Tissue Analytics has closed a $5 million Series A round following the expansion of the Baltimore-based wound care monitoring business to Kansas City and plans to add 25 new staff, according to Baltimore Business Journal
DigiTx Partners, a private equity firm launched by Astellas Pharma and MPM Capital, led the round. Other participants included Chinese investment firm Tencent, Dreamit, Swedish medical device company Mölnlycke Health Care, Utah health care system Intermountain Healthcare and Penn Medicine.
Kevin Keenahan, Tissue Analytics cofounder and CEO, told Baltimore Business Journal he funding would be used to build a salesforce around the Kansas City office and hire data analytics personnel at the Baltimore hq.
The expansion to Kansas City follows a decision to join Cerner’s Open Development Experience, which gives third-party developers the ability to build applications that can work with its electronic health record systems.
Clinicians use Tissue Analytics’ app to clinicians take pictures of a wound. Data on the wound’s shape and color are recorded and stored in the cloud so they can be easily accessed later.
Earlier this month, Tissue Analytics entered an agreement with Mölnlycke to jointly develop and commercialize digital solutions for wound care physicians, including clinical decision support tools to standardize wound assessment and treatment.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
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