HealthBeacon is a medication adherence technology company, led by serial entrepreneur and CEO, Jim Joyce. The company develops smart tools for managing injectable medication at home, notably an FDA cleared smart sharps bin, a software platform and a personal app that tracks patient injection history and data (FDA refers to the US Food & Drug Administration). The HealthBeacon integrated model connects a patient’s routine and the prescribing clinician’s workflow and the technology has been adopted across thirteen countries. Cantor Fitzgerald clients have invested €5m over a number of fundraising rounds since 2016. HealthBeacon products are designed with patient empowerment as a top priority. So how is the business doing to date?
The company had an excellent year in 2019, in terms of both development and growth. The year started with the completion of a $12m Series A funding round (of which Cantor Fitzgerald clients contributed approximately $4.25m) and ended with 8 new major pharmaceuticals agreements in addition to one of the largest US specialty pharmacies agreeing to a sizeable 50-state pilot. These new deals and implementations will set the stage for the company’s 2020 plans to establish its Injection Care Management System (ICMS) as the leading digital platform for patients on injectable medication.
The Series A completion also saw SG Innovate (Singapore) and Manatt Health (USA) become both investors and strategic partners of the company, which will assist significantly in bringing the medical adherence technology to patients in the US and Asian markets.
With 39 people now employed across offices in Dublin, Boston and Montréal, the company has also expanded its medical, quality, development and sales leadership teams to ensure both the growth of its offering and quality as HealthBeacon scales these key pharmaceutical and healthcare enterprise relationships.
The company made two key appointments to the business development team with Malin Johansson, Vice President Europe, and Laura Hamilton, CEO of North America coming on board. Both are off to a fantastic start, Malin, based between Sweden and Paris joined the company from AbbVie where she led the rollout of HealthBeacon globally and since starting has already successfully negotiated a 10-country rollout of the HealthBeacon product for a newly launched blockbuster injectable medication. Laura, who is based in Boston, previously held a business development role at a clinical research company and was formerly Director of Business Development at the Massachusetts Biotechnology Council (MassBio) where she brought in over seven hundred biotech clients. Laura has quickly taken leadership of the US and Canada offices and is leading key client implementations, quickly turning the company’s pipeline of deals into formal proposals for new deals.
The company is in the final stages of development on its next generation of smarts sharps bin: the “HB Lid” will come with a “HB Companion” app, introducing battery power, Wi-Fi and a more modular build at a lower cost of production. The introduction of the companion app will see HealthBeacon move from just a hardware product to a more holistic care system that empowers patients, allowing them to track symptoms and increases the likelihood that they will succeed on their medication in terms of outcomes. Behind the scenes HealthBeacon has built out both a “Data Labs” function and a clinical team which together have jointly published two academic papers on digital health care including a study that demonstrates improved patient adoption with HealthBeacon, and a study that shows the predictive capabilities of the data led care system. Both the HB Lid and Companion app will be launched in 2020 along with a suite of data and analytic products for both enterprise and healthcare professionals. The company has been able to consistently demonstrate that with the intervention of HealthBeacon’s Smart Sharps Technology into a patient’s care, persistence to therapy medication has increased by 25-30% measured over twelve months of initiating therapy. HealthBeacon’s intellectual property (IP) portfolio has developed nicely, with core patents being granted in both the USA and the EU. The company will continue to invest in IP as it seeks to protect its unique and innovative products across HealthBeacon’s target markets.
The stage is set for HealthBeacon to be a true digital health leader globally.
Liam Kiely is a Director on our Corporate Finance team.
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