Medication dispenser, PharmRight, raised $400,000 in equity at first close

pharmrightPharmRight reported selling 53% or $400,000 as part of a new unregistered private offering. A total of seven investors subscribed almost two weeks ago to the company’s $750,000 non-brokered equity financing. $350,000 in additional funding can be raised before February 2015 based on the placement’s structure. This is the first time PharmRight is selling securities under a registration exemption.

The company designed and is commercializing a medication dispenser for in-house use. The dispenser holds up to 15 different pills and can store up to ninety day of supply. The product is designed to dispense medication on demand or on schedule, alert patients through a vibrating bracelet and alarm on the system when it is time to take pills. It also feature a web-based cloud tracking system so physicians and caregivers can monitor that patients are adhering to the schedule.

The company, headquartered in Charleston SC, was registered in 2013. No revenues were reported by the company. The executive team includes William C. Park. The board of directors includes Dennis D. Duranceau and James R. Parker.

Random Research reported recently on two other companies developing a product related to medication adherence: ReMindTechnologies and Health Recovery Solutions.

Offering recap
Status: First close
Company: PharmRight
Industry: Other Technology
Amount offered: $750,000
Amount placed: $400,000
First sale: 2014-02-07


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