MedAvail Holdings, Inc., a Mississauga, Ontario- and Phoenix, AZ-based technology-enabled pharmacy organization that embeds automated pharmacy services directly into clinics and other points of care through its proprietary technology, closed an $84m funding round.
MedAvail raised gross proceeds of approximately $84m through the issuance and sale of securities in a private placement that closed prior to the consummation of the business combination and which resulted in the issuance of approximately 12.3m shares of MedAvail’s common stock.
The round was led by Ally Bridge Group with participation from Cigna Ventures, Redmile Group, Pura Vida Investments, Adage Capital Management, Lewis and Clark Ventures, Heights Capital Management and Maven Investment Partners, among others.
The company intends to use the funds for strategic growth initiatives and general corporate purposes.
Led by Ed Kilroy, CEO, MedAvailis is a technology-enabled pharmacy organization, providing in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and home delivery operations, to Medicare clinics.