Burrill Backs Proventys

Proventys Inc., a Durham, N.C.-based provider of personalized medicine information services, has raised $5.65 million in Series A1 funding led by Burrill & Company. The company also named former Aetna business development manager Tim Thompson as CEO, and formed as strategic relationship with McKesson Corp. 

 

PRESS RELEASE

 

Proventys, Inc., a personalized medicine knowledge service

provider, announced today that it secured $5.65M in Series A1 financing. Life sciences-focused venture capital firm Burrill & Company led the investment in Proventys. Timothy Thompson, formerly managing director of business development (mergers and acquisitions) at Aetna, joined the company as president and CEO.

 

“Personalized medicine has the potential for transforming the healthcare industry by having an impact on such critical issues as chronic disease management and prevention,” said Steve Burrill, CEO of Burrill & Company. “Before the promise of personalized medicine can be realized, however, the right set of technologies needs to be in place. By focusing on IT solutions that can bring personalized medicine to the point of care, Proventys is favorably positioned to play a key role in this evolution.”

 

Leading Proventys in this high-growth stage will be recently appointed president and CEO, Timothy Thompson. Thompson is a seasoned and successful healthcare executive with both Fortune 500 and start-up company experience. Most recently, he was managing director of business development (mergers and acquisitions) at Aetna, Inc. Thompson first joined Aetna in 2002 when he launched a new informatics business unit for the company. Prior to his stint at Aetna, he was chief operating officer and vice president of business development at PHT Corporation, an early stage, venture-funded mobile data capture and clinical trial software company.

 

“Tim has proven expertise in advancing healthcare organizations as they commercialize their solutions,” said Ralph Snyderman, M.D., founder and chairman of Proventys. “His skills will be invaluable in moving Proventys forward as we bring risk prediction technologies to commercialization and provide clinicians with tools to enhance their ability to make the right decisions for their patients. I will remain at Proventys as chairman of the board and will continue to be actively involved in supporting Tim and his team.”

 

In addition to completing its successful funding round, Proventys forged a strategic partnership with McKesson, a leading healthcare information technology company. Under terms of the agreement, McKesson will incorporate Proventys' cutting-edge, risk prediction modules into its clinical decision support solutions.

 

Marc Owen, McKesson's executive vice president of corporate strategy and business development, will become a member of Proventys' board of directors. He will be joining a group of industry leaders including Ralph Snyderman, M.D., chancellor emeritus of Duke University, David Lawrence, former president and CEO of Kaiser Permanente, and G. Steven Burrill, CEO of Burrill & Company.

 

“McKesson is excited to partner with Proventys from a solution strategy perspective,” commented Owen. “We strongly believe that personalized medicine will play a critical role in the transformation of healthcare going forward, so it only makes sense for us as a healthcare industry leader to align with a highly promising company such as Proventys. McKesson is uniquely positioned with proven clinical decision support tools that can provide the ideal platform for bringing Proventys' advanced knowledge solutions to the point of care where they can make a real difference in clinical decision making and patient outcomes.”

 

About Proventys

Proventys, Inc. is a personalized medicine knowledge service provider focused on delivering cutting-edge risk prediction technology to power personalized clinical decisions at the point of care. Through its proprietary risk assessment architecture, the company is able to harness the

power of clinical data along with emerging diagnostic tests, including biomarkers from the fields of genomics, proteomics, and metabolomics, to power personalized medicine at the point of care. This breakthrough enables clinicians to select more effective, targeted approaches to improve clinical and economic outcomes for each individual patient. Founded by Ralph Snyderman, M.D., Chancellor Emeritus of Duke University, Proventys is located in Durham, North Carolina. For more information, visit www.proventys.com.

 

Burrill & Company

Founded in 1994, Burrill & Company has over $950 million in venture capital funds under management and has an active merchant banking and media business. The company's 50 person scientific and business team, supported by its nearly 40-person Advisory Boards, the strategic and financial network of its limited partners, and the close relationships developed with numerous life science companies and management, provide Burrill with unparalleled access and insight.

 

About McKesson

McKesson Corporation, currently ranked 18th on the FORTUNE 500, is a healthcare services and information technology company dedicated to helping its customers deliver high-quality healthcare by reducing costs, streamlining processes and improving the quality and safety of patient care. Over the course of its 175-year history, San Francisco-based McKesson has grown to provide pharmaceutical and medical-surgical supply management across the spectrum of care; healthcare information technology for hospitals, physicians, homecare and payors; hospital and vretail pharmacy automation; and services for manufacturers and payors designed to improve outcomes for patients. For more information, visit us at http://www.McKesson.com.