Berkshire Biomedical, which develops a cellular-connected device for dispensing medicine, raised $3 million in a funding round from accredited investors.
The company’s flagship product under development – Computerized Oral Prescription Administration (COPA) System – combines different technologies, including biometric authentication, to give prescription drug delivery options via a hand-held device.
COPA System is currently under review with the U.S. Food and Drug Administration for market clearance.
The company plans to use the new investment to advance the COPA System’s commercialization through strategic partnerships and other initiatives. The funds also will be used to support hiring.
According to the company, the COPA System provides a precise, timely, and consistent dosage of prescribed, liquid, oral drug regimens. The System features dual biometric controls, including fingerprint and dentition recognition, to confirm the intended user before dispensing the prescription drug, enhancing safety, security, and drug adherence.
The COPA System integrates cellular technology for real-time usage data collection, allowing physicians to monitor patient behavior and make dosage adjustments. It is also enabled with a cloud-based data storage and analytics system that can be disseminated to authorized physicians, pharmacists, and caregivers to support medical decisions further.
“We welcome this new infusion of financing from our first third-party investors as it strengthens our balance sheet, validates the significant market opportunity for the COPA system, and provides support for early commercialization initiatives as we await regulatory clearance from the U.S. Food and Drug Administration (FDA), which is expected in the third quarter of 2021,” said Thomas M. Rouse, Founder and Chairman of Berkshire Biomedical.
“In preparation for FDA market clearance, we are currently working to identify and execute partnerships with one or more strategic partners within the coming year. Our goal is to establish collaborations with strategic partners and top-tier investors who want to embrace critical virtual care and digital therapeutics solutions in the accelerating evolution of healthcare ecosystems.”
App-connected medical device makers raised nearly $500 million in 2020. Recently, Ōmcare, an app-connected medication dispensing system, raised $2.5 million in funding led by Connect the Grey Investment Management.