MORRISVILLE, N.C.--(BUSINESS WIRE)--Centice Corporation, a pioneer in drug verification and safety products, announced today the successful completion of a $4 million bridge financing from its existing investors to support ongoing commercialization efforts for its innovative PASS Rx prescription verification product for the retail pharmacy marketplace. Leading the $4 million bridge financing were The Aurora Funds, Inc. and S-Group Direct Investments Ltd., along with participation from other existing investors Innovation Ventures LP and several individuals.
“We are very pleased to close on this round of new financing as these funds secure our ability to commercialize our PASS Rx product in 2009”, said Ray W. Swanson, President & CEO of Centice. “Centice is at the forefront of a new and exciting opportunity to improve patient safety and pharmacy quality and the continued backing from our existing investors underscores the significant progress the company has made towards reaching these goals over the past several years”, he added.
Increased script volume, fewer resources and manual subjective verification methodologies can unfortunately result in greater risk of medication errors in the pharmacy. PASS Rx is the first and only product that utilizes patented spectroscopy and machine vision sensor technologies to confirm the accuracy of a retail pharmacy’s dispensed solid dose medications in a matter of seconds. Centice technologies have additional applicability beyond the verification of solid medications in the pharmacy, and the company has plans to develop future products for liquid medication verification and counterfeit drug detection.
“We are very excited with the progress that Centice has made to date. This new round of financing will allow the company to reach its key milestones including the continued marketing and sales of PASS Rx”, said Scott Albert, Managing General Partner of the The Aurora Funds Inc., and Chairman of the Centice Board of Directors.
About Centice Corporation
Centice, founded in 2004 and headquartered in Morrisville, NC, is commercializing patented and patent-pending computational sensor and machine vision technology. The PASS Rx® pharmaceutical authentication sensor system improves the verification process for dispensed medications, thereby improving quality and optimizing workflow in the pharmacy. The company has received venture capital investments from The Aurora Funds, Inc., Novak Biddle Venture Partners, S-Group Direct Investments Ltd, Innovation Ventures LP, and other private investors. More information on Centice can be found at www.centice.com.
About The Aurora Funds
Founded in 1994, The Aurora Funds is a venture capital firm that provides capital, connections and strategic guidance to entrepreneurs with early-stage health care, life sciences and information technology companies in the southeastern and mid-Atlantic United States. The firm manages more than $230 million in five venture funds. For more information, visit www.aurorafunds.com.
About S-Group Direct Investments
Founded in 2006, S-Group Direct Investments Ltd. is a private equity and venture capital firm currently investing out of its first fund with $250 million committed. S-Group is focused on companies within a broad range of industries, which includes technology, chemistry, engineering, financial services, and retail/consumer goods, located in Russia, the U.S., and Europe.
Contact:
Centice Corporation Arthur Bergens, Chief Financial and Administrative Officer 919-653-0424 ext. 111; abergens@centice.com
