VitalTrax First Company to Receive Seed Capital from Digital Health Funding Initiative
Funding supports high-quality business model, innovative technology, and strong vision from management team
PHILADELPHIA, March 22, 2017 /PRNewswire/ -- Ben Franklin Technology Partners of Southeastern Pennsylvania ("Ben Franklin"); Independence Health Group ("IHG"), the parent company of Independence Blue Cross; and Safeguard Scientifics, Inc. ("Safeguard") (NYSE: SFE) today announced that VitalTrax received $150,000 in seed financing – the first company to receive funds from the group's $6 million digital health funding initiative, which was announced in December 2016.
Founded in 2016 by serial entrepreneur, Zikria Syed, VitalTrax delivers a complete clinical trial data collection and patient engagement solution built on a cloud-based enterprise platform and a mobile application for patients. Its electronic clinical outcome assessment tool, which is used to collect data directly from patients, more closely resembles social media than traditional clinical research documents, while still conforming to regulatory requirements. Capital allocation will support the continued development of the company's chief product.
"With its strong leadership and dedication to consumerizing the healthcare industry, VitalTrax is poised to be a major player in the region's digital health space and beyond," said Ben Franklin President and CEO, RoseAnn B. Rosenthal. "This is the first of many exciting deals to come through our funding initiative with Safeguard and IHG." Ben Franklin will lead the due diligence process and day-to-day fund management for VitalTrax.
"We are thrilled to receive this financing from premier financial sponsors and healthcare organizations such as Ben Franklin, Independence Health Group and Safeguard. With this financing, we are not only gaining their financial support but also access to their expertise in building and growing technology companies and their vast network of relationships in the healthcare industry." said Zikria Syed, Founder and CEO of VitalTrax.
VitalTrax is headquartered at the Innovation Center at 3401 Market Street (ic@3401), a University City Science Center-run co-working space on Drexel University's campus, for which Safeguard and Ben Franklin are sponsors.
About VitalTrax
VitalTrax delivers a complete patient engagement solution for today's clinical trials comprising of a cloud based enterprise platform and a mobile application for patients. For clinical study teams, VitalTrax creates an enterprise platform to run trials efficiently. For site teams, VitalTrax makes it easier to recruit and communicate with patients during the trial. VitalTrax's mobile app solution, Wing, is a world-class patient engagement tool that provides a way for patients to search for trials, apply to become a volunteer and stay involved during the trial. For more information, please visit vitaltrax.net.
About Ben Franklin Technology Partners of Southeastern Pennsylvania
Ben Franklin is the most active early stage capital provider for the region's technology sectors. Ben Franklin combines best practices of venture capital with a public-spirited purpose: leading the region's technology community to new heights, creating jobs and changing lives for the better. Ben Franklin is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority. www.sep.benfranklin.org
About Independence Health Group
Independence Health Group, together with its subsidiaries, serves nearly 8.5 million people in 25 states and the District of Columbia, including 2.5 million in southeastern Pennsylvania. In addition to a growing consumer business, Independence Health Group serves employer groups ranging from small businesses to national corporations. Headquartered in Philadelphia, Independence Health Group is a diversified company offering a wide range of services including commercial, Medicare and Medicaid medical coverage, third-party benefits administration, and pharmacy benefits management. To learn more, visit www.ibx.com. Connect with us on Facebook at ibx.com/facebook and on Twitter at @ibx. Independence Blue Cross is an independent licensee of the Blue Cross and Blue Shield Association.
About Safeguard Scientifics
Safeguard Scientifics (NYSE: SFE) provides capital and relevant expertise to fuel the growth of technology-driven businesses in healthcare, financial services and digital media. Safeguard targets companies that are capitalizing on the next wave of enabling technologies with a particular focus on the Internet of Everything, enhanced security and predictive analytics. Safeguard typically deploys between $5 million and $25 million over the course of its partnership with a company, initially investing in a Series A or B Round and opportunistically in a Seed Round. Safeguard has a distinguished track record of fostering innovation and building market leaders that spans more than six decades. For more information, please visit www.safeguard.com or follow us on Twitter @safeguard and LinkedIn.
Forward-looking Statements
Except for the historical information and discussions contained herein, statements relating to Safeguard contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Safeguard's forward-looking statements are subject to risks and uncertainties. The risks and uncertainties that could cause actual results to differ materially include, among others, Safeguard's ability to make good decisions about the deployment of capital, the fact that its partner companies may vary from period to period, its substantial capital requirements and absence of liquidity from its partner company holdings, fluctuations in the market prices of its publicly traded partner company holdings, competition, its inability to obtain maximum value for its partner company holdings, its ability to attract and retain qualified employees, market valuations in sectors in which its partner companies operate, its inability to control its partner companies, its need to manage its assets to avoid registration under the Investment Company Act of 1940, and risks associated with its partner companies, including the fact that most of its partner companies have a limited history and a history of operating losses, face intense competition and may never be profitable, the effect of economic conditions in the business sectors in which Safeguard's partner companies operate, and other uncertainties described in its filings with the Securities and Exchange Commission. Many of these factors are beyond Safeguard's ability to predict or control. As a result of these and other factors, Safeguard's past financial performance should not be relied on as an indication of future performance. Safeguard does not assume any obligation to update any forward-looking statements or other information contained in this press release.
MEDIA CONTACTS
For Ben Franklin Technology Partners of Southeastern Pennsylvania
Jason Bannon
Director, Marketing and Communications
215-972-6700 x3214
[email protected]
For Independence Health Group
Ruth Stoolman
Public Relations Manager, Corporate Communications
215-241-4807
[email protected]
For Safeguard Scientifics
Heather Hunter
Vice President, Corporate Communications
610-975-4923
[email protected]
SOURCE VitalTrax
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