Medical Informatics Startup AdhereTx Corp. Receives Pre-Seed Financing; Relocates to Connecticut
Rocky Hill, Conn., October 6, 2011 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has committed $150,000 in financing to AdhereTx Corp., a startup medical informatics company, through its Pre-Seed Fund. The company recently relocated from Cambridge, Mass., to the Connecticut Center for Advanced Technology incubator in East Hartford, Conn.
“Connecticut Innovations’ support comes at a critical juncture for our company as we continue to enhance our offering for new customers and build out our management team. By relocating the company to Connecticut, we can leverage relationships established in our University of Connecticut clinical trials and recruit new talent in the heart of the healthcare payer space to accelerate our path to market,” said AdhereTx CEO and Co-Founder Patricia Meisner.
AdhereTx, which has exclusively licensed its core technology from the University of Connecticut, provides Web-based solutions to facilitate patient data collection and automate medication management in older adults and other patients with chronic diseases such as hypertension, congestive heart failure and diabetes. The goal is to give healthcare practitioners a comprehensive view of a patient’s medication landscape and the ability to efficiently reconcile and rationalize medications for therapeutically complex patients as they transition through the healthcare system. Studies demonstrate that medication management can improve outcomes and quality of life, and reduce hospitalizations, re-admissions and emergency department visits, but until now the assembly of this fragmented and incomplete information has been costly and time-consuming.
AdhereTx’s KnowMyMeds™ solution suite collects, aggregates and rationalizes information about patient self-medications and behavior, symptoms and conditions, and certain other data from a patient’s health and claims records. These data are used to generate a SmartList™ of medications and potential risks for the patient that can be shared with the other healthcare providers, caregivers and family; and becomes the foundation for medication reconciliation as the patient cycles through the continuum of care.
“AdhereTx is a great addition to Connecticut’s growing technology community,” said Charlie Moret, CI managing director, business development. “Led by a team including two repeat entrepreneurs and a UConn scientist and professor, AdhereTx has strong experience on its side and is making great strides in proving out its technology with initial customers.”
CI’s $4 million Pre-Seed Fund supports the formation of new Connecticut technology companies. The fund provides loans of up to $150,000 to Connecticut-based startup and early-stage technology companies. Funding may be used for a wide range of startup expenses such as accounting, legal, intellectual property development, technology and prototype development, business plan development, technology assessments, market analyses, market entry strategy development, and hiring of advisors and employees. CI’s team also provides mentoring and will help coordinate access to resources.
The Pre-Seed Fund is an important component of the state’s high-tech economic development engine, as it provides an avenue for initial startup funding for companies and entrepreneurs emerging from universities and dovetails nicely with other tech startup resources such as the CTech business incubators, the Connecticut Angel Investor Tax Credit (which stimulates private investments in early-stage companies) and private capital resources.
About Connecticut Innovations Inc. Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in early-stage Connecticut technology companies, university/industry research collaborations and technology transfer and collaborating with government, business, nonprofit and academic organizations to advance technology growth and promote public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About AdhereTx Corp. AdhereTx (ATx) provides web-based and mobile solutions for medication management in older adults who often have multiple chronic conditions and the most complex therapeutic regimens. The KnowMyMeds™ solution for Healthcare Professionals gives doctors, nurses and pharmacists a structured synopsis of the individual patient’s self-medication behaviors and status. It automates the exchange of information for medication therapy management and medication reconciliation processes leading to improved care coordination and patient outcomes. The solution is delivered as software as a service to enterprise clients in Payer, Primary Care and Home Health markets…http://www.adheretx.com.