SupplyScape gets $8 million kiss of confidence in second go-around from Pfizer and other investors
Pharmaceutical industry security software makers SupplyScape got a boost of confidence Friday from Pfizer and other investors interested in the company’s RFID ventures.
The belief fueling the investments is that RFID will make the supply chain more secure, deterring counterfeiters and drug thiefs in an increasing black market for controlled substances.
SupplyScape, which calls itself a leader in defining the open universal standards-based electronic pedigree solution for the pharmaceutical industry for providing electronic pedigree and drug identity authentication software and services, plans to use the technology to the fullest extent.
“As the drug industry intensifies efforts to improve supply chain efficiency and reduce counterfeiting and diversion, SupplyScape has worked hand-in-hand with Pfizer and other pharmaceutical companies towards better supply chain management approaches with pedigrees and RFID that deliver on the promise of a safe and secure supply chain,” said SupplyScape Chairman and CEO Shabbir Dahod. “This additional capital prepares the company to invest in solutions that increase the value attainable from a supply chain operating at higher levels of security and real time information sharing.
SupplyScape Raises $8 Million in Series B Financing; Pfizer Strategic Investments Group (PSIG) and Bethesda Partners Join Current Investors in Fueling Growth of Leading Provider of Pharma Supply Chain Solutions
WOBURN, Mass.–(BUSINESS WIRE)–May 12, 2006–SupplyScape Corporation today announced that is has completed a Series B financing totaling $8 Million. The financing included new investors Pfizer Strategic Investments Group (PSIG) and Bethesda Partners, as well as participation from existing investors IDG Ventures, North Bridge Venture Partners, and Pilot House Ventures. The company also announced the appointment of Robert K. Dresing, co-founder of Bethesda Partners and former chairman of TheraCom, to its Board of Directors.
SupplyScape, a leading provider of pharmaceutical supply chain solutions, has developed electronic pedigree and drug identity authentication software and services that provide greater security and transparency. Companies across the supply chain can significantly reduce counterfeiting and diversion and realize increasing and sustained business value as a result.
“As the drug industry intensifies efforts to improve supply chain efficiency and reduce counterfeiting and diversion, SupplyScape has worked hand-in-hand with Pfizer and other pharmaceutical companies towards better supply chain management approaches with pedigrees and RFID that deliver on the promise of a safe and secure supply chain,” said SupplyScape Chairman and CEO Shabbir Dahod. “This additional capital prepares the company to invest in solutions that increase the value attainable from a supply chain operating at higher levels of security and real time information sharing.
“We see long term value in a more effective supply chain, and SupplyScape’s current offerings in drug authentication, electronic pedigree and RFID lay the foundation for a safer, cheaper, higher quality and more efficient distribution of drugs,” said Ilya Oshman, Vice President of Pfizer Strategic Investments Group.
“SupplyScape is a leader that continues to define insightful approaches where today’s technology investments can demonstrate substantial payback for the pharmaceutical industry,” said Charles Firneno, Director of Consulting at IDC Health Industry Insights. “Working with the largest and most important companies in the pharmaceutical industry, SupplyScape is not just defining the vision but also demonstrating the path towards sustained ROI across the industry. SupplyScape’s successes with customers at all stages of the supply chain demonstrate that the company’s vision resonates with industry leaders.”
SupplyScape has built a large security network working with companies who distribute drugs in the open supply chain. Today the RxAuthentication network is used by major wholesalers as well as large and small pharmacies to secure Viagra; more pharmaceutical companies, distributors and pharmacies are joining the network and expanding the drugs it protects.
Building on its successful supply chain security solutions, E-Pedigree and RxAuthentication, SupplyScape works closely with pharmaceutical companies and their trading partners to transform the drug supply chain such that more transparent approaches lead to greater security throughout the distribution network.
About Pfizer Strategic Investments Group
Pfizer Strategic Investments Group (PSIG) is part of Pfizer Inc. which discovers, develops and markets leading prescription medicines for humans and animals and many of the world’s best known consumer brands. PSIG invests in companies that develop or market technologies, products or services that could advance Pfizer’s interests. For more information, visit www.pfizer.com/psig/.
About Bethesda Partners
Bethesda Partners, LLC serves as a bridge between the private capital market and the health services industry providing capital outlay, management and advisory services. Drawing on decades of experience in the healthcare sector, Bethesda Partners’ associates mix business acumen with a commitment to improved health solutions. Bethesda Partners works with companies that share a dedication to patient-focused, high quality, cost-conscious health services and products.
About SupplyScape Corporation
SupplyScape Corporation provides supply chain security software and expertise to safeguard and secure the pharmaceutical supply chain. A leader in defining the open universal standards-based electronic pedigree solution for the pharmaceutical industry, SupplyScape Corporation provides electronic pedigree and drug identity authentication software and services. The company’s solutions enable pharmaceutical companies, wholesalers, distributors, and pharmacies to derive sustainable business value from their investments in supply chain security. For more information, visit www.supplyscape.com.
