EDG Partners has made an undisclosed investment to back PWNHealth‘s acquisition of a lab services platform from Medivo. No financial terms were disclosed. In addition to the transaction, Mike Gaffney, a co-founder and managing director of EDG, has been appointed chairman of the PWNHealth’s board of directors. Also, Daniel Laroue of EDG Partners and J.T. Mauk have been added to the board as well.
PRESS RELEASE
NEW YORK, Sept. 2, 2015 /PRNewswire/ — Medivo Inc., a leader in lab data analytics, announced today that its lab testing authorization services division has been sold to PWNHealth, LLC, a newly formed company. Under the transaction, PWNHealth will acquire all of the assets associated with this division, including a physician network that covers all 50 states, a robust technology platform that facilitates over five million diagnostic tests per year for some of the largest labs, payers, wellness companies and direct to consumer diagnostic testing companies in the country, and a full-service patient call center.
“Medivo’s strategic focus on healthcare data analytics has led to tremendous advancements in providing labs, payers and pharmaceutical companies with solutions to unlock the power of lab data to improve health,” said Sundeep Bhan, Medivo’s CEO. “The sale of our lab test authorization division allows us to focus on our core business of aggregating, analyzing and commercializing healthcare data, with the goal of getting the right therapies to the right patients at the right time.” With this transaction, “the lab test authorization business is being transferred to a strong team who can help scale and provide value to consumers and to industry stakeholders.”
PWNHealth will be led by healthcare industry veteran Sanjay Pingle, who co-founded Medsite with Bhan before working as President of Physicians Interactive, which was acquired by Merck. Pingle plans to grow the company’s core capabilities of lab connectivity and physician authorization and oversight while also developing new areas for expansion.
“The assets of PWNHealth provide us with a unique opportunity to offer added value to a broad range of health stakeholders,” says Pingle. “I am excited to acquire this comprehensive platform in partnership with EDG Partners and to leverage their significant expertise in supporting the development of differentiated healthcare platforms.”
PWNHealth enables diagnostic testing via clinical oversight and connectivity solutions. PWNHealth offers user-friendly and configurable plans for screening, including core lab and genetic testing, and will continue to develop new services to fill the unmet needs of industry stakeholders.
The acquisition was supported by healthcare-focused private equity firm EDG Partners, a leader in healthcare growth and middle market buyouts. EDG co-founder and managing director Mike Gaffney will serve as Chairman of the PWNHealth Board of Directors. Also joining the company’s Board of Directors will be Daniel Laroue of EDG Partners and J.T. Mauk.
About Medivo
Medivo is a healthcare data analytics company that unlocks the power of lab data to improve health. Medivo is the largest source of lab data in the U.S., with access to over 150M patients through its nationwide network of partner labs. Medivo analyzes large data sets and shares its findings with the medical community at large, as well as with its life science, payer and lab partners, to ensure that appropriate available treatments are provided to patients sooner. Founded in 2010, Medivo’s investors include Safeguard Scientifics, Inc. (NYSE: SFE) and Merck Global Health Innovation Fund (GHIF). For more information, visit www.medivo.com.
About PWNHealth
PWNHealth is a leading provider of lab connectivity, compliance, and patient outreach solutions. Our platform enables testing solutions for health and wellness, telemedicine, diagnostic labs, and payer markets, who use our services to facilitate quick and seamless consumer access to diagnostic testing and also to maintain compliance with state and federal regulations. Our 50-state physician network and strong technology platform enable us to process over five million diagnostic screens annually. www.pwnhealth.com.
About EDG Partners
EDG Partners is a private equity firm that provides capital, expertise, and relationships to enable small and middle market healthcare companies to achieve their potential. With considerable investment and operating experience, EDG partners with management teams to navigate the critical inflection points that accompany growth. EDG Partners delivers exceptional value by helping to build exceptional companies. For more information, please visit www.edgpartners.com.
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