Talking Medicines has closed a £1.5m funding round to support its ambitions for expansion into the US.
Mark Bamforth, chair and chief executive of Thairm Bio, has joined Tern, SIS Ventures and Scottish Enterprise; which has also provided grant funding through its SMART:SCOTLAND programme.
The Glasgow-based patient intelligence company has developed a data platform - PatientMetRx - which uses machine learning and natural language processing to provide science-based insights.
By structuring and translating the patient’s voice into a 'patient confidence score', Talking Medicines aims to drive more effective marketing and better patient outcomes.
This latest investment brings the total raised by Talking Medicines to £4m. The company is focusing this year on expanding its subscription base amongst pharma brands and marketing agencies.
Talking Medicines has established a new office in New Jersey to support these plans, with a view to recruiting a US-based sales team.
Formed in 2013 by chief executive Jo Halliday, alongside co-founders Dr Elizabeth Fairley and Dr Scott Crae, the company has doubled its headcount over the past year to 35.
Halliday said: “Having scaled up our operations and formally launched our PatientMetrx technology platform, we’ve now got our sights set on expanding in the US pharma market, providing brand teams and agencies with a new way of understanding what patients are really saying and feeling about their medicines.
“Our new office in New Jersey provides the ideal base for us to build relationships with customers, acquire new leads and drive revenue growth.”
Al Sisto, chief executive of Tern and chair of Talking Medicines, said: “Talking Medicines has made very significant progress since we first invested in November 2020, particularly with the continuing roll out of their technology platform, and we look forward to continuing to support the business as it expands further in 2022.”
Kerry Sharp, director of growth investments at Scottish Enterprise, added: “We’ve supported Talking Medicines for several years having recognised the ethical and economic value of its patient-first approach to health and welfare.
“Providing funding and dedicated advice through programmes such as Unlocking Ambition and Scaling Services has helped the company grow to a point where it’s now expanding overseas, and we’re excited to support these international ambitions through this latest funding round.”
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