Inc. entered the Home Infusion market in 2011. Today ContinuumRx operates joint ventures with six major health systems operating 25 hospitals. For additional information, please contact Michelle Goodin, firstname.lastname@example.org or visit the company's website www.continuumrx.com.
SOURCE ContinuumRX, Inc.