UK-based Albion Ventures has invested up to 2 million pounds ($3 million) in MyMeds&Me, a healthcare software as a service company. MyMeds&Me was established in 2011 by three senior pharmaceutical industry executives, Stephen Powell, Andrew Rut and Trevor Gibbs.
Albion Ventures, (“Albion”), one of the UK’s largest venture capitalists has invested up to £2m in MyMeds&Me Ltd, a healthcare software as a service (“SaaS”) company, that provides a web-based solution for the capture of adverse event, product complaint and targeted medical information for pharmaceutical companies. The pharmaceutical industry processed around six million such events last year and the volume has grown at 10 – 15% p.a. over the last five years.
MyMeds&Me was established in 2011 by three senior pharmaceutical industry executives, Stephen Powell, Andrew Rut and Trevor Gibbs, who identified the need to capture important information on medicines at source.
The MyMeds&Me platform simplifies the process of data capture direct from patients and healthcare professionals in a proactive, structured manner that provides consistent, complete and coded data. This data is exported immediately into Pharma company safety systems facilitating rapid evaluation and prompt regulatory reporting.
MyMeds&Me provides the vehicle for Pharma companies to build relationships with those who are using their medicines through immediate questions and feedback at the time of reporting, delivering “real time risk management”.
The service will be marketed initially to pharmaceutical companies and MyMeds&Me is already with its first client, a top 5 Pharma company, with further interest from a number of large firms in this sector.
Dr Andrew Elder, Partner and Head of Healthcare at Albion Ventures, said: “We are excited about partnering with Andrew, Stephen and Trevor through our investment in MyMeds&Me. This transaction is the culmination of an extensive amount of research, which identified patient engagement as a particularly high growth area within the healthcare IT sector. Given the increasing shift towards patient-centric healthcare we believe the MyMeds&Me platform presents a highly attractive investment opportunity.
“MyMeds&Me has a highly experienced management team with a strong track record and are ideally positioned to deliver on the company’s growth plans. We look forward to working with this innovative company.”
Dr Andrew Rut, Chief Executive Officer and founder of MyMeds&Me said: “We are delighted to partner with such an experienced healthcare investor as Albion. They bring real depth of understanding of healthcare IT and we believe their strategic support will help us achieve our ambitious growth plans. A key part of that plan is a shared commitment to provide the Pharma industry with a game-changing solution that will deliver better quality data, improved compliance with regulations and the potential for significant cost savings.”
Stephen Powell, Chairman and co-founder of MyMeds&Me added: “We welcome Albion as an experienced investor and business adviser. In Albion we have a partner that shares our conviction that MyMeds&Me fulfils a clear market need and delivers compelling benefits to clients and patients.”
MyMeds&Me marks Albion’s tenth investment in the healthcare sector in the last five years. Currently 20% of Albion’s portfolio is in the healthcare sector, reflecting its central position in its portfolio. Other investments managed by Albion in the healthcare sector include: Abcodia, Bayfield Court, Dysis Medical, Masters Pharmaceuticals Limited, Mirada Medical, Nelson House, Orchard Portman House, Oxford Immunotec, Peakdale Molecular, Proveca and Xceleron.
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Patrick Evans or Kit Dunford at Citigate Dewe Rogerson
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Notes to Editors:
1 Adverse Event Reports (AERs)
About Albion Ventures
Albion Ventures LLP is a venture capital investor specialising in VCTs with around £230 million under management. The business of Albion Ventures was formerly known as Close Ventures. It was acquired by its management in early 2009 from Close Brothers Group plc. To date its VCTs have paid out over £117 million in dividends to shareholders.
Albion Ventures looks to invest £1-10m in a wide range of growing businesses, from technology-oriented companies to asset-based businesses. Albion Ventures is authorised and regulated by the Financial Services Authority.
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