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Medication Management Company CareKinesis Raises $3M
Posted April 14, 2011
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Originate Ventures and Emerald Stage2 Ventures Invest in CareKinesis:The Medication Management and Personalized Medicine Pacesetter
Rapidly-growing personalized medication selection and customized adherence packaging provider closes growth equity financing
MOORESTOWN, NJ -- CareKinesis, Inc. announced it has closed a second round of financing from Originate Ventures and Emerald Stage2 Ventures bringing the total investment by these firms to $3 million. Additional substantial funding also has been provided by the founders and angel investors to fund the growth of the medication management and adherence packaging leader. Proceeds will expand development, equipment purchasing, sales and marketing.
CareKinesis is a new breed medication management company that aims to personalize the medication selection process and customize adherence packaging of medication for high risk populations, such as seniors and behavioral health patients. "We optimize pharmacotherapy outcomes for individuals with complex medication needs," says Calvin H. Knowlton, BSPharm, MDiv, PhD, CareKinesis Chairman and CEO. "We partner with organizations that are clinically and economically responsible for persons taking many medications."
CareKinesis offerings include a Medication Care Plan Support Center, a Medication Adherence Packaging Center which delivers individually customized medicine via the only such robotic technology currently in the U.S., and a proprietary electronic medication therapy management/reporting cloud-computing platform, EireneRxTM, which is agile and scalable.
"CareKinesis decreases medication-related risk, enhances quality of care and provides greater operational efficiency for healthcare provider clients. That is what caught our interest," explained Originate Ventures Managing Partner, Glen R. Bressner. Originate is a venture capital firm targeting early stage companies in the Philadelphia and Mid-Atlantic region.
"We were impressed with the expertise and track record of the innovative, dedicated founders of CareKinesis," said Bruce Luehrs, Partner, Emerald Stage2 Ventures, a Philadelphia-based early stage venture fund focused on capital efficient technology companies that are at the forefront of innovation. One of the primary focuses of the Fund is pharmaceutical information technology. "CareKinesis leadership, management and software development team members have been working together in healthcare companies for over 25 years."
"Clients praise CareKinesis' for enhancing its participants' medication service with unique quality and sophistication leading to enhanced efficiency and cost savings," added Bressner.
"Emerald Stage2 and Originate bring a reputation for accelerating growth through strategic guidance and experience in the healthcare information technology market. Their value-added services will be instrumental to our success," stated CareKinesis CEO, Calvin Knowlton.
About CareKinesis
CareKinesis partners with healthcare organizations to provide personalized medication therapy management and pharmacy services for high-risk populations. The results are enhanced medication-related outcomes and greater operational efficiency.
About Originate Ventures
Originate Ventures is a venture capital investment firm, targeting early stage product and services companies located in Pennsylvania and the Mid-Atlantic region. The firm focuses on opportunities with medical devices, healthcare, consumer, information technology, Web-based and commercial products. Operating with an entrepreneurial spirit and vision, Originate's investments range in size from $500,000 to $4,000,000.
About Emerald Stage2 Ventures
Emerald Stage2 is a Philadelphia-area venture fund that invests in small financing rounds of early stage information technology companies that utilize emerging technologies to create compelling business opportunities. The Fund invests across the information technology spectrum and has a primary focus on the Technology-Enabled Services area. The Fund's verticals of interest include healthcare and pharmaceutical information technology, financial services information technology and outsourced business services.
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