PharmaCCX, a technology exchange platform that enables pharmaceutical companies and payers to more quickly agree on therapy pricing, has raised a $3 million seed round. The financing was led by Accel, with participation from Atlantic Labs, Green D Ventures, and other investors.
The company will use the funds to continue developing its proprietary technology platform and initiate deployments in several European countries.
“We at Accel are excited to partner with the PharmaCCX team to help address market access issues across the globe and help bring therapies for serious and chronic illnesses quicker to market,” said Barath Shankar Subramanian.
“We are delighted to partner with Accel, Atlantic Labs and Green D Ventures, three investors with the right specialized expertise and resources to help us execute on our plans,” said Nathan Sigworth, Co-founder and CEO of PharmaCCX.
Co-founders Nathan Sigworth and Richard Bergstrom both have expertise in international pharmaceutical markets. They have brought together an experienced team from finance and pharma to improve how drug pricing and reimbursement negotiations are processed. Their technology platform for streamlining neutral mutli-party negotiations for combination and multi-indication therapies is the core of PharmaCCX.
“It currently takes months and sometimes years for payers and pharma companies to agree to a price for a drug or combination therapy manually. All the while, patients are getting sicker and pharma companies are failing to capture new opportunities. We’re combining value-based pricing, where companies set their price and defend the value, with a trading system based on concepts from the world of finance. The end goal is to streamline processes and help patients get the drugs they need faster,” said Richard Bergstrom, Co-founder and EVP Customer Development.
Barath Shankar Subramanian, from Accel, has joined the PharmaCCX board, along with Julia Bernstein, a health-tech entrepreneur and executive.
About PharmaCCX:
PharmaCCX is developing a technology platform to enable pharma and payers to speed up their pricing negotiations, getting drugs to patients in need more quickly. Their model allows parties to confidentially explore performance- and indication-based pricing, which better aligns value with market dynamics. The company is headquartered in Boston, MA. http://www.pharmaccx.com
About Accel:
Accel is a leading venture capital firm that invests in people and their companies from the earliest days through all phases of private company growth. Atlassian, BlackBuck, BlueStone, BookMyShow, Braintree, Cloudera, Collectabillia, DJI, Dropbox, Dropcam, Etsy, Facebook, Flipkart, Freshworks, Housing-PropTiger, Jet, Lookout Security, Mitra Biotech, MuSigma, Myntra, Ola, Paxata, Portea, Power2SME, Qualtrics, Slack, Spotify, Supercell, Swiggy, UrbanClap and Vox Media are among the companies the firm has backed over the past 30 years. The firm seeks to understand entrepreneurs as individuals, appreciate their originality and play to their strengths, because greatness doesn't have a stereotype. http://www.accel.com and http://www.twitter.com/accel_india
About Atlantic Labs:
Atlantic Labs supports and invests in mission-driven founders working on transformative technology ventures We partner with founders early, providing the capital, tools and network necessary to growing their companies and accompanying them on their entrepreneurial journey. We are currently active in areas including Digital Health, Future of Work, Machine Learning, Decentralized Networks, Mobility and Industrial Applications. http://www.atlanticlabs.de
About Green D Ventures:
Green D Ventures is a private, for-profit venture capital fund for Dartmouth alumni to invest in early to growth stage companies connected to Dartmouth alumni. Green D Ventures is a fund of Alumni Ventures Group. http://www.avgfunds.com/
