Evaluate Ltd., which provides consensus forecasts and analysis of the life sciences industry, has led a $2 million Series A funding round in AdverseEvents, a healthcare informatics company focused on drug safety. Other investors in the round include Trevor Fenwick, founder and executive chairman of Euromonitor International, and Michael Tansey, former president and CEO of Jobson. Jonathan de Pass, founder and CEO of Evaluate, and Tansey will join Evaluate’s board of directors.
AdverseEvents Inc., a healthcare informatics company focused on drug safety and side effects, today announced the closing of $2 Million in Series A financing led by Evaluate Ltd., a market intelligence leader in consensus forecasts and analysis of the life science industry.
The investment bolsters AdverseEvents’ mission to make post-approval drug safety data accessible, actionable, and predictable and affirms the strong demand for its drug scoring, signaling and side effect analytics platform. The proceeds will be used to expand the company’s sales force and analyst teams, and to continue to build its marketing presence among health insurers, health systems and hospitals.
Other significant investors in this round include:
· Trevor Fenwick, founder and Executive Chairman of Euromonitor International, the global information publisher.
· Michael Tansey, former president and CEO of Jobson, the healthcare information provider and former CEO of the Scientific and Healthcare group at Thomson Reuters, the global information provider.
In conjunction with the financing, Jonathan de Pass, the founder and CEO of Evaluate and Michael Tansey will be joining AdverseEvents’ board of directors.
AdverseEvents’ CEO Brian Overstreet commented, “We are pleased to welcome Evaluate and our other new investors to the company. Just as we have been deliberate in our build out of the company’s core technology and product offerings, we’ve been careful in choosing the right partners for our future growth. All of our new investors and new board members have well established track records in healthcare and life science intelligence and we are confident that the company will benefit greatly from their direct involvement going forward.”
Recognized for its game-changing analytical tools, AdverseEvents has become one of the foremost research authorities on drug side effects – publishing comparative drug studies, industry white papers, topical special reports, and platform validating research papers in leading academic journals.
Commenting on behalf of the investor group, Jonathan de Pass said, “AdverseEvents has identified a major gap in healthcare information and has built a lasting solution that will have far reaching implications for all of the industry’s participants. We fully support Brian and his team in their goal of making drug safety data actionable and look forward to working with AdverseEvents to help further penetrate the core healthcare markets in the U.S. and globally.”
The healthcare industry readily acknowledges the need for information that can drive improved patient outcomes and lower avoidable medical costs. Studies put the systemic cost of drug side effects at $27 billion per year. But despite this huge cost burden and a well-known need for a solution, to date there has been nothing offered in the market that can help improve patient outcomes and lower related costs.
AdverseEvents’ proprietary technology, analytics, and product platform are positioned to disrupt the entire post-approval drug industry with the broad roll out of its service offerings, primarily designed for health insurers, health systems, hospitals, and related service providers.
About AdverseEvents, Inc.
AdverseEvents, Inc. (AEI) is a California-based healthcare informatics company that improves patient safety and reduces systemic healthcare costs through the comprehensive analysis of post-marketing drug side effect data. Utilizing data-mining and analysis technology, through its proprietary RxSuite™ of analytics, AEI makes post-marketing drug safety data accessible, actionable, and predictable.
In addition to managed care organizations, AEI also provides services to enterprise markets including the pharmaceutical industry and financial institutions. For more information visit: www.adverseevents.com. On Twitter: @AdverseEvent.