PharmaSecure has raised $3.9m in a fund-raising that will provide capital for further development of its coding and SMS-based systems used to protect the public from counterfeit, diverted and otherwise illegal medicines.
Led by Innovation Endeavours, a venture capital group led by ex-Google chief executive Eric Schmidt, the latest investment round also includes Gray Ghost Ventures, Healthtech Capital and the MEEC Angel Fund.
PharmaSecure said it plans to use the funds to support new application development following a mandate by the government of India requiring all exported drugs from India include unique serial numbers and barcodes by July 2012. It noted that 65 million pharmaceutical packages have been printed with its codes in India since the company started operations there in 2009, with 1.5 billion packages expected to be exported from India over the next year.
“We are investing in more applications that can ride on the mandated serialisation to increase the reach and distribution of our clients’ products and better health for their consumers,” said PharmaSecure co-founder and chief executive Nathan Sigworth in a statement.
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