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MedAvail secures $30M for pharmacy kiosk

MedAvail Technologies has secured a $30 million U.S. Series C financing from a syndicate of the company's existing investors, as well as three new health care investors

October 17, 2014

MedAvail Technologies has secured a $30 million U.S. Series C financing from a syndicate of the company's existing investors, Redmile Group, Walgreens Inc. and Alliance Boots GmbH, as well as three new health care investors, Pura Vida Investments LLC, Deerfield Management Company and Adage Capital Management, the company announced.

With the funds, MedAvail intends to finance the commercialization of its drug dispensing kiosk, the MedAvail MedCenter. The company will deploy the kiosk in hospitals, clinics, pharmacies, employer sites and retail locations. The kiosk provides live interaction with a remote pharmacist via two-way audio-visual technology and is managed by a remote health care professional

"The MedAvail MedCenter is a next-generation solution for prescription-drug dispensing with worldwide applicability. Unlike some of the first-generation pharmacy kiosks, the MedCenter maintains the engagement of a pharmacist via imbedded audio and visual capabilities and is fully integrated into the pharmacy's call center and prescription fulfillment IT network." said Ed Kilroy, Chief Executive Officer of MedAvail Technologies Inc., in the announcement. "We are delighted to welcome our new investors all of whom are highly experienced in the healthcare industry. Our shareholders now include both seasoned financial investors and quite strategically, the biggest pharmacy retailers in the world."