Pharma services and health technology company, Spencer Health Solutions, has successfully concluded its Series D funding round, initially raising $43 million, with further funding anticipated by year-end.
The success of this funding round underscores the strides made by Spencer Health Solutions and the enthusiastic market response to its platform. According to Tom Rhoads, CEO of Spencer Health Solutions, the Series D funds will be utilized to convert debt into equity and facilitate new capital infusion to enable the expansion of pharmaceutical company growth in clinical trials and patient support services from the comfort of patients’ homes.
Rhoads further explained the strategic direction: “This funding round reflects our progress in building partnerships with several major pharmaceutical companies, global clinical packagers, and regional and national specialty pharmacies. It will also help support and scale several major chronic care provider contracts recently awarded in the US, Canada, and Europe. It is an exciting time at Spencer Health Solutions.”
Spencer Health Solutions’ groundbreaking spencer® medication dispensing technology has already benefited over 5,800 patients across the US, Canada, and Europe. The current funding round is aimed at sustaining growth in these markets. The allocated funds will be directed towards device development, expanding the operational team, and bolstering sales and marketing resources. The overarching objective is to empower pharmaceutical companies and healthcare providers to effectively serve patients within the comfort of their own homes.
Spencer Health Solutions, headquartered near North Carolina’s Research Triangle Park, is fervently committed to enhancing patient engagement, medication adherence, and easing medication management burdens for both patients and caregivers. Their renowned spencer® SmartHub offers real-time monitoring of patients’ behaviors, leading to enhanced drug persistency, patient retention, and ultimately improved health outcomes. This investment underscores their dedication to shaping a more patient-centric healthcare landscape.