Company Now Poised and Capitalized For Commercial Release of the MedAvail MedCenter® Tele-Pharmacy Systems
TORONTO, Oct. 16, 2014 /CNW/ - MedAvail Technologies Inc., announced today the successful completion of a $30 million U.S. Series C financing from a syndicate including three new, seasoned U.S. healthcare investors along with the company's existing investor group. The Series C financing was led by Pura Vida Investments LLC and was joined by Deerfield Management Company and Adage Capital Management, all new investors in MedAvail. Existing investors Redmile Group, Walgreens Inc., and Alliance Boots GmbH also participated in the Series C financing.
MedAvail intends to use the proceeds from the financing primarily to fund the commercialization of the MedAvail MedCenter® - a consumer-facing prescription-drug dispensing kiosk providing live two-way audio-visual interaction with a remote pharmacist. The MedAvail MedCenter will be deployed in sites including hospitals, clinics, retail locations, pharmacies and employer sites. The MedAvail MedCenter is controlled by a remote healthcare professional ensuring safe, secure and convenient dispensing of prescription drugs. Deployments of the MedCenter™ are currently ramping up in the US, Canada and Europe.
"The MedAvail MedCenter is a next-generation solution for prescription-drug dispensing with worldwide applicability. Unlike some of the first-generation pharmacy kiosks, the MedCenter maintains the engagement of a pharmacist via imbedded audio and visual capabilities and is fully integrated into the pharmacy's call center and prescription fulfillment IT network." said Ed Kilroy, Chief Executive Officer of MedAvail Technologies Inc. Mr. Kilroy added, "We are delighted to welcome our new investors all of whom are highly experienced in the healthcare industry. Our shareholders now include both seasoned financial investors and quite strategically, the biggest pharmacy retailers in the world."
Dr. Frank Litvack of Pura Vida Investments LLC has joined the MedAvail Board of Directors. "We are excited about the large market opportunity that MedAvail presents. The company's technology brings prescription drug dispensing into the digital age. By integrating into the pharmacy's network, and engaging a licensed pharmacist into each transaction, the company achieves the first viable, commercial tele-pharmacy solution. MedAvail is poised to both enhance the consumer experience and to provide pharmacies with a cost-effective new retail channel", said Dr. Litvack. He added, "We view MedAvail as a business-to-consumer healthcare IT company acting as a pivotal interface between the pharmacy and the patient".
Cowen and Company served as the sole financial advisor on this financing.
About MedAvail
MedAvail is a privately held healthcare solution company committed to improving health outcomes through the commercialization of the MedAvail MedCenter allowing for safe, secure and convenient dispensing of prescription drugs.
For more information on MedAvail, please visit the company website at www.medavail.com
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SOURCE: MedAvail Technologies Inc.
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