DoseMe, a privately held digital medical solutions provider, recently announced it had closed a $2.6 million Series A financing round, valuing the company at $20 million.
The funding was secured from two veteran healthcare executives, Greg Spurgin and Gary Cunningham, both founders of leading US outpatient orthopaedic physical therapy company Results Physiotherapy.
Spurgin will join Shark Tank star and DoseMe seed investor, Steve Baxter, on the board, alongside DoseMe CEO Charles Cornish and company founder Dr Robert McLeay.
“We’ve been overwhelmed by the wide interest received in DoseMe’s Series A funding round, especially from several Asian-based venture funds,” Cornish commented.
“After careful evaluation, the board’s preference was to go with Greg (Spurgin) and Gary (Cunningham), two Brisbane-based investors who have successfully taken Australian health-related businesses to the US,” he continued.
How will DoseMe use this funding?
The investment will cover five main areas, including commercialising DoseMe in Australia, expanding into the US market, developing sales capability in Europe, and integrating DoseMe into existing electronic medical record providers in key markets.
The funding will help expand the number of drug molecules on the platform, including regulatory costs for each molecule in Australia (Therapeutic Goods Administration), Europe (CE) where DoseMe has medical regulatory clearance, and the US (FDA) where DoseMe’s submission is being assessed.
Cunningham and Spurgin said the investment in DoseMe was a recognition and testament of both the product and company’s growth potential.
“I have been involved in healthcare for more than 25 years and can see that DoseMe has the potential to deliver significant cost savings and efficiencies, and most importantly, it has the capacity to save lives all over the world,” Cunningham said.
“DoseMe can save and change people’s lives, and that’s such a compelling reason to be involved in a start-up,” Spurgin said.
“Our investment in the company underscores our confidence in Charles and his team. We’re excited by DoseMe’s prospects – going global can do so much good for millions of people,” he added.
Baxter echoed both investors’ sentiments, saying: “Charles and his team have demonstrated what can be achieved with a global problem-solving solution and solid commercial nous.
“There is a clear gap in the market for what DoseMe has to offer and I’m excited to be working together to advance the company’s mission to improve patient outcomes and save lives.”
So what exactly does DoseMe do?
DoseMe is an app that supports clinicians in enhancing patient outcomes through precision dosing. It is the first virtual precision dosing tool listed on the Australian Register of Therapeutic Goods.
Pairing complex algorithms with a simple, app-based user interface allows a clinician access to the DoseMe platform anytime, anywhere.
The software platform is a simple-to-use precision dosing tool built on the principles of Bayesian dose forecasting, a complex mathematical algorithm that uses patient data and laboratory results to estimate a person’s metabolism – their ability to absorb, process and clear a drug from their system.
DoseMe achieves this by building a virtual model of each person, from as little as one laboratory result, by using thousands of data points from published population models.
Once this virtual model of each individual is built – in less than a second – DoseMe helps clinicians dose more accurately, and precisely, calculating the most effective dose to reach the desired outcome.
The app can also simulate the potential outcome of different dosing regimens to support clinicians in making the best decision for challenging cases. In addition, DoseMe continues to learn over time; continuously becoming more refined in its dose recommendations.