PolyRemedy Closes $20 Million Series C Financing to Fund Commercial Growth; Expands Executive Team with Addition of Chief Commercial Officer
BOSTON, MA. -- June 7, 2011
PolyRemedy®, a provider of personalized wound care systems, today announced that it closed a $20 million Series C financing led by Delphi Ventures of Menlo Park, CA and including participation from all current investors -- MedVenture Associates, Advanced Technology Ventures and Flybridge Capital Partners. The Company also announced the hiring of industry veteran Cameron McKennitt as Chief Commercial Officer to lead the Sales and Marketing organization. We are excited to be investors in PolyRemedy...PWS is a promising solution at the intersection of healthcare technology, personalized medicine and evidence-directed care that is already demonstrating clinical and economic benefits to caregivers. -- Douglas Roeder, General Partner of Delphi Ventures.
This capital will fund commercialization of PolyRemedy's Personalized Woundcare System™ (PWS) -- a novel approach to managing chronic wounds in home health care and other settings that integrates information technology and personalized therapeutics. Key initiatives will include enhancing the PWS mobile software assessment tools and advanced analytics, increasing manufacturing capacity for the Company's proprietary PolyFIT™ Antimicrobial Dressings, and building the sales and marketing team.
Leading the commercial team will be Cameron McKennitt, who joins PolyRemedy after five years at Kinetic Concepts, Inc. (NYSE: KCI), where he held Vice President roles of increased responsibility in Commercial Operations, National Accounts, Managed Care, and Government. Cameron will be responsible for building the teams and programs to support the company's growth in the home health care market and expansion into other care settings.
"We are excited to be investors in PolyRemedy," commented Douglas Roeder, General Partner of Delphi Ventures. "Wound care is an underserved area of medicine with growing incidence and increased treatment volume in home care. PWS is a promising solution at the intersection of healthcare technology, personalized medicine and evidence-directed care that is already demonstrating clinical and economic benefits to caregivers."
"We are delighted to be working with such great investors that bring relevant expertise as we scale our business," highlights Mark Carbeau, President and CEO of PolyRemedy. "This financing provides the capital to accelerate our progress, reach more caregivers, and ultimately help more patients with chronic wounds. With Cameron joining the leadership team, we have added solid expertise as he brings a highly successful track record growing wound care therapeutics in our target markets."
With offices in Boston and Mountain View, CA, PolyRemedy, Inc. offers integrated wound management systems designed to increase consistency by extending wound care expertise to the point of care. The PolyRemedy Personalized Woundcare System (PWS) enables clinicians to document care through easy-to-use, web-based assessment tools and order personalized wound dressings, while also providing critical and unprecedented visibility into wound care data. For more information about PolyRemedy, visit www.polyremedy.com or call 1-866-609-3515.
(866) 609-3515 ext. 492