TargetRx Inc., a Horsham, Penn.-based provider of sales and marketing analytics for pharma companies, has raised $9.6 million in new VC funding. Return backers include Quaker BioVentures, New Enterprise Associates and Domain Associates.
TargetRx Inc. today announced that the company has received $9.6M of venture funding led by existing investors Quaker BioVentures, New Enterprise Associates (NEA) and Domain Associates. This infusion of capital will further support the company's plans for growth and the development of innovative new products designed to help the pharmaceutical industry improve sales and marketing effectiveness as well as drive overall business performance.
“Over the past several years, TargetRx has established itself as the only company that can offer pharmaceutical companies the information and insight that will enable them to redefine their sales and marketing strategies and remain competitive in today's marketplace,” said Richard Kollender, chairman of the TargetRx board of directors and a partner at Quaker BioVentures. “With an expanding customer base, seasoned senior management team and aggressive product development plans, the company is well-positioned for future success.”
“The support of our investors is a great endorsement of our business model and our mission to optimize pharmaceutical sales and marketing effectiveness,” said Craig Scott, CEO and president of TargetRx. “This funding will be used to further strengthen our management team, scale our current capabilities and increase the pace of our new product development.”
Since 1999, TargetRx has worked with the majority of the top 30 pharmaceutical companies in the
TargetRx helps pharmaceutical companies create competitive advantage and shareholder value through unparalleled insights into the drivers of physician prescribing behavior. TargetRx products and services help pharmaceutical clients to deploy more effective and efficient sales and marketing programs. TargetRx employs a unique database approach to capturing physician attitudes and translating the findings into highly actionable insight for its clients. TargetRx has developed a highly predictive, large-scale normative database of physician attitudes that it uses in combination with its patented proprietary analytic methods to provide pharmaceutical companies with powerful “leading indicators“ of performance. These insights provide companies with benchmarks for how they are currently performing, rich diagnostics that identify immediate ways to improve, and powerful forecasts that accurately predict future performance. TargetRx works with the majority of the top 30 pharmaceutical companies in the U.S. For further information, visit www.targetrx.com or call 215-444-8900.