Pharmright Corporation Announces Final Closing of 2nd Angel Round
Jan 19, 2015
PharmRight Corporation, a health care technology company based in Charleston, SC, announced today that it has completed its second angel round. The financing was initially intended to raise $750,000 but PharmRight increased the offering to $1 million to satisfy robust demand from existing shareholders and new angel investors.
Proceeds from the offering are being used to prepare Livi™, the company’s automated home medication dispenser, for FDA pre-market clearance and commercial production.
Bill Park, Chairman, President & CEO of the company, said “This financing positions PharmRight to move through the FDA clearance phase and into preparation for commercial production of Livi™. In a few months we will be seeking venture capital investment to initiate manufacturing, staff key positions and scale the business to meet customer demand.“
About PharmRight Corporation
PharmRight Corporation was formed in 2013 to produce devices and offer services that maximize medication adherence and allow patients to age in place. The company has developed Livi™, an innovative, fully automated home medication dispenser. A new entrant to what is being called “The Internet of Things,” Livi™ 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. Family members and professional caregivers can be alerted via text message or e-mail if a user misses a dose or requires a re-fill. Comprehensive medication adherence reports are available via computer and mobile devices.