TUCSON, Ariz., Nov. 21, 2013 (GLOBE NEWSWIRE) -- The University of Arizona's Tech Launch Arizona today announced that the medication management software and business model developed by UA faculty and researchers has been acquired by SinfoniaRx, a new division of the healthcare company Sinfonia HealthCare Corp., launched in February by pioneering healthcare executives Fletcher McCusker and Michael Deitch, the founders of Providence Service Corporation (Nasdaq:PRSC).
The award-winning medication management program was developed by employees of the UA College of Pharmacy. Known as the Medication Management Center, the program delivers services to patients nationwide and includes direct pharmacist interactions with patients, their health care providers and community pharmacists to ensure optimal treatment. The program's state-of-the-art software system proactively evaluates millions of prescriptions and medical claims annually to identify opportunities to reduce the risk of adverse events and drug interactions, improve medication adherence, and look for opportunities to reduce the cost of medication treatments.
Under the licensing agreement, which will close in December 2013, SinfoniaRx, a subsidiary of Tucson home health care startup Sinfonia HealthCare Corp., will assume the program's current contracts, employees and software system. Through an ongoing partnership, the College of Pharmacy will continue to provide clinical pharmacist support for Sinfonia's medication management service. All of the 15 original employees of SinfoniaRx will be housed downtown.
"Medication management is a growing need in health care. With the wealth of resources Sinfonia HealthCare brings, we will be able to further develop our program and software to reach more patients in critical need of this service," said Kevin Boesen, program founder and SinfoniaRx CEO.
"We are delighted that Sinfonia will now be at the helm, taking the medication management software and service into a new trajectory of growth and impact," said Dave Allen, vice president of Tech Launch Arizona.
Sinfonia HealthCare CEO Fletcher McCusker said the software fits well with the company's focus on preventing expensive, out-of-home health care.
"By combining the prevention of medication errors – a $200 billion dollar problem in the U.S. – with our home health business model, we believe Sinfonia HealthCare Corp. and SinfoniaRx will emerge as major forces transforming health care systems," McCusker said.
The UA's Medication Management Center is a "real-world demonstration of how using the right drug in the right dose at the right times can both improve the quality of care and lower costs," said J. Lyle Bootman, dean of the UA College of Pharmacy. "The technology developed in the center has allowed it to serve more than 2.5 million individuals with significant medical conditions. By the end of this year, it will be the nation's largest provider of medication therapy management services."
The licensing agreement with Sinfonia is an example of the role being played by TLA, which was established a little more than a year ago by UA President Ann Weaver Hart to transform UA research discoveries into intellectual property, leading to patents, licenses and commercial products.
Among TLA's aims is to build partnerships that connect UA researchers with the business community to move knowledge and inventions developed by students and faculty into the market while significantly enhancing the impact of university research and innovation.
Signal Hill Capital Group LLC is serving as Sinfonia HealthCare's exclusive financial advisor with respect to mergers, acquisitions and financing transactions.