MORRISVILLE — Spencer Health Solutions, Inc., has raised more than $1.8 million from six investors who have made an equity investment in the privately-held company, which plans to use the funds to hire additional staff to support company growth through delivering its smart hub product that helps patients with medication management, according to an SEC filing.
The company plans to expand relationships with customers, noted Tom Rhoads, company CEO, in an interview with WRAL TechWire, and is raising money in order to support this growth. In total, the company plans to raise $3 million, and Rhodes indicated he expects the additional nearly $1.2 million in investment to close within the next 30 days.
‘Our objective is to continue our rapid growth,” said Rhoads. “We have ample financial support for our near-term strategic objectives and look forward to more growth in the future.”
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Rhoads said the company has developed the world’s first smart hub for medication management that supports patients in their own homes, and that it is well positioned to help its customers, which include pharmaceutical companies currently involved in clinical trials, to support patients with commercially approved medications.
‘Many patients experienced telehealth for the first time during the pandemic and value the ease and convenience,” said Rhoads. “This trend in the industry for “decentralized” clinical trials is here to stay, engaging patients from their homes,” he added.
Since January, the company has expanded its staff by 20 percent, said Rhoads, and is actively recruiting for as many as nine openings.
In addition to closing the round, its first since closing $700,000 in 2017, according to an amended SEC filing, the company recently inked a partnership deal with Otsuka Pharmaceutical, which will use the smart hub product in its clinical trials and for commercial applications, said Rhoads.
“For pharmaceutical and biotechnology companies, engaging patients at home expands recruitment with access to more patients, accelerates time to market for new drugs, and provides reliable, real-time data on medication adherence, patient safety, drug efficacy and study protocol compliance,” he added.
