NEW YORK, Sept. 2, 2015 /PRNewswire/ -- Medivo Inc., a
leader in lab data analytics, announced today that its lab testing
authorization services division has been sold to PWNHealth, LLC, a
newly formed company. Under the transaction, PWNHealth will acquire
all of the assets associated with this division, including a
physician network that covers all 50 states, a robust technology
platform that facilitates over five million diagnostic tests per
year for some of the largest labs, payers, wellness companies and
direct to consumer diagnostic testing companies in the country, and
a full-service patient call center.
"Medivo's strategic focus on healthcare data analytics has led
to tremendous advancements in providing labs, payers and
pharmaceutical companies with solutions to unlock the power of lab
data to improve health," said Sundeep
Bhan, Medivo's CEO. "The sale of our lab test authorization
division allows us to focus on our core business of aggregating,
analyzing and commercializing healthcare data, with the goal of
getting the right therapies to the right patients at the right
time." With this transaction, "the lab test authorization business
is being transferred to a strong team who can help scale and
provide value to consumers and to industry stakeholders."
PWNHealth will be led by healthcare industry veteran Sanjay
Pingle, who co-founded Medsite with Bhan before working as
President of Physicians Interactive, which was acquired by Merck.
Pingle plans to grow the company's core capabilities of lab
connectivity and physician authorization and oversight while also
developing new areas for expansion.
"The assets of PWNHealth provide us with a unique opportunity to
offer added value to a broad range of health stakeholders," says
Pingle. "I am excited to acquire this comprehensive platform in
partnership with EDG Partners and to leverage their significant
expertise in supporting the development of differentiated
healthcare platforms."
PWNHealth enables diagnostic testing via clinical oversight and
connectivity solutions. PWNHealth offers user-friendly and
configurable plans for screening, including core lab and genetic
testing, and will continue to develop new services to fill the
unmet needs of industry stakeholders.
The acquisition was supported by healthcare-focused private
equity firm EDG Partners, a leader in healthcare growth and middle
market buyouts. EDG co-founder and managing director Mike Gaffney will serve as Chairman of the
PWNHealth Board of Directors. Also joining the company's Board of
Directors will be Daniel Laroue of
EDG Partners and J.T. Mauk.
About Medivo
Medivo is a healthcare data analytics
company that unlocks the power of lab data to improve health.
Medivo is the largest source of lab data in the U.S., with access
to over 150M patients through its nationwide network of partner
labs. Medivo analyzes large data sets and shares its findings with
the medical community at large, as well as with its life science,
payer and lab partners, to ensure that appropriate available
treatments are provided to patients sooner. Founded in 2010,
Medivo's investors include Safeguard Scientifics, Inc. (NYSE:SFE)
and Merck Global Health Innovation Fund (GHIF). For more
information, visit www.medivo.com.
About PWNHealth
PWNHealth is a leading provider of lab
connectivity, compliance, and patient outreach solutions. Our
platform enables testing solutions for health and wellness,
telemedicine, diagnostic labs, and payer markets, who use our
services to facilitate quick and seamless consumer access to
diagnostic testing and also to maintain compliance with state and
federal regulations. Our 50-state physician network and strong
technology platform enable us to process over five million
diagnostic screens annually. www.pwnhealth.com.
About EDG Partners
EDG Partners is a private equity
firm that provides capital, expertise, and relationships to enable
small and middle market healthcare companies to achieve their
potential. With considerable investment and operating experience,
EDG partners with management teams to navigate the critical
inflection points that accompany growth. EDG Partners delivers
exceptional value by helping to build exceptional companies. For
more information, please visit www.edgpartners.com.
CONTACT:
Allison
Keeley
Director, Marketing
Medivo Inc.
55 Broad Street, 24th Floor
New York, NY 10004
347-862-9362
akeeley@medivo.com
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SOURCE Medivo