PharmRight Corporation Announces Initial Closing of $1.2 Million in Series A Funding
Aug 03, 2015
PharmRight Corporation, a healthcare technology company based in Charleston, SC, announced today that it has completed a first closing on $1.2 million of Series A Preferred Stock. The offering is expected to raise up to $2.5 million in proceeds which will be used for production tooling, working capital, personnel and for general corporate purposes.
Bill Park, President and CEO of PharmRight, said “This closing provides us the resources necessary to gear up for manufacturing of our Livi™ device. It also allows us to add staff in executive, administrative and sales/marketing functions. We are truly grateful to our investors for their support and enthusiasm.”
Current investors in PharmRight include IncWell LP (Birmingham, MI), SCRA’s SC Launch! program (South Carolina), Upstate Carolina Angel Network (Greenville, SC) and a number of individual investors.
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.