Ciox Health, the nation’s leader in clinical data exchange, today announced a $30 million equity investment to enhance its core capability of providing clinical data liquidity to reduce healthcare costs and improve the quality of patient outcomes. New investor Merck Global Health Innovation Fund (Merck GHIF) and private equity owner New Mountain Capital led the financing.
Ciox rapidly and securely facilitates access to clinical records on behalf of its healthcare provider customers, enabling increased data liquidity and the improvement of health care outcomes. In this newly announced relationship, Ciox is continuing to enhance its core capability of providing clinical data liquidity to reduce healthcare costs and improve the quality of patient outcomes.
The financing will be used to accelerate the development of Ciox’s Digital Patient Clone (DPC) – a health data repository that brings de-identified real-world patient data to researchers at scale and on-demand. Through its DPC platform, Ciox can stitch together the digital fragments of a patient’s story from disparate clinical information systems, then normalize the data for use by researchers. The investment also will enable Ciox’s provider partners to contribute to advancing clinical research and development without introducing additional administrative burden or complexity.
“Today, we are privileged to extend our mission to support leading-edge efforts to help save, improve and extend lives,” said Pete McCabe, CEO, Ciox Health.
“We are pleased to partner with Ciox, a leader in moving data and information among provider systems, patients and clients,” added David M. Rubin, Ph.D., and Managing Director of Merck GHIF. “Ciox brings a unique approach to accessing real-world data at scale, and we expect them to partner intimately with companies within the GHI oncology digital health portfolio. Ultimately, Ciox’s technology will advance clinical research and accelerate the launch of new treatments.”
About Ciox Health
Ciox Health, a leading health technology company, is dedicated to significantly improving U.S. health outcomes by transforming clinical data into actionable insights. Combined with an unmatched network offering ubiquitous access to healthcare data, Ciox’s expertise, relationships, technology and scale allow for the extraction of insights from structured and unstructured clinical data to create value for healthcare stakeholders. Through its HealthSource technology platform, which includes solutions for data acquisition, release of information, clinical coding, data abstraction, and analytics, Ciox helps clients securely and consistently solve the last mile challenges in clinical interoperability. Learn more about Ciox’s technology and solutions by visiting www.cioxhealth.com
About Merck GHIF
Merck Global Health Innovation Fund (MGHIF) provides growth capital to emerging digital healthcare technology companies worldwide while leveraging the global research and development-based resources of Merck. With a vision that data will be the currency in healthcare, MGHIF invests primarily in core areas of interest to Merck including oncology, infectious disease, diabetes, vaccines and hospital acute care. A key differentiator is the team’s unique ability to build an ecosystem among various companies with complementary capabilities, to form an integrated solution that drives market acceptance and scale. Since late 2010, Merck GHIF has made more than 50 investments, and has 25 active portfolio companies with 12 exits and five acquisitions. Merck GHIF is a $500M venture fund with its headquarters in New Jersey. www.merckghifund.com
About New Mountain Capital
New Mountain Capital is a New York based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, public equity, and credit funds with over $20 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit www.newmountaincapital.