Unit Dose Solutions Adds 2.5 Million from Cummins Group InvestorsFeb 26, 2007
FOR IMMEDIATE RELEASE
MORRISVILLE, N.C. -- Unit Dose Solutions Inc., a rapidly growing provider of outsourced drug repackaging services, announced its Series B Preferred Stock funding round with Cummins Group, LLC. The bridge round of $2,500,000 in new equity from Cummins Group and angel investors positions the company for continued growth, serving customers such as hospital, nursing home, assisted living and other institutional pharmacies, primary care physician practices and pharmaceutical manufacturing and distribution companies in the United States. Cummins Group is currently negotiating with additional venture capitalists for a potential $10 million Series C round by summer 2007.
Tim Boyd, chief operating officer of Unit Dose Solutions, said this influx of capital enables the company to expand its packaging facility in New Jersey, adding staff there and at its North Carolina headquarters. The overarching result will be a greater ability to service a fast-growing list of health care customers who require unit dose/bar-coded drug repackaging.
“Our unit dosage shipments last month were at the highest level ever,” said Boyd. “Unit dose packaging that includes sophisticated, intelligent bar-coding is quickly becoming standard for hospital pharmacies.”
Last year, Unit Dose Solutions was awarded contracts for individual dose/bar-coded drug repackaging services by the pharmacy departments at both UNC Hospitals and Duke University Medical Center, among others.
The contracts provide for Unit Dose Solutions to repackage the majority of the hospitals’ bulk drug inventory into individual doses, each sealed with a bar code and human readable label information. The company’s ability to customize package types, bar code formats, and labeling contents at the individual dose level greatly improves patient safety, enabling hospital staff to verify each patient receives the correct amount of the right medicine, every time.
Unit Dose Solutions was formed in March 2005 and began packaging operations in September 2005 – founded out of this recognized need to improve patient safety within hospitals and long-term care facilities by reducing or eliminating errors in the administration of medicine to patients. Today, the company is positioned to become a leading outsourced provider of drug repackaging and individual dose preparation services.
“We are enthusiastic about investing in Unit Dose Solutions, because the company serves as a trusted intermediary between hospital pharmacies that purchase most of their drug inventory from drug wholesalers,” said Andy Cummins, managing partner of Cummins Group, LLC. “The business model permits pharmacies to work with Unit Dose Solutions without modifying this traditional procurement process. Meanwhile, the company provides a critical service for hospitals, improving tracking and patient safety while reducing costly pharmaceutical waste.”
With this investment, Cummins Group serves in a management operations advisory role with Unit Dose Solutions, providing financial accounting support and sales and marketing expertise. The seed capital investment consulting firm helps entrepreneurs turn business ideas into viable companies as well as transform early-stage companies into profitable industry leaders.
Unit Dose Solutions Inc. is a pharmacy services outsourcing company based in Morrisville, N.C. The company's mission is to provide outsourced drug repackaging in accordance with current good manufacturing practices. Unit Dose Solutions has customers that include acute care hospitals, psychiatric hospitals, long-term care hospitals, nursing homes and other long-term care institutions in the U.S. For more information, visit http://www.unitdoseinc.com