Merck Global Health Innovation Fund Makes Strategic investment
Marlborough, MA – January 5, 2012 – Physicians Interactive Holdings, Inc. the leading provider of mobile and web-based clinical resources and solutions for healthcare professionals, today announced it entered into an agreement with Merck Global Health Innovation Fund, LLC (“GHIF”) to invest up to $17 million in the Company. The financing includes an initial investment of $8.5 million and potential future investments of up to $8.5 million contingent upon achieving certain pre-specified milestones. The proceeds will be used to fund the growth initiatives of four key products and other initiatives as identified by the Board. Physicians Interactive Holdings was identified by GHIF as being on the forefront of healthcare innovation, and the investment is part of the fund’s strategy to help nurture leading global healthcare solutions.
Today, Physicians Interactive Holdings partners with healthcare professionals and life science companies to provide a powerful integrated suite of clinical medical reference tools, electronic drug sampling and interactive education. The solutions are blended into the clinician’s daily workflow via web, mobile and electronic health records channels, saving time that can be redirected back to critical patient care.
“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,” said Donato Tramuto, CEO and vice chairman of Physicians Interactive Holdings.
GHIF will have a minority position in Physicians Interactive Holdings and will appoint one of their executives to join the Physicians Interactive Holdings Board of Directors, which currently has six members.