PharmRight Corporation Announces First Closing of 2nd Angel Round

pharmright-logo

PharmRight Corporation, a health care technology company based in Charleston, SC, announced that it has completed a first closing of its “Accelerate Round” of angel financing. The company has accepted over $900,000 of subscriptions out of a total offering of up to $1 million in Class A Common Stock. The financing was initially intended to raise $750,000 but PharmRight increased the offering to satisfy robust demand from existing shareholders and new investors.

Proceeds from the offering are being used to prepare Livi, the company’s fully automated home medication dispenser, for production and FDA pre-market clearance.

As a result of the successful equity financing, a $200,000 convertible note issued in August 2014 to SCRA Technology Ventures’ SC Launch program was automatically converted into preferred stock of PharmRight.

Bill Park, Chairman, President & CEO of the company, said “This offering has been a tremendous success for PharmRight. Many of our existing shareholders increased their investment in the company. We also attracted new shareholders who broaden and deepen our investor base. This financing brings our total invested capital to over $2 million.”

livi

Livi

In addition, Mr. Park said “Livi will be entering the FDA test labs in January. We remain on track to begin commercial sales in Q2 of 2015.”

A new entrant to what is being called “The Internet of Things,” Livi is designed to simulate the supervision of an on-site caregiver by prompting the user to take the right medication at the right time, in the right quantity, with the right instructions under the Internet-enabled remote oversight of a caregiver or a team of caregivers. A cloud application monitors and captures all user interactions with the device. Family members and professional caregivers can be alerted via text message or e-mail if a user misses a dose or requires a re-fill. Comprehensive medication adherence reports are available via computer and mobile devices.

PharmRight Corporation was formed in 2013 to produce devices and offer services that maximize medication adherence and allow patients to age in place.

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