Pharmright Corporation Achieves Goal to Raise $750,000 in Common Equity
Jul 08, 2014
PharmRight Corporation, a health care technology company based in Charleston, SC, announced today that it has completed its “Launch Offering” of Class A Common Shares. The company has commitments totaling $750,000 from a group consisting of individual accredited investors and the Upstate Carolina Angel Network (UCAN) based in Greenville, South Carolina.
Proceeds from the offering are being used to fund engineering of the company’s automated home medication dispenser and software development for the company’s cloud computing applications, and for general corporate purposes.
Bill Park, Chairman, President & CEO of the company, said “We are excited and gratified by the success of this offering. Thanks to all of our new investors and welcome aboard. We appreciate your enthusiasm and your support.”
In addition, Mr. Park said “Our engineering team is on pace with our development milestones. We expect to begin internal testing of our beta device in August and our plans for a 50-unit usability test remain on track for the fourth quarter of 2014.”
PharmRight Corporation was formed in 2013 to produce devices and offer services that maximize medication adherence and keep patients at home. The Company has developed an innovative, Internet-connected, automated medication dispenser presently known as PharmMate™. A new entrant to what is being called “The Internet of Things,” PharmMate™ is designed to simulate the supervision of an on-site caregiver by prompting the user to take the right medication…at the right time…in the right quantity…with the right instructions under the Internet-enabled remote oversight of a caregiver or a team of caregivers. A cloud application monitors and captures all user interactions with the device. Caregivers, including family members, doctors, nurses, and pharmacists can be alerted via text message or e-mail if a patient skips a dose. Comprehensive medication adherence reports are available via computer and mobile devices.