Canada-based pharmacy services provider MedAvail Holdings secured $84m on Wednesday in a private placement featuring Cigna Ventures, the investment arm of health insurance provider Cigna.
Healthcare investment firm Ally Bridge Group led the placement, which included Redmile Group, Pura Vida Investments, Adage Capital Management, Lewis and Clark Ventures, Heights Capital Management and Maven Investment Partners.
MedAvail runs on-premises pharmacies on behalf of clinics that utilise robotic dispensary technology, in addition to offering home mediation delivery for its partners. Cowen and Company and Lake Street Capital Markets were placement agents for the financing.
Ed Kilroy, MedAvail’s chief executive, said: “Over the last number of months, we have completed this financing that provides MedAvail with a strong financial platform to execute on our commercial strategies.
“We believe this is just the beginning; we are a transformational player in the pharmacy industry which is amid a major disruption. We feel uniquely positioned to take advantage of the opportunity.”
Lewis & Clark Ventures, Redmile, Deerfield, Pura Vida and Adage Capital had previously joined prescription management service Express Scripts in a $16.6m round for MedAvail in August 2018.
The company had raised $30m in a 2014 series C round led by Pura Vida and backed by Deerfield and Adage Capital as well as existing investors Redmile and Walgreens and Alliance Boots, the pharmacy chains that merged later in the year. It had already secured $7m from unnamed investors in 2011.
