Slater Technology Fund Participates in Funding for Growing Healthcare Technology Company
RxVantage Develops Software for Streamlining Interactions Between Pharmaceutical Representatives and Physicians
Providence, R.I., June 1, 2009 The Slater Technology Fund today announced that it has invested $500,000 in an undisclosed round of funding for software developer RxVantage. The company is creating more dynamic and efficient channels through which healthcare, pharmaceutical companies and medical providers can exchange information and ideas that improve patient care.
RxVantage recently launched version 2.0 of its web-based communication and scheduling solution, which enables medical offices to efficiently coordinate educational interactions with highly trained product experts from healthcare and pharmaceutical companies. This is critical for ensuring accurate and efficient prescribing practices and product use, which directly impact the quality of care delivered to patients. RxVantage version 2.0 boasts a dramatically improved user interface and new functionality to facilitate more orderly and productive communications amongst its growing online community of physicians and healthcare representatives.
The need for healthcare efficiency is becoming ever greater, especially for physicians, said Greg Gilman, RxVantage founder and CEO. Their time is the scarcest of all healthcare resources. RxVantage gives physicians more control and more options for efficiently sharing important information with healthcare and pharmaceutical companies without taking crucial patient-facing time out of their day.
Medical offices can implement RxVantage in a matter of minutes and invite local healthcare and pharmaceutical representatives to access their account online to learn more about their office and schedule educational opportunities that are convenient to the office and the representative. The technology aims to save medical offices and healthcare and pharmaceutical representatives enormous amounts of time, while simultaneously creating more robust and varied opportunities for the transfer of knowledge that is so critical to patient care.
RxVantage has brought a thoughtfully structured process to what had been a chaotic, occasionally dysfunctional, relationship between physicians offices and pharmaceutical companies representatives, said Thorne Sparkman, managing director of the Slater Technology Fund. They proved to me that doctors offices reap immense value at no cost, and that pharmaceutical representatives also benefit from a more choreographed engagement at minimal cost. The next set of challenges will be around how fast the gospel can be spread and were bullish about how much more new value this team can create for the stakeholders in the meantime.
Slater was quick to recognize the value of our business proposition and technology, and has been an important supporter and ally as we grow our company, said Gilman. As we continue to expand our customer base and refine and enhance our technology, we look forward to working with Slater and our other investors to build on our success.
After testing the product in Rhode Island and Southern Massachusetts and attaining a 90% + acceptance rate among medical practices approached, RxVantage has begun expansion in New England and selected additional large and mid-sized markets across the country.
About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new ventures committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
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