PharmRight Corporation Announces Completion of SC Launch Financing

Company Raises Additional $200,000 in Growth Capital

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend

Charleston, SC (PRWEB) August 17, 2014

PharmRight Corporation, a healthcare technology company based in Charleston, SC, announced today that it has closed a $200,000 financing agreement with SCRA Technology Ventures’ SC Launch program. This financing, together with founders’ equity and a $750,000 offering of common stock that was completed in July 2014, brings total invested capital to just over $1 million to date.    

The financing will be used to fund engineering of the company’s automated home medication dispenser, software development for the company’s cloud computing applications, and for general corporate purposes.

Bill Park, President and CEO of the company, said, “We are excited to be part of the SC Launch family of companies and we appreciate their commitment to PharmRight.”

About PharmRight
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 PharmMateTM. A new entrant to what is being called “The Internet of Things,” PharmMateTM 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 and healthcare professionals, can be alerted via text message or e-mail if a user skips or misses a dose. 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.

For more information, contact Bill Park at (843) 277-8250 or bill.park(at)pharmright(dot)com.


Contact