Proteus Digital Health™ Raises $120 million, Strengthens Financial Management and Governance Expertise through Key Executive Appointments
REDWOOD CITY, Calif., Jun 02, 2014 (BUSINESS WIRE) -- Leading digital medicines company Proteus Digital Health ™ raised $120 million from new investors through the company’s most recent round of funding. Steve Fieler joins the executive team as Chief Financial Officer, leveraging ten years of senior leadership experience at Hewlett-Packard, most recently as CFO of HP’s $4 billion in revenue software division. Jonathan Symonds CBE, Chairman of HSBC Bank Plc and former CFO of Novartis AG, has been appointed to the company’s Board of Directors. Major new institutional investors based in the United States, Europe and Asia participated in the company’s financing.
“We are at the beginning of a new growth cycle in the pharmaceutical industry driven by breakthrough technology in areas like stem cells, genomics and digital platforms,” said Jonathan Symonds. “Proteus Digital Health has created a remarkable leadership position in the digital health care market by enabling medicines to communicate with the internet. This technology has the potential to enable Proteus Digital Health and its partners to re-engineer the existing commercial assets of the pharmaceutical industry in order to create high value proprietary products that leverage the drugs they already sell using the mobile phone in every consumer’s pocket.”
Proteus Digital Health ™ is creating a new category of products, services and data systems that have the potential to significantly improve the effectiveness of existing pharmaceutical treatments. Called digital medicines, these new pharmaceuticals integrate medicines with ingestible, wearable, mobile and cloud computing and deliver solutions that enable patients, their families and physicians to make better decisions about health. The funding will advance the company’s plans to commercialize digital medicines at scale and further demonstrate outcomes benefits and cost savings achieved through digital health products.
Andrew Thompson, President and Chief Executive Officer of Proteus Digital Health ™, said, “We are entering the commercial era of the Internet of Things (IoT) - your car, your clothes and increasingly your personal care products are going to be connected. Our focus is on partnering with major health systems to deliver solutions that enable consumers and their families to switch on their own healthcare, creating critical information that can be used to ensure they and their doctors make positive decisions about use of medicines and personal health choices. A key part of our success will be to ensure that we have the support of investors as we build this market. The financing we closed is an important demonstration of investor confidence in the growth potential created by IoT companies.”
Steve Fieler’s appointment as CFO brings additional operational and financial management experience from the technology industry to the company, “Digital technology continues to reshape markets, customer experiences and business models across industries,” said Fieler. “Proteus’s strong track record of innovation creates a unique opportunity to help reshape and lead in healthcare. I’m excited to be joining a strong management team, helping the company on its growth trajectory, and taking on the challenge of building Proteus Digital Health into a force in the emerging digital health industry.”
About Proteus Digital Health ™
Proteus Digital Health ™ is pioneering a new category of products, services and data systems based on integrating medicines with ingestible, wearable, mobile and cloud computing. Its core technology – the digital health feedback system – provides an unprecedented view into an individual’s personal health choices and physiologic response, allowing patients to better manage their health and more effectively collaborate with caregivers and clinicians, while enabling new information-based business models. Proteus has received a CE mark in Europe and FDA market clearance in the U.S. for its wearable and Ingestible Sensor™ devices. Headquartered in Redwood City, Calif., Proteus is privately held and funded by Carlyle, Essex Woodlands, Kaiser Permanente®, Medtronic®, Novartis®, Otsuka®, Oracle®, ON Semiconductor® and other investors. Further information is available at: www.proteus.com
SOURCE: Proteus Digital Health, Inc.
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