Ready Responders

In March 2020, Ready Responders announced a Series B round financing of $48 million. Ready Responders is a home-based care company that provides urgent care, care transitions, and community-based care management for high-cost/high-need patients leveraging a combination of field-based EMTs, paramedics and RNs supported by NPs and MDs via ipad/telehealth.

Vesta Healthcare

In January 2020, Vesta Healthcare announced a $30 million Series A financing co-led by Deerfield. The Company is a 24/7 technology and clinical services organization dedicated to supporting caregivers and connecting their insights to the rest of the care team. Vesta Healthcare identifies the need for additional support in the home and provides 24/7 telehealth support for caregivers and care recipients, with a focus on high-need, frail senior populations. The Vesta program partners with home care, health plans and providers to create value-based population health programs that emphasize clinical quality, improved health outcomes and personalized engagement.

MedAvail

MedAvail is a healthcare technology company that has developed a self-service kiosk that supports the dispensing of prescription and over-the-counter medications in locations where it is impractical to build a full pharmacy or where additional pharmacy capacity or hours of operation are needed.

Deerfield Announces $15 Million Investment in Wellfount

NEW YORK– (BUSINESS WIRE)–Deerfield Management Company announced today that it has entered into an agreement to provide Wellfount Corporation with $15.0 million in funding. With these amounts, Wellfount will possess sufficient working capital to continue to expand the portfolio of long term care facilities in which its innovative pharmacy solution is implemented. Wellfount currently provides medications to over 3,000 residents in eight states, using a safe, cost effective approach that combines technologically sophisticated remote dispensing units with high touch, on-site customer service.

Under the terms of the agreement, Deerfield funded the entire $15 million upon closing. Interest on the balance accrues at 10.75% per annum and must be repaid within five years. Deerfield also received warrants to purchase shares of Series B Preferred Stock in the company.

“We believe that Wellfount’s unique approach to the delivery of long term care pharmacy services enables the company to improve service levels, enhance patient safety and reduce costs in a very differentiated way,” commented Leslie Henshaw, Partner at Deerfield Management. “Our objective with this funding is to strengthen Wellfount’s financial position with flexible, minimally dilutive capital that will allow it to meet growing client demand for implementing its solution in new facilities.”

“Wellfount has recently doubled its business and added a national footprint,”said Eric Orme, CEO and President of Wellfount. “The Deerfield team demonstrated a very broad understanding of both the market and our specific needs during this high growth period. They worked closely with us to create a financing platform that allows us to execute as we enter new geographic markets. We have found the right partner in Deerfield to help manage both the short and long term success of Wellfount.”

About Wellfount Corp.

Wellfount is a pioneering institutional pharmacy providing pharmaceutical products and services to both local and national long-term care facilities that house an increasing number of the nation’s aging population. The company aims to address the shortcomings of traditional LTC pharmacy services through its innovative TED Rx pharmacy service. Wellfount’s TED Rx system enables on-demand patient-specific medication dispensing at the point of care, which reduces drug waste and helps eliminate human error. Wellfount is headquartered in Indianapolis, IN.

About Deerfield Management Company

Deerfield is an investment management firm, committed to advancing healthcare through investment, information and philanthropy. For more information about Deerfield,please visit www.deerfield.com

Contacts

Deerfield Management Company
Karen Heidelberger, 212-692-7140
[email protected]

Wellfount Corporation

Wellfount Corporation provides long term care pharmacy services through a safe, cost effective approach that combines technologically sophisticated remote dispensing units with high touch, on-site customer service. In March 2014, Deerfield entered into a secured loan facility that provided Wellfount with $15 million in growth capital to help fund the continued roll-out of its innovative solution to a broader client base.