TargetRx, Inc. Announces $15 Million In Funding Led By Quaker BioVentures, Inc.; Pharmaceutical Marketing Information Company Continues Momentum
10/19/2005 5:11:08 PM
HORSHAM, Pa.--(BUSINESS WIRE)--April 22, 2005--TargetRx, a marketing information services company that assists pharmaceutical companies in effectively selling and marketing their products, announced today that it raised $15 million (U.S.) in Series D funding. This round of financing was led by Quaker BioVentures, with additional investments from new investors Montagu Newhall and Wasatch Advisors, and investments from all previous venture capital investors including New Enterprise Associates (NEA), Domain Associates, and Acacia Venture Partners. The capital will be used to accelerate the Company's growth by expanding its product offerings, which are based on the Company's unique and powerful large-sample normative database of physician attitudes. This will enable TargetRx to enhance its proven ability to deliver actionable solutions to pharmaceutical companies to help them make accurate and timely marketing and sales decisions, ultimately improving the performance of their brands.
This round of funding is the latest momentum indicator from TargetRx, which has enjoyed significant growth since its inception and has achieved greater than 90% renewal of subscriptions with clients so far in 2005. TargetRx expects 2005 revenue commitments to exceed full year 2004 revenue by the second quarter of this year.
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