LONDON, May 30, 2019
/PRNewswire/ -- Hikma Pharmaceuticals PLC (Hikma) (LSE: HIK)
(NASDAQ Dubai: HIK) (OTC: HKMPY), (rated Ba1 Moody's / BB+ S&P,
both stable) today announced its venture capital arm Hikma Ventures
has participated in an $11 million
financing round for Boston-based Pillo Health.
The Series A round, led by Stanley
Black & Decker's corporate venture capital arm with
participation from Samsung Ventures and existing investors
BioAdvance, Hackensack Meridian Health System's Innovation Center
Fund and Civilization Ventures, will be used to drive growth and
innovation as Pillo Health builds out its voice-enabled medication
and care management platform for home use.
"Our investment in Pillo Health underscores our deep commitment
to developing innovative healthcare technology solutions that will
put better health within reach for more patients around the world,"
said Lana Ghanem, Managing Director Hikma Ventures.
"Non-adherence to medication is a universal issue
especially for patients with comorbidities. We are excited about
Pillo's technology that helps patients adhere to their medication
regimens at home and its potential outside the US, especially in
the Middle East and North Africa."
Six in ten Americans live with at least one chronic condition, a
leading driver of healthcare costs across the country. In the US,
patients who do not take medications as prescribed experience a
higher mortality rate and contribute to approximately $289 billion in wasted healthcare costs
annually.
Pillo Health offers partner organizations an engaging in-home
interface and HIPAA-compliant technology platform to create
customized voice-first health and wellness experiences; empowering
them to deliver better care into the home, enhancing patient
connections to their care teams, and aligning with the growing
trend of voice-enabled technologies in the healthcare industry.
"This additional funding and ongoing investments from partners
such as Hikma Ventures, will allow us to fulfil our mission of
revolutionizing the way that healthcare is delivered to patients at
home," commented James Wyman,
Co-founder and COO of Pillo Health.
About Hikma
Hikma helps put better health within
reach every day for millions of people in more than 50 countries
around the world. For more than 40 years, we've been creating
high-quality medicines and making them accessible to the people who
need them. Headquartered in the UK, we're a global company with a
local presence across the United
States (US), the Middle
East and North Africa
(MENA) and Europe, and we use our
unique insight and expertise to transform cutting-edge science into
innovative solutions that transform people's lives. We're committed
to our customers, and the people they care for, and by thinking
creatively and acting practically, we provide them with a broad
range of branded and non-branded generic medicines. Together, our
8,400 colleagues are helping to shape a healthier world that
enriches all our communities. We are a leading licensing partner in
the MENA region, and through our venture capital arm, are helping
bring innovative health technologies to people around the world.
For more information, please visit www.hikma.com.
About Hikma Ventures
Founded in August 2015, Hikma Ventures operates as the
corporate venture capital arm of Hikma. Hikma Ventures invests in
global start-ups where Hikma's expertise can accelerate revenue
growth and enhance value creation by providing ventures with access
to the resources of a multinational pharmaceutical company. For
more information, please visit: www.hikmaventures.com
About Pillo Health
Pillo Health is a mission-based
healthcare solutions provider that empowers organizations to
deliver better care into the home with an engaging,
HIPAA-compliant, voice-first technology platform dedicated to
improving health outcomes. Based in Boston, MA, Pillo Health, developer of both
Pillo and Pria™ by BLACK+DECKER, supports connections between
health organizations, patients and their care teams in order to
improve the longevity and quality of life for those managing their
health and independence at home. Learn more at
https://www.pillohealth.com/.
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SOURCE Hikma