ImpactRx Closes Series E Round of Financing
MT. LAUREL, N.J., Jan. 11 ImpactRx® announced today that the company has executed a Series E round of financing in the amount of $1.2 million, of which the first tranche of $678,040 was closed on December 23, 2009. ImpactRx is the pioneering force in measuring the impact of pharmaceutical promotion on the prescribing behavior of the nation's highest value physicians.
"In a year where venture capital investing all but dried up it is rewarding that we could raise investment dollars from our existing investors," said Richard Altus, CEO and President. "The sustained support of ImpactRx by its longstanding investors is a clear acknowledgement of the success achieved by the company over its nine-year history," Altus continued. "To secure this investment in a year like 2009, when the industry faced the challenges of the global recession coupled with the headwinds facing all service providers within the pharmaceutical marketplace, is a vote of confidence in our future," said Altus.
ImpactRx also reported that in 2009 the company's revenues were $28,952,000 which in turn generated free cash flow of $2.2 million prior to any investment activity as compared to free cash of $1.4 million in 2008, representing a 57% increase. In commenting on this achievement, CEO Altus said, "our ability to internally generate incremental cash flow under the very difficult market conditions that existed in 2009 is a real sign of the strength of our business." "The additional funding, coupled with the internally generated free cash flow, will help us expedite our product development and infrastructure improvement plans as well as upgrade our modeling capabilities," continued Altus. "We are investing to accelerate our ability to deliver even more value to our clients," Altus further stated.
"Ending 2009 with a strong balance sheet and no debt, ImpactRx is positioned for high growth and expansion in 2010," Altus concluded.
Founded in May 2000, ImpactRx's physician networks coupled with its custom research expertise support an unprecedented intelligence capability for the promotional initiatives of the pharmaceutical industry and for measuring their impact on physician behavior. Based in Mount Laurel, New Jersey, ImpactRx is a private company with investment financing provided by Mediphase Venture Partners (www.mediphaseventure.com), Oxford Bioscience Partners (www.oxbio.com), Merck Capital Ventures, and Omega Funds.
CONTACT Marie Fortier ImpactRx, Inc. 856-273-0221 Ext. 138 email@example.com
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