SANTA ROSA -- AdverseEvents Inc., a Santa Rosa-based startup focused on health care information related to drug safety and side effects, recently announced the closing of $2 million in Series A financing led by Evaluate Ltd., a market intelligence company specializing in forecasts and analysis of the life sciences industry.
The investment “bolsters AdverseEvents’ mission to make post-approval drug safety data accessible, actionable, and predictable and affirms the strong demand for its drug scoring, signaling and side effect analytics platform," the company said in a news release. Proceeds will be used to expand the company’s sales force and analyst teams, and to continue to build its marketing presence among health insurers, health systems and hospitals.
Other significant investors in this round include: Trevor Fenwick, founder and executive chairman of Euromonitor International, a global publishing company; and Michael Tansey, former president and CEO of Jobson, a health care information provider and former CEO of the scientific and health care group at Thomson Reuters.
In conjunction with the financing, Jonathan de Pass, founder and CEO of Evaluate, and Michael Tansey will be joining AdverseEvents’ board of directors.
[caption id="attachment_91439" align="alignleft" width="224"] Brian Overstreet[/caption]
"We are pleased to welcome Evaluate and our other new investors to the company," AdverseEvent CEO Brian Overstreet said in a statement. " All of our new investors and new board members have well established track records in health care and life science intelligence and we are confident that the company will benefit greatly from their direct involvement going forward.”
The company was founded in 2010, currently has 13 employes and is actively hiring, according to Sharon Miller, a spokeswoman. With its analytical tools, AdverseEvents said it focuses its research on drug side effects, publishing comparative drug studies, industry white papers, topical special reports, and platform validating research papers in leading academic journals.
“AdverseEvents has identified a major gap in health care information and has built a lasting solution that will have far reaching implications for all of the industry’s participants," Mr. de Pass said in a statement on behalf of the new investors.
The health care industry "readily acknowledges the need for information that can drive improved patient outcomes and lower avoidable medical costs," the company said, citing studies that put the cost of drug side effects at $27 billion per year. As such, AdverseEvents is hoping to fill the void and said that, to date, "there has been nothing offered in the market that can help improve patient outcomes and lower related costs."
The company's proprietary technology, analystics and product platform is being offered and geared toward health insurers, health systems, hospital and related service providers.
The company's Santa Rosa headquarters is located at 3663 N. Laughlin Road, Suite 102. Another office is located in Cambridge, Mass.