VirMedica, a leading provider of technology solutions designed to optimize the commercialization of specialty pharmaceutical products, announced today that VirMedica, Inc. ("VirMedica") has acquired the assets of TransEngen, Inc. The $15 million dollar financing was led by Nashville-based Petra Capital Partners along with Menlo Park-based HealthQuest Capital. This transaction follows the acquisition by VirMedica of Tallahassee-based BioMed Intelligence in November, 2013. Following the financing, David Fitzgerald, Partner at Petra Capital Partners, Dr. Garheng Kong, MD, PhD, Managing Partner at HealthQuest Capital, David Golding, former President of CVS Specialty Pharmacy and Dean Erhardt, CEO at D2 Pharma Consulting have joined VirMedica's Board of Directors.
TransEngen's core technology platform, called TIER4, automates the benefits verification process for specialty products and is currently deployed by several of the world's largest pharmaceutical companies.
"With this acquisition, VirMedica has acquired the industry's clear leader in electronic benefits verifications," stated Mark Barnes, Chairman and Chief Executive Officer of VirMedica. "The benefits verification process is a critical step in nearly all Patient Access Services Programs and is typically completed over a period of days by a manufacturer's hub services company via phone, fax and manual workflows. By automating this process, we help patients get on therapy faster, improve customer service to providers and lower overall program support costs for manufacturers."
Gregory Morris, TransEngen's founder, believes VirMedica is an ideal partner given its complementary technology portfolio. "Currently, VirMedica offers a leading specialty pharmacy management solution that provides customized patient in-take, robust case management and pharmacy dispensing capabilities," said Morris. "Strategically -- by combing this with the TIER4 solution -- we have created a game-changer for manufacturers seeking a single, integrated platform that can be customized to automate end-to-end HUB services performed internally or externally." Morris will serve as VirMedica's Chief Commercial Officer with responsibilities for revenue creation, marketing and product strategy.
By acquiring TransEngen's TIER4 technology, VirMedica expands its customer reach to include contractual relationships with 5 of the top 10 pharmaceutical organizations worldwide. The company's integrated offering, called TIER4 Enterprise, enables a true, end-to-end enterprise platform offering that will automate, connect and coordinate all stakeholder workflows necessary for getting (and keeping) a patient on therapy.
TransEngen's current President and Chief Executive Officer sees immediate and tangible benefits for the company's existing customer base. "I'm excited about our new services footprint as it expands our ability to help manufacturers achieve better business outcomes," said Buck Rogers. "The combination of VirMedica's financial positioning and technology assets allows us to deliver a broader, more integrated services offering." In his new role with the company, Rogers will spearhead efforts to bring the two technology platforms together.
Petra Capital Partners believes VirMedica's unique value proposition will deliver significant and rapid revenue growth. "By acquiring TransEngen's TIER4 technology platform, VirMedica now offers the industry's leading single-source solution that automates the benefits investigation process, enables dynamic, customized case management and provides the backbone for robust specialty pharmacy operations," said David Fitzgerald, Partner.
"We believe that VirMedica's technology and capabilities will streamline the benefits process, decreasing the labor and time required for patients to receive prescribed therapeutics," said Garheng Kong, of HealthQuest. "VirMedica's offering will drive costs out of the benefits administration process, while ultimately offering better service to providers and patients."
New study aims to reduce bias in AI health prediction models