Pharmright Announces First Closing of 2nd Angel Round
Dec 31, 2014
PharmRight Corporation, a health care technology company based in Charleston, SC, announced today that it has completed a first closing of its “Accelerate Round” of angel financing. The company has accepted over $900,000 of subscriptions out of a total offering of up to $1 million in Class A Common Stock. The financing was initially intended to raise $750,000 but PharmRight increased the offering to satisfy robust demand from existing shareholders and new investors.
Proceeds from the offering are being used to prepare Livi™, the company’s automated home medication dispenser, for production and FDA pre-market clearance.
As a result of the successful equity financing, a $200,000 convertible note issued in August 2014 to SCRA Technology Ventures’ SC Launch program was automatically converted into preferred stock of PharmRight.
Bill Park, Chairman, President & CEO of the company, said “This offering has been a tremendous success for PharmRight. Many of our existing shareholders increased their investment in the company. We also attracted new shareholders who broaden and deepen our investor base. This financing brings our total invested capital to over $2 million.”
In addition, Mr. Park said “Livi™ will be entering the FDA test labs in January. We remain on track to begin commercial sales in Q2 of 2015.”
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.
About SCRA Technology Ventures
SCRA Technology Ventures helps innovative companies grow and develop new technologies, creating jobs and advancing the Knowledge Economy throughout South Carolina. This SCRA business sector provides support and mentoring program to early stage, start-up technology companies through its flagship SC Launch. Since 2006, SCRA has deployed over $79 million in funding and infrastructure to support over 290 high-tech, early-stage enterprises and has directly invested nearly $18 million in South Carolina start-ups, attracting over $301 million in private investment. SCRA Technology Ventures also supports commercialization and growth by facilitating the transfer of intellectual property and accelerating the transition of inventions to the marketplace.