Digital health tech company WellDoc has closed $22 million in Series B funding. The investors were Samsung Ventures, Merck Global Health Innovation, Adage Capital Management, Excel Venture Management, Alexandria Venture Investments and Hudson River Capital Partners LLC. Cowen and Company was the placement agent to WellDoc.
BALTIMORE, Dec. 17, 2015 (GLOBE NEWSWIRE) — Digital health technology leader WellDoc today announced the completion of a $22 million Series B financing. Samsung Ventures acted as the lead investor in the round with existing investor Merck Global Health Innovation (GHI) Fund serving as co-lead. Adage Capital Management, Excel Venture Management, Alexandria Venture Investments and Hudson River Capital Partners LLC also participated. WellDoc has completed the initial closing of its Series B round and anticipates the final closing to occur by the end of January. As part of this round, Samsung Ventures and Excel Venture Management will each provide one new member to the WellDoc Board of Directors.
The Company will use the funds to continue commercialization and accelerate adoption of BlueStar, WellDoc’s flagship product. BlueStar is a first-in-class, patient-centered product cleared by the U.S. Food and Drug Administration (FDA) for adults living with type 2 diabetes and their doctors. BlueStar requires a prescription from a licensed healthcare provider. It can be dispensed by a pharmacy and reimbursed by a health plan. BlueStar is powered by WellDoc’s proprietary Automated Expert Analytics System™ and enables patients to self-manage their diabetes through real-time motivational, behavioral and educational coaching. BlueStar coordinates care by helping patients adhere to their treatment plan while also providing clinical decision support to the patient’s healthcare provider to optimize treatment decisions.
“The success of our initial commercial launch of BlueStar has provided us with valuable information that we will use to expand nationally to bring BlueStar to adults with type 2 diabetes,” said Kevin McRaith, CEO of WellDoc. “Our goal is to help improve patient self-management, which ultimately leads to better outcomes as demonstrated in our published clinical trials, as well as our commercial launch. The progress reported by those who have used BlueStar to date, and the data we have captured from that usage, motivates us to find new ways to make our product available to more people. With the financial contributions and strategic capabilities of the investors participating in our Series B, we can take WellDoc and BlueStar to the next level – evolving our business model and distribution channels.”
To date, WellDoc has had significant success with the initial commercial rollout of BlueStar. In a regional product demonstration primarily in the State of Maryland, 55 percent of targeted physicians prescribed BlueStar. The real-time data captured in the product aids in predictive analytics that can lead to cost avoidance and monetary savings. BlueStar users are highly satisfied with the product as demonstrated through usage and satisfaction surveys. In addition, the highest usage rates are derived from users who are over 60 years old, an important market segment.
“Samsung is committed to empowering consumers to better manage their health and wellness. The convergence of medical apps and lifestyle data offers personalized insights that enable people with type 2 diabetes to improve their health. By partnering with WellDoc (and other industry leaders), Samsung aims to leverage the consumer technology people use every day to simplify and secure the mobile health experience,” said Harry Kim, Global Director of Enterprise Business Healthcare, Samsung.
Cowen and Company served as placement agent to WellDoc.
WellDoc is a digital health technology company that develops mobile solutions to drive behavioral and clinical change in chronic disease. WellDoc’s goal is to improve patient self-management and help physicians overcome gaps in the delivery system to improve clinical outcomes and decrease cost. WellDoc has commercialized the first mobile prescription therapy, BlueStar®, for adults with type 2 diabetes. Mobile prescription therapy fills the support gap between patients and providers during the 8700 hours that individuals are living their lives outside the healthcare system. WellDoc has a proven track record of contributing published, peer-reviewed clinical evidence since 2008 and in June 2015 presented real-world patient engagement and clinical outcomes at the American Diabetes Association’s (ADA) 75th Scientific Session. BlueStar is recognized by the ADA on its website as the first and only in the new class of diabetes treatment known as Mobile Prescription Therapy. For more information, visit www.WellDoc.com and www.BlueStarDiabetes.com.