MedAvail provides turnkey in-clinic pharmacy services through its proprietary robotic dispensing platform, the MedAvail MedCenter, and operates home delivery services for Medicare clinics. Its core product is an automated in-clinic pharmacy platform designed to improve medication adherence and clinical outcomes. The company completed a private placement that raised approximately $84 million in gross proceeds prior to the closing of its announced business combination. That financing resulted in the issuance of roughly 12.3 million shares of MedAvail common stock. Proceeds are earmarked to support strategic growth initiatives and general corporate purposes, including expanding its footprint in the United States and building instant and remote pharmacy services. Cowen and Company served as lead placement agent, with Lake Street Capital Markets acting as a placement agent. MedAvail operates the MedAvail MedCenter™, a kiosk-based, mobile-enabled self-service pharmacy platform that enables automated medication dispenses under the supervision of licensed tele-pharmacists in under 90 seconds. The MedCenter provides 24/7, multi-lingual pharmacist access via built-in audio-visual communications and licensed tele-pharmacists perform all professional functions associated with prescription dispensing. MedAvail has deployed its platform in the U.S. and internationally with customers that include Walgreens, Banner Health, Geisinger, and Bayless Integrated Health. Company data shows MedCenters in physician clinics fill 25–40% of prescriptions written by the clinic and about 35% in hospital sites; MedAvail says on‑premise MedCenters increase medication adherence to 100% versus approximately 70% pickup rates. The company positions its turnkey offering as a low cost-to-fill "last mile" channel for pharmacy retailers, hospital systems, clinic operators, employers and new market entrants. This round of financing will help scale MedAvail’s commercial activities in the U.S. and overseas. MedAvail Technologies is a Toronto, Canada-based healthcare solution company that commercializes the MedAvail MedCenter prescription-drug dispensing kiosk. The MedCenter is a consumer-facing kiosk providing live two-way audio-visual interaction with a remote pharmacist. The solution is intended for deployment in hospitals, clinics, retail locations, pharmacies and employer sites. Deployments of the MedCenter are currently ramping up in the US, Canada and Europe. MedAvail intends to use the proceeds from the financing to fund commercialization of the MedCenter. The company is led by CEO Ed Kilroy and recently added Dr. Frank Litvack of Pura Vida Investments to its board.

Total raised

$131M

Funding rounds

3

Latest round

Equity

Latest activity

Nov 2020