HealthBeacon raises €6m in latest funding round
Irish digital therapeutics company HealthBeacon Limited has raised €6 million in its latest fundraising round led by Elkstone and Crow Rock Capital, bringing to €25 million the total funding raised by the company.
HealthBeacon, which has developed the world’s first FDA-cleared Smart Sharps Bin clinically proven to materially enhance medication adherence, will use the additional funding to scale its team and production to support future growth.
This development coincides with the recent acceptance of HealthBeacon’s research by the National Association of Speciality Pharmacy (NASP). Data collected over 12 months demonstrates a 19% improvement in therapy persistence by patients who administer injectable medications at home using HealthBeacon’s Injection Care Management System (ICMS) versus those without the support platform.
The company is anticipating an acceleration in demand for its technology given it has secured 12 new contracts with pharmaceutical companies, insurers, and speciality pharmacies, in 2020, in addition to a significant partnership agreement with the leading U.S. home appliances distributor Hamilton Beach Brands.
“We are very pleased to announce our latest round of funding which coincides with the publication of our research in the supplement to NASP’s peer-reviewed journal as a validation of our technology,” said Jim Joyce, CEO and co-founder of HealthBeacon. “HealthBeacon’s Injection Care Management System has been proven to materially enhance medication adherence and ultimately improve the patient experience through the world’s first FDA-cleared smart sharps bin and our unique patient support platform,” Joyce continued.
“It is our intention to use this fresh round of funding to scale our team and production to meet current demands and our future growth ambitions. With over 30 million people across Europe and North America administering injections in the home, an estimated half of whom fail to adhere to their medication schedule, our technology offers a real solution to a significant health and safety challenge today.”