San Antonio—PhyzData, a digital healthcare analytics company that provides physicians, patients, and pharmaceutical companies with information about biotech drug prescriptions, has raised another $2.5 million, according to a June 1 securities filing.
Based in San Antonio, PhyzData has now raised about $4.5 million since the start of 2017, according to paperwork submitted to the SEC by three entities associated with the company. CEO Brock Rush told the San Antonio Business Journal in April that he wants to double the size of his biotech drug research business this year to about 50 employees. Rush and a company spokeswoman didn’t return requests for comment.
PhyzData says it aims to streamline the process for managing biologic drug prescriptions, with data analytics tools and apps for patients, prescribing physicians, the specialty pharmacies that fill the prescriptions, and drug developers, too. On the patient side, the software provides alerts about their therapeutic drug prescriptions and their status, from being prescribed to being filled, the company says. Physicians get alerts and insights on everything from when patients need refills to compliance and abandonment rates, the company’s website says.
The PhyzData software connects to electronic health records at the doctor’s office, and the program is free for doctors, the business journal reported. The company makes money by selling its services to pharmaceutical businesses—data analytics tools and information such as prescribing behavior and access to specialty pharmacies, according to the report. Any identifying patient information is scrubbed, Rush told the publication.
Other companies have tried to tap into the lucrative specialty pharma market. Boston-based startup ZappRx is trying to streamline the process of ordering and refilling specialty medications with a mobile app and website. The company raised a $25 million round of funding led by Seattle venture capital firm Qiming US Healthcare Fund in April 2017.
Rush said in April that more than 100 rheumatologists are beta testing its service, according to the San Antonio Business Journal. PhyzData is designed to work with biologics in rheumatology, dermatology, and gastroenterology, according to the company’s sales materials.
Before PhyzData, Rush was separately both the CEO and chairman of American Medical Direct, a San Antonio-based pharmacy that sold home infusion therapies. American Medical Direct sold to “Pharmerica” in 2017, according to Paragon Ventures, a Newton, PA-based mergers and acquisitions advisory business.
(Paragon didn’t identify whether the buyer it mentioned is Louisville, KY-based PharMerica Corp., which was acquired last year by private equity firm KKR in a deal valued at about $1.4 billion. PharMerica said in a securities filing it acquired a home infusion business during the third quarter of 2017, however.)