PipelineRx Raises Over $9M in Funding to Further Accelerate Growth in Telepharmacy Market

Mitsui USA and McKesson Ventures join in latest round to fuel technology-driven services

Jul 07, 2015, 07:30 ET from PipelineRx

SAN FRANCISCO, July 7, 2015 /PRNewswire/ -- PipelineRx, a leading medication management services and platform company focused on clinical telepharmacy, today announced a $9.1M round of funding led by Mitsui & Co. (U.S.A.), Inc. ("Mitsui USA") and joined by McKesson Ventures and existing investor AMN Healthcare. The Company will use the investment to strengthen its technology offerings as integrated delivery networks (IDNs) and hospitals look to expand workflow models leading to better patient care, while evaluating areas of growth and opportunity. PipelineRx currently services over 200 hospitals helping them to improve medication efficacy, patient safety and satisfaction.

As the telemedicine market is expected to grow to $30 billion by 2020, today's investment enables PipelineRx to develop new technology offerings, while bolstering existing platforms to further support larger IDNs looking to provide telepharmacy services within their network of facilities. With a team of experienced, hospital-trained, licensed clinical telepharmacists, PipelineRx also provides clinical coverage 24/7 enabling hospital clients to extend their clinical pharmacy operations to improve patient care, medication safety and economic performance.

"PipelineRx's innovative telepharmacy solution has been gaining momentum with hospital clients helping them manage their pharmacy operations better," says Junjiro Sato, General Manager of the healthcare business at Mitsui USA. "We're excited to forge a new partnership with PipelineRx as they continue to penetrate this market as a leading provider. PipelineRx has demonstrated clinical and fiscal value in the US, and we look forward to exploring additional markets together."

"Now more than ever, IDNs need tools that drive greater efficiencies and ensure pharmacists are appropriately focused on clinical performance and outcomes," says Tom Rodgers, SVP and Managing Director at McKesson Ventures. "PipelineRx's solution provides a platform for IDNs to accomplish both goals by enabling them to leverage in-house pharmacists across their network or supplement with the help of PipelineRx's outsourced services."

"As our success over the past year shows, the time is right for hospitals to explore telepharmacy as they are keen to understand the challenges of workforce management and operational efficiencies," shares Brian Roberts, CEO of PipelineRx. "We are excited to welcome Mitsui and McKesson Ventures, and continue our partnership with AMN Healthcare, as we continue to service those hospitals and IDNs who are looking for partners that can deliver clinical excellence in a cost effective manner."

About PipelineRx

PipelineRx is the leading independent technology-enabled telepharmacy solutions provider serving acute and specialty hospitals. The Company's pharmacy workforce solutions enable hospitals to dramatically increase operating efficiencies while ensuring medication efficacy, increasing patient safety, and improving clinical outcomes. PipelineRx differentiates its unique services via its integrated, private, cloud-based technology platform and its optimized, distributed telepharmacist network. PipelineRx is privately held and is headquartered in San Francisco, California.

About Mitsui USA

Mitsui & Co. (U.S.A.), Inc. ("Mitsui USA") was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment and service enterprises in the world with a global network of 140 offices in 66 countries. Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Infrastructure Projects, Iron & Steel Products, Mineral & Metal Resources, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Services, IT & Communication Business, and Corporate Development. Mitsui is actively taking on challenges to create new value through 360° business innovation.

Mitsui USA aspires to meet the needs of its customers as "Your Global Business Partner®," while remaining committed to sustainable growth and good corporate citizenship.

About McKesson Ventures

McKesson Ventures is the venture capital arm of McKesson Corporation specializing in early and growth stage companies. McKesson Ventures targets companies that both catalyze and benefit from the key changes taking place in the U.S. healthcare landscape by bringing greater efficiencies to patient care and improving the healthcare experience. McKesson Corporation, currently ranked 11th on the FORTUNE 500, is a healthcare services and information technology company dedicated to making the business of healthcare run better. We work with payers, hospitals, physician offices, pharmacies, pharmaceutical companies and others across the spectrum of care to build healthier organizations that help deliver better care to patients in every setting. Visit mckessonventures.com to learn more.

About AMN Healthcare

AMN Healthcare is the leader and innovator in healthcare workforce solutions and staffing services to healthcare facilities across the nation. AMN Healthcare's workforce solutions - including managed services programs, vendor management systems, recruitment process outsourcing and consulting services - enable providers to successfully reduce complexity, increase efficiency and improve patient outcomes within the rapidly evolving healthcare environment. The Company provides unparalleled access to the most comprehensive network of quality healthcare professionals through its innovative recruitment strategies and breadth of career opportunities. Clients include acute-care hospitals, community health centers and clinics, physician practice groups, retail and urgent care centers, home health facilities, and many other healthcare settings. AMN Healthcare disseminates news and information about the Company through its website, which can be found at www.amnhealthcare.com.

For more information, please contact:




Brian Roberts

Jessika Parry

Chief Executive Officer

Next Step Communications

broberts@pipelinerx.com

pipelinerx@nextstepcomms.com

303-808-6471

419-266-4016

 

SOURCE PipelineRx



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