MADISON, Wis., Oct. 20, 2016 /PRNewswire/ -- Propeller Health,
the leading digital solution for respiratory medicine, today
announced the closing of its $21.5
million Series C financing. The funding round includes new
investors 3M Ventures, S.R. One, Limited and Hikma Ventures, and
existing investors Safeguard Scientifics and Social Capital.
Proceeds will be used to expand Propeller's digitally-guided
therapy platform and modernize the management of respiratory
disease.
Despite an abundance of effective medications, the burden of
chronic respiratory disease remains unacceptably high. Asthma and
chronic obstructive pulmonary disease (COPD) continue to negatively
impact the lives of over 50 million people and cost payers and
patients in the United States over
$100 billion annually. Many patients
need help to better manage conditions on their own, while
physicians lack tools to understand how their patients are doing
between visits and to adjust therapy to match their levels of
impairment and risk.
Propeller's digitally-guided therapy platform integrates
information from multiple sources, including connected medications,
then uses machine intelligence to recommend an optimal path of
therapy for each individual. Many patients require only adaptive
self-management and technique training, delivered via Propeller's
patient products, while others benefit from dose and schedule
recommendations, changes to visit frequency, automated clinical
outreach, and recommendations for type and frequency of care
manager outreach, all delivered to providers via Propeller's
proprietary care team tools and APIs.
"We aim to make today's treatments more accessible, personal,
powerful and convenient for each person who uses them, and enable
physicians to measure, analyze and act to help their patients,"
said David Van Sickle, CEO of
Propeller. "Our goal is to connect and guide these
patient-physician teams to find the right path of therapy for each
individual."
With the majority of inhaled medications now connected to its
software platform, Propeller has grown significantly over the last
12 months with over 45 programs signed with leading healthcare
systems such as Dignity Health and Nemours Children's Health
System, managed care organizations such as Molina Healthcare and
innovative at-risk entities such as ChenMed. This growth has been
driven by rapid adoption of its platform among pharmaceutical
manufacturers and the country's largest payers and healthcare
providers, who seek a better approach to asthma and COPD
management. New program starts and the expansion of existing
programs, such as with industry leading innovator Dignity Health,
have been driven by strong clinical and financial results seen
across programs, and from large-scale clinical trials published in
the peer-reviewed literature.
"Propeller is bringing a smarter, digitally-guided approach to
the management of respiratory disease, an area of significant
economic burden to healthcare systems," said Rajeev Dadoo,
Partner at S.R. One, Limited. "The company uniquely combines
unprecedented real world evidence about how patients take their
medications, with a deep understanding of what people want from
their respiratory treatment. Propeller routinely demonstrates
consistent and measurable results in patient satisfaction, clinical
improvement and cost savings across diverse program, payer and
patient types."
"Our investment in Propeller Health demonstrates our focus on
identifying and investing in innovative, high potential digital
health providers," said Lana Ghanem,
Managing Director of Hikma Ventures. "We are very excited to
support the development of Propeller's technology platform, which
is enabling physicians, patients and providers to have advanced
access to better quality data in the growing respiratory
segment."
About Propeller
Propeller empowers people with asthma and COPD to live
measurably better lives. In 2010 Propeller set out to modernize
respiratory medicine, empower people to minimize the impact of
asthma and COPD on their daily lives, and connect them to their
physicians, environment and community. Propeller's
information-powered approach to respiratory management guides
physicians and patients to the optimal path of therapy for each
individual. With connected inhalers, digital interfaces, and real
time personalized insights, participants receive personal guidance
and expert direction anytime. Backed by 3M Ventures (NYSE: MMM), SR
One, Hikma Ventures (LON: HIK),, Safeguard Scientifics (NYSE: SFE),
Social Capital and other investors, Propeller has been used by
patients with asthma or COPD in over 45 commercial programs across
the US at major healthcare systems, payers, employers and other
commercial partners. The company has been recognized as the
recipient of the American Telemedicine Association's 2016
President's Award for Innovation in Remote Healthcare and as one of
the top "Fierce 15" medical device companies in 2015 by
FierceMedicalDevices. For more information visit:
www.propellerhealth.com
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SOURCE Propeller Health