RxMx hires KPMG Corporate Finance for investor hunt
Australian medical technology company RxMx has brought in consultants from KPMG to help the firm find new investors willing to back its growth strategy.
RxMx was founded in 2014 by a group of doctors with the aim of improving the way specialty medicines are prescribed, so that doctors can spend less time on cumbersome tasks and more time on patient care.
The company, headquartered in Sydney, provides technology solutions to pharmaceutical companies, among others to help them with the go-to-market and launch of specialty medicines, and with the support of medicine usage, including using automation for better patient monitoring and analysis.
The firm’s flagship solution, Chameleon, delivers automated risk management to keep patients safe during their treatments while integrating with labs and other vendors to analyse information in real time. RxMx also has a number of solutions used by doctors and patients.
Following years of strong growth – RxMx’s revenues of posting A$23 million last year – the rapidly growing company has set its sights on accelerating its growth. By the end of 2020, the firm expects its revenue to reach A$38 million, and that number should according to chief executive officer George Hunnewell rise further in the years beyond.
According to reporting by Bloomberg, RxMx is exploring ways of funding its expansion, with selling a minority stake if a suitable candidate is found the most likely scenario. Experts from KPMG Corporate Finance have been drafted in to support the investor hunt.
“We are looking for a partner firm that can make introductions to customers, to other reseller vendors in the market, or assist with acquisitions to really grow the business,” Hunnewell said. Private equity firms and venture capital funds with experience in medical technology are regarded as the most likely options to meet RxMx’s requirements.
According to data from KPMG Corporate Finance, investments in Australian start-ups and scale-ups balloons to a record level last year, however, due to fallout of demand from the Covid-19 outbreak, investor appetite has cooled considerably.
