Merck backs Remedy Informatics with $6M investment
Remedy Informatics has some new funds to fuel its expansion. The Salt Lake City-based biomedical informatics company has pulled in about $6 million from Merck's ($MRK) Global Health Innovation Fund, winning Big Pharma support to grow its operations and development of its informatics system for healthcare and life sciences research.
With a platform known as Mosaic, Remedy has nailed down a bevy of new customers for its biomedical informatics applications over the past year, including Roche's ($RHHBY) Genentech, Massachusetts General Hospital and the Cleveland Clinic's Heart and Vascular Institute, according to the company. Its offering includes clinical registries for solid and blood cancers, blood and marrow transplants and total joint replacement, among others.
"This additional capital will fuel our growth here in the U.S. and our expansion into Europe and Latin America," said Gary Kennedy, Remedy's founder and CEO, in a statement. "In addition it will enable us to continue to invest in our Mosaic Platform so that we can further extend our technology lead in the marketplace."
Merck has gained a seat on Remedy's board through the investment. The U.S. drug giant has become more active in backing innovative life sciences companies in recent years, realizing that pharma needs to have a role in seeding new companies as funding becomes scarce. The Remedy investment speaks to Merck's interest in financing providers of life sciences IT.
"Healthcare information technology is a key area of focus for Merck's Global Health Innovation Fund," said Joe Volpe, an investment principal for Merck's fund, in a statement. "We believe Remedy's technology platform is well positioned to help advance life science research discoveries."
- here's the release