Merck Global Health Innovation Fund will invest up to $17 million in medical app maker Physicians Interactive Holdings. The financing includes $8.5 million up front, but could double if the mHealth marketer meets Merck’s milestones.
The Marlborough, Mass.-based company plans to use the Merck funds to grow "4 key products," including its flagship medical resources app Skyscape.
The app, which it acquired in mid-2009, accounts for nearly 90% of its health care division. Skyscape is a clinical decision and educational application marketed to doctors, health care workers, teachers and medical students.
"We are excited by this investment from Merck Global Health Innovation Fund and it validates both our achievements to-date and the compelling vision around our innovative programs for healthcare professionals and life science companies. This investment will allow us to further expand our internal product development and customer solutions, as well as explore new markets and additional customer segments," Physicians Interactive Holdings’ CEO Donato Tramuto said in prepared remarks.
Along with its $8.5 million in funding, Merck’s GHIF will appoint 1 of their executives to the Physicians Interactive board of directors.
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