Healthcare Industry News: digital therapeutics
News Release - May 30, 2018
Propeller Health Raises $20 Million, Accelerating Development of Digital Medicines for Respiratory Health and Other DiseasesFinancing led by Aptar Pharma, with participation from existing investors Safeguard Scientifics, Social Capital, Hikma, 3M Ventures and SR One
MADISON, Wis., May 30, 2018 -- (Healthcare Sales & Marketing Network) -- Propeller Health, a leading digital therapeutics company, announced a $20 million funding round led by Aptar Pharma, with participation from existing investors Safeguard Scientifics, Social Capital, Hikma, 3M Ventures and SR One.
Proceeds from the financing will support Propeller's investment in its pipeline of digital therapeutics and additional connected devices for the treatment of chronic respiratory disease, an area of continued market growth for the company. Propeller will also begin to develop digital medicines for new therapeutic areas.
"Since starting Propeller in 2010, we've built the most advanced digital medicine platform and therapeutic patient experiences to improve chronic respiratory disease," said David Van Sickle, co-founder and CEO of Propeller Health. "Today marks a major step forward for our company. With our industry-leading platform and in partnership with our growing Propeller Provider Network, we now have the foundation in place to bring the benefits of digital medicines to many new conditions."
The Propeller platform enables leading medical technology and pharmaceutical companies to conceptualize, develop and commercialize digital medicines. Propeller also offers distribution at scale through the Propeller Provider Network and leading payers, pharmacies and PBMs such as Express Scripts.
In addition to supporting better self-management and clinical care and treatment, Propeller is working with industry experts and regulators to advance clinical research, real-world evidence and the design and validation of novel endpoints.
Propeller Health and Aptar Pharma separately announced a strategic partnership to work with leading pharmaceutical brands to co-develop and co-market digital medicines across therapeutic areas, leveraging Aptar Pharma's expertise in device development, packaging innovation and quality manufacturing.
"Aptar Pharma is delighted to support Propeller Health in our common vision of using connected devices to enable improved patient management," said Salim Haffar, President of Aptar Pharma. "We believe this approach will provide significant value to patients, healthcare providers, payers and our pharma company partners."
Propeller's platform is backed by 8 FDA 510(k) clearances and CE marking, and the company continues to expand its global operations, now spanning 16 countries. Propeller's respiratory products have demonstrated significant increases in medication adherence and health outcomes while delivering reductions in healthcare utilization, such as emergency room visits and hospitalizations.
About Propeller Health
Propeller Health is a leading digital therapeutics company dedicated to the development and commercialization of measurably better medicines. Propeller creates products to more effectively treat disease and improve clinical outcomes for patients across a range of therapeutic areas through connectivity, analytics, and companion digital experiences. The Propeller platform is used by patients, physicians and healthcare organizations in the US, Europe and Asia. For more information, visit www.propellerhealth.com.
Source: Propeller Health
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