MOORESTOWN, N.J., January 7, 2019 – Tabula Rasa HealthCare, Inc. (TRHC) (NASDAQ: TRHC), a healthcare technology company advancing the field of medication safety, today announced that it completed its acquisition of precision dosing software company DoseMe on January 2, 2019. DoseMe is the developer of DoseMeRx™, an advanced precision dosing tool that helps physicians and pharmacists accurately dose patients’ high-risk parenteral medications based on individual needs, resulting in significant improvements to mortality, risk, and patient outcomes.
DoseMeRx’s precision dosing capabilities will combine with TRHC’s proprietary Medication Risk Mitigation (MRM) technologies to enhance and accelerate medication safety solutions and will be made available to the hospital healthcare system market and internationally.
Charles Cornish, the Chief Executive Officer of DoseMe, will retain his position following the completion of the acquisition and will be relocating to TRHC’s headquarters in Moorestown, NJ. Robert McLeay, Ph.D, Founder of DoseMe, also will remain with DoseMe and will serve as Chief Scientific Officer of DoseMe. Dr. McLeay will remain located at DoseMe’s offices in Brisbane, Australia.
Mr. Cornish’s background encompasses more than 20 years in various medical devices, pharmaceuticals, healthcare consumables, funds management and management consulting roles throughout North America, Europe, South America and Asia Pacific; progressing from sales and marketing, strategy and finance to CEO. Mr. Cornish also has served as a director of various corporate boards. Dr. McLeay founded DoseMe in 2012 where he combined his experience in modelling biological data and delivering large information technology projects with the goal of providing access to best-practice precision dosing via easy-to-use software designed for clinical practice.
“What a terrific way to start 2019,” said TRHC’s Chairman and CEO Calvin H. Knowlton, Ph.D. “Not only is TRHC combining DoseMe’s state-of-the-art decision support tool with our ability to predict and prevent harmful drug interactions through tools such as the MRM Matrix®, which we are now able to offer hospitals, we have added two exceptional executives to our ranks. Together, we believe we can power the shift to precision prescribing, tailoring medication to meet individual needs and tolerances, which we believe will have a profound impact on safety, quality, and costs, such as medication-related increased hospital length-of-stay.”
Every year, over 2 million serious adverse drug events occur in hospitals in the United States alone, costing an estimated $177 billion – more than the total cost of cardiovascular or diabetic care across the entire United States.
Choosing the correct dose of high-risk parenteral medications, personalized for each patient, can be challenging because responses to drug therapy vary widely. DoseMe’s focus is on providing solutions for individualizing the dose of such medications to help healthcare professionals easily optimize therapy for each patient, resulting in improvements to mortality, risk and patient outcomes. Over 1,000 clinicians, across more than 100 locations world-wide, rely on DoseMeRx to optimize the dosing of high-risk medications for tens of thousands of patients. DoseMe services health-systems and infusion service centers throughout the United States, Europe, Asia Pacific, Africa and South America.
“We are excited to become a part of Tabula Rasa HealthCare,” said Mr. Cornish. “We believe, together, we will be able to more effectively combat the growing problem of adverse drug events, most of which can be prevented through better medication monitoring and dosing. We look forward to working with TRHC to provide clinicians with the tools they need to optimize medication therapy and improve patients’ quality of life.”
DoseMeRx is a precision dosing software designed for healthcare practitioners that uses Bayesian dosing methods to predict the optimal dose of drugs monitored by Therapeutic Drug Monitoring. It is unique support software that leverages clinically validated pharmacokinetic drug models, patient characteristics, genotype (if available) and exact patient responses to the drug dosed (via drug concentrations) to guide dose optimization. Its simplicity and portability means Bayesian dosing benefits can be brought to every bedside.
This press release includes forward-looking statements that we believe to be reasonable as of today’s date. Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” and similar expressions. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Many factors could cause actual results to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the ability to combine DoseMeRx with our existing products and the effectiveness of such combination, (ii) the parties may be unable to achieve expected synergies and operating efficiencies in the transaction within the expected time frames or at all and to successfully integrate DoseMe’s operations into our operations, (iii) the transaction may not result in the accretion to our earnings or other benefits, (iv) integration of DoseMe into our business may be more difficult, time consuming or costly than expected, (v) the effect of the completion of the transaction on our and/or DoseMe’s business relationships, operating results, and business generally and potential difficulties in DoseMe’s employee retention as a result of the transaction, (vi) risks related to diverting management’s attention from our ongoing business operations, and (vii) other risk factors described in our periodic reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017, copies of which are available free of charge within the Investor Relations section of the TRHC website http://ir.trhc.com or upon request from our Investor Relations Department. Any forward-looking statement speaks only as of the date on which it was made. TRHC assumes no obligation and does not intend to update these forward-looking statements, except as required by law, to reflect events or circumstances occurring after today’s date.