MedManage Systems Accelerates Market Expansion of Online Drug Sampling Solutions
Bothell, WA -- April 12, 2006 -- MedManage Systems Inc., the leading provider of online prescription drug sampling solutions, today announced it has received $10.75 million in Series D Preferred funding. The new round was led by QuestMark Partners, a Baltimore-based venture capital firm investing in emerging growth companies. Existing investors Versant Ventures, Lilly Ventures and Prism Venture Partners also joined the round. The capital will be used primarily for market expansion of the company's Intelligent Sampling [sm] solutions, which are used by a growing list of major pharmaceutical manufacturers to improve commercial productivity and brand revenue by expanding drug sampling reach and frequency.
"We are motivated by the demand among pharmaceutical manufacturers and physicians alike for an online drug sampling service," said Cecil Kost, President, CEO, MedManage Systems. "This infusion of capital will help advance development of our Intelligent Sampling solutions and scale our operations to support an expanding base of pharmaceutical brands and medical practitioners."
MedManage's solutions extend sampling reach and frequency for pharmaceutical manufacturers and enable medical practitioners to order medication samples from their personalized Virtual Sample Closets. These closets are accessible via the industry's leading physician portals or pharmaceutical company websites. Each sponsoring pharma company determines the brands, sample formats and sample quantities each physician can access. "Achieving broader, deeper and faster market penetration expands the market potential of any brand throughout all stages of the product life cycle," continued Kost.
MedManage's Intelligent Sampling Solutions are powered by the company's third generation online sampling drug sampling platform, which incorporates the patent pending XpressSignTM electronic ordering capability. This new "fast order" process is designed to provide users of MedManage's on-demand sampling service with a secure, automated and more convenient method to request samples.
"MedManage has established itself as the clear leader in the rapidly growing online sampling market," said Mike Ward, Principal, QuestMark Partners. "This investment reflects our confidence in the value MedManage brings to the pharma industry and the growth profile associated with electronically-enabled drug sampling. We believe MedManage is well-positioned to become the de facto industry standard for online drug sampling."
About MedManage Systems
MedManage Systems offers the most comprehensive online prescription drug-sampling solutions with XpressSignTM electronic ordering capability for the pharmaceutical industry. Designed to augment field sales efforts, MedManage's OmniSample(sm) Solution includes the eMedSampleŽ online drug-sampling platform, physician targeting and recruitment services and marketing informatics.
MedManage's solutions allow pharmaceutical companies to extend their sampling reach and frequency through an online drug sampling service and provide a comprehensive sampling system through all stages of the product life cycle. Working closely with a growing network of strategic physician access partners and sample fulfillment organizations, MedManage ensures a fully integrated sampling solution. The company's corporate headquarters are located outside Seattle, WA. Additional information on MedManage can be found at http://www.medmanagesystems.com.
About QuestMark Partners
Founded in late 1998 by former Alex Brown investment bankers, Baltimore-based QuestMark Partners is an active expansion stage venture group with more than $450 million under management. QuestMark invests in emerging growth companies with exceptional management teams and proven products and services, addressing Internet technology, software, IT, healthcare and consumer markets. For more information on QuestMark Partners, visit http://www.questmarkpartners.com.
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