Morrisville, N.C. (October 21, 2009) – Centice Corporation, a pioneer in drug verification and safety products, announced today the successful completion of a $6.1 million Series C financing from its existing investors along with a new investor, Fulcrum Financial Group, LP. The funds will be used to support ongoing commercialization efforts for Centiceâ€™s innovative PASS Rx prescription verification product for the retail and hospital outpatient pharmacy marketplace. Along with Fulcrum Financial Group, L.P., existing investors participating in the $6.1 million financing include The Aurora Funds, Inc., S-Group Direct Investments Ltd., Innovation Ventures LP and several individuals.
“We are pleased to have received the new funds. This shows the continued support of of our current investors. We are also very excited about the addition of Fulcrum Financial Group to our investor base and we look forward to working with them”, said Scott Albert, CEO and Chairman of the Centice Board of Directors. “Release 3.0 of our PASS Rx system will be out in the near term and these funds will allow us to appropriately position, market and sell the product to pharmacies nationwide”, he added.
Increased script volume, fewer resources and manual subjective verification methodologies can unfortunately result in a greater risk of medication errors in the pharmacy. PASS Rx is the first and only product that utilizes patented spectroscopy and machine vision sensor technologies to confirm the accuracy of a pharmacy’s dispensed solid dose medications in a matter of seconds. Centice technologies have additional applicability beyond just the verification of solid medications in the pharmacy, and the company has plans to develop future products for solid drug identification, liquid medication verification and counterfeit drug detection.
About The Aurora Funds
Founded in 1994, The Aurora Funds is a venture capital firm that provides capital, connections and strategic guidance to entrepreneurs with early-stage health care, life sciences and information technology companies in the southeastern and mid-Atlantic United States. The firm manages more than $230 million in five venture funds. For more information, visit www.aurorafunds.com.
About S-Group Direct Investments
Founded in 2006, S-Group Direct Investments Ltd. is a private equity and venture capital firm currently investing out of its first fund with $250 million committed. S-Group is focused on companies within a broad range of industries, which includes technology, chemistry, engineering, financial services, and retail/consumer goods, located in Russia, the U.S., and Europe.
*About Fulcrum Financial Group, L.P. *
Fulcrum Financial Group provides customized asset management services to institutional investors and high net worth individuals. Founded in 2000, Fulcrum investments range from publicly traded securities, to structured and derivative contracts, to venture investments. Fulcrumâ€™s venture investments focus on early stage companies based in central North Carolina.
Centice, founded in 2004 and headquartered in Morrisville, NC, is commercializing patented and patent-pending computational sensor and machine vision technology. The PASS Rx® pharmaceutical authentication sensor system improves the verification process for dispensed medications, thereby improving quality and optimizing workflow in the pharmacy. The company has received venture capital investments from The Aurora Funds, Inc., Novak Biddle Venture Partners, S-Group Direct Investments Ltd, Innovation Ventures LP, Fulcrum Financial Group, L.P. and other private investors. More information on Centice can be found at www.centice.com.
Centice Public Relations