MISSISSAUGA, Ontario & PHOENIX–(BUSINESS WIRE)– MedAvail Holdings, Inc. (“MedAvail”), a leading technology-enabled pharmacy organization that embeds automated pharmacy services directly into clinics and other points of care through its proprietary technology, announced the completion of its private placement offering as part of its business combination announced on November 18, 2020. The private placement is being led by Ally Bridge Group (“ABG”) 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.
MedAvail raised gross proceeds of approximately $84 million through the issuance and sale of securities in a private placement that closed prior to the consummation of the business combination and which ultimately resulted in the issuance of approximately 12.3 million shares of MedAvail’s common stock. Proceeds from the private placement will be used primarily to support strategic growth initiatives and for general corporate purposes.
Cowen and Company LLC acted as lead placement agent and Lake Street Capital Markets acted as a placement agent in the transaction.
“Over the last number of months, we have completed this financing that provides MedAvail with a strong financial platform to execute on our commercial strategies,” said Ed Kilroy, CEO of MedAvail. “We believe this is just the beginning; we are a transformational player in the pharmacy industry which is amid a major disruption. We feel uniquely positioned to take advantage of the opportunity.”
“The whole Ally Bridge team is thrilled to partner with Ed and the MedAvail team on this transaction,” said Frank Yu, Founder, CEO and CIO of ABG. “MedAvail has created a powerful automated in-clinic pharmacy platform for Medicare-focused care providers and retail clinics. Following the close of this financing, MedAvail is well-positioned to expand its footprint in the United States and build upon its value proposition of delivering instant and remote pharmacy services, better clinical outcomes, best in class patient medication compliance and satisfaction.”
About MedAvail
MedAvail is a technology-enabled pharmacy organization, providing turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and home delivery operations, to Medicare clinics. MedAvail helps patients to optimize drug adherence, resulting in better health outcomes. Learn more at www.medavail.com.
About Ally Bridge Group
Ally Bridge Group (“ABG”), founded and led by Frank Yu (previously at Goldman Sachs and Och-Ziff Capital) and based in New York and Hong Kong, is a global healthcare investment firm focused on funding and supporting the world’s most innovative life science technologies benefiting many millions of human lives and leading high-impact transactions. Over the past five years, ABG has led over US $4 billion investments in world-leading life science companies in the U.S., China, Europe and Israel, across the medtech, tools and diagnostics, biotech and digital healthcare sectors. For more information, please visit www.ally-bridge.com.
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