Propeller Health, a leading digital therapeutics company, announced a strategic investment of an undisclosed amount from McKesson Ventures, adding to the $20M funding round announced last week.
Proceeds from the investment will provide further support for Propeller’s development of additional connected medicines for the treatment of chronic respiratory disease, such as injectables for severe asthma, and expansion into new therapeutic areas, which may include immunology, diabetes, migraine and other diseases with high unmet medical need.
“We’ve accumulated the expertise, infrastructure and distribution network to put connected medicines in the hands of people around the world,” said David Van Sickle, co-founder and CEO of Propeller Health. “This strategic investment accelerates those efforts and provides opportunities to explore potential partnership models that can increase access to new digital medicines and positively impact more lives.”
The Propeller platform enables leading medical technology and pharmaceutical companies to conceptualize, develop and commercialize digital medicines. Propeller also offers distribution at scale through its network of leading payers, pharmacies and PBMs such as Express Scripts.
“Propeller’s strong base of clinical evidence demonstrates meaningful benefits to patients and all key stakeholders involved in delivering patient care. We are excited for their continued success as part of the ‘digital supply chain,’ an emerging category that will be integral to the future of medicine,” said Carrie Hurwitz Williams, Principal of McKesson Ventures.
“McKesson Ventures is uniquely positioned to help accelerate growth in the digital supply chain as our healthcare system becomes increasingly connected via secure data exchange and the use of digital therapies continues to rise.”
Propeller recently announced a strategic partnership with Aptar Pharma to collaborate on the development of digital medicines for multiple therapeutic areas and diseases.
In addition to supporting better self-management and clinical care and treatment, Propeller is working with industry experts and regulators to advance clinical research, real-world evidence and the design and validation of novel endpoints.
Propeller’s platform is backed by 8 FDA 510(k) clearances and CE marking, and the company continues to expand its global operations, now spanning 16 countries. Propeller’s respiratory products have demonstrated significant increases in medication adherence and health outcomes while delivering reductions in healthcare utilization, such as emergency room visits and hospitalizations.