Argentum Makes Growth Equity Investment in AdhereTech
NEW YORK, NY — November 8, 2018 – AdhereTech, the market leader in highly-effective medical adherence programs delivered through smart pill bottles, announced today that it received a significant strategic investment from Argentum, a growth equity firm that partners with entrepreneurial owners to build industry-leading B2B software and technology-enabled services companies. The investment will be used to grow AdhereTech’s pharmaceutical and pharmacy partnerships, expand into additional healthcare verticals, and further enhance data-analysis & engineering applications.
Founded in 2011, AdhereTech provides pharma-sponsored support programs to patients on specialty medications, all powered by its patented smart pill bottles. AdhereTech’s customers include many of the world’s largest pharmaceutical companies, who currently sponsor AdhereTech programs for a multitude of the top-selling specialty medications. These programs are actively supported at nearly every major specialty pharmacy, including 8 of the top-10 specialty pharmacy companies in the US, with the ability to reach every patient nationwide.
AdhereTech’s success is driven by the strong results that it generates for both patients and healthcare partners. On average, AdhereTech programs generate 1 to 2 additional fills of specialty medications, per patient per year. Additionally, the programs are clinically shown to improve duration on therapy by 26%, fill rates by 9%, and dose-level adherence by 15% – for specialty medications. Patients love using AdhereTech, with programs receiving an average patient satisfaction rating of 4.7 out of 5.
“This strategic investment further validates AdhereTech’s status as a leading healthcare technology company,” said Josh Stein, CEO of AdhereTech. “This investment will allow us to deliver value to our pharmaceutical and pharmacy partners in groundbreaking new ways – while maintaining our primary focus of creating the best possible patient experience. With guidance from the Argentum team, AdhereTech will continue to revolutionize the way in which patient-centric technologies can be used to improve care.”
“AdhereTech is one of the few companies that is successfully addressing the enormous problem of medication nonadherence, estimated by some analysts to result in over $300 billion in annual avoidable costs,” said Dan Raynor, Managing Partner of Argentum. “Not only is AdhereTech achieving industry-leading returns for its pharmaceutical clients, but it is also providing them with important data about usage patterns that were previously unobtainable. We have been impressed with what Josh Stein and his talented team have been able to achieve in such a capital efficient manner, and we now look forward to supporting them as they continue to scale the business.” Dan Raynor will also join AdhereTech’s Board of Directors.
Argentum is a New York-based growth equity firm that supports entrepreneurial owners in building industry-leading B2B software, technology-enabled and business services companies. The firm partners with management teams of companies with revenues of $5 million to $25 million, providing capital to accelerate growth, fund acquisitions or generate shareholder liquidity. Since raising its first fund in 1990, Argentum has invested in over 80 companies and supported nearly 200 add-on acquisitions. Argentum fills the growing gap between early stage venture capital investors and later stage growth equity firms by targeting bootstrapped companies seeking $5 to $15 million of capital.
AdhereTech provides pharma-sponsored support programs to patients on specialty medications, all powered by its patented smart pill bottles. Customers include many of the largest pharmaceutical companies and specialty medications, as well as most of the top specialty pharmacies in the US. On average, the AdhereTech program generates 1 to 2 additional fills of specialty medications, per patient per year. Additionally, the program is clinically shown to improve duration on therapy by 26%, fill rates by 9%, and dose-level adherence by 15%. Patients love using AdhereTech, with an average patient satisfaction rating of 4.7 out of 5. Visit www.adheretech.com.