Leading Medication Adherence Company Receives $2 Million In Equity Financing

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HealthPrize Technologies provides innovative approach to increasing patient engagement and medication adherence

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I saw right away how well positioned HealthPrize is with its leadership and unique approach to medication adherence. This company is taking a very different approach to a very large healthcare problem and I see great potential for it.

HealthPrize Technologies, LLC, a leading innovator in medication adherence solutions, announced today it has received $2 million in equity financing from a group of private investors. Among the group is Bob Dahl, former head of Global Healthcare for The Carlyle Group.

“I’m always looking at innovative healthcare companies as investment opportunities, and I saw right away how well positioned HealthPrize is with its leadership and unique approach to medication adherence,” said Dahl. “This company is taking a very different approach to a very large healthcare problem and I see great potential for it.”

Launched in 2009, HealthPrize drives measurable medication adherence through rewards, fun and education, using gaming dynamics and behavioral economics. HealthPrize’s web-based software solution and mobile app are built on the idea that medication non-adherence is largely due to a lack of value placed on the medication by patients. The goal of HealthPrize is to add value to the medication in the eyes of the patient.

Through this investment, HealthPrize anticipates cash flow break even in early 2013 and profitability by mid-to-late 2013.

HealthPrize recently announced the results of a 6 month asthma and COPD study, conducted in partnership with health and wellness site RealAge, that revealed impressive engagement rates, with average patient logins more than once a day per participant. Further, participant feedback revealed a very emotional response to the system. In the words of one pilot participant: “Having a chronic condition isn’t fun and is sometimes depressing, and this program gave me something to look forward to and made me feel a part of a group and less isolated.”

HealthPrize is rolling out large-scale commercial pilot programs in 2012 that target a diverse array of conditions, from acne to oncology. These programs will enroll tens of thousands of patients and provide data on patient engagement, education, and increased adherence.

To learn more about HealthPrize, visit http://www.healthprize.com.

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About HealthPrize Technologies
HealthPrize Technologies, founded in September 2009, provides an innovative approach to addressing the problem of medication non-adherence with an online and mobile-based program that is rewarding, educational, and fun. For more information, visit http://www.healthprize.com or call 203-604-6820.

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Emma Ludwin
HealthPrize
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