Centice Corporation, a pioneer in drug verification and safety products, announced today the successful completion of a $ 6.1 million Series C financing from its existing investors along with a new investor, Fulcrum Financial Group, LP. The funds will be used to support ongoing commercialization efforts for Centice's innovative PASS Rx prescription verification product for the retail and hospital outpatient pharmacy marketplace. Along with Fulcrum Financial Group, L.P., existing investors participating in the $ 6.1 million financing include The Aurora Funds, Inc., S-Group Direct Investments Ltd., Innovation Ventures LP and several individuals.
"We are pleased to have received the new funds. This shows the continued support of our current investors. We are also very excited about the addition of Fulcrum Financial Group to our investor base and we look forward to working with them", said Scott Albert, CEO and Chairman of the Centice Board of Directors. "Release 3.0 of our PASS Rx system will be out in the near term and these funds will allow us to appropriately position, market and sell the product to pharmacies nationwide", he added.
Increased script volume, fewer resources and manual subjective verification methodologies can unfortunately result in a greater risk of medication errors in the pharmacy. PASS Rx is the first and only product that utilizes patented spectroscopy and machine vision sensor technologies to confirm the accuracy of a pharmacy's dispensed solid dose medications in a matter of seconds. Centice technologies have additional applicability beyond just the verification of solid medications in the pharmacy, and the company has plans to develop future products for solid drug identification, liquid medication verification and counterfeit drug detection.
About Centice Corporation
Centice, founded in 2004 and headquartered in Morrisville, NC, is commercializing patented and patent-pending computational sensor and machine vision technology. The PASS Rx
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