Bourne Partners Strategic Capital and Meeting Street Capital Jointly Back PBM Veteran Artemis Emslie in Cadence Rx
October 29, 2020
Bourne Partners Strategic Capital (”BPSC”), a healthcare-focused investor and Meeting Street Capital (“MSC”), a backer of early stage B2B SaaS and other tech-enabled companies are jointly leading a series A growth equity investment for Cadence Rx. Cadence Rx, a newly formed workers compensation focused PBM, combines deep industry experience with cutting edge proprietary technology to lower drug spend and improve program management for its partners. The vision, cast by Cadence Rx founder and CEO Artemis Emslie, elevates and expands the scope of pharmacy benefit management (PBM) services available in today’s workers’ compensation market, creating an opportunity for a young company to add significant value to long standing industry. The unique Cadence business model provides immediate price transparency and pharmaceutical cost savings for its clients that include workers comp carriers, third party administrators, self-insured large employers and state-run enterprises. Cadence Rx clients have realized an average of 10-20% savings on current drug spend, along with a reduction of in-house management costs due to the power of the platform. BPSC and MSC are joining forces to capitalize on their experience, investment track record and deep industry relationships in healthcare and technology.
“Artemis has been a proven leader in the PBM sector for two decades” said Banks Bourne, Founder and CEO of Bourne Partners. “We’re excited to help this uniquely positioned company grow through the early stages and continue to find ways to add value by supporting the current business development pipeline while also sourcing new opportunities. Having Bud and Meeting Street with us provides a deep reservoir of technology experience.” Bud Watts commented, “I have known Banks and the Bourne team for a long time having invested in a number of their pharmaceutical platforms. When Banks reached out about this opportunity, and I spent time with Artemis, I knew it would be a dynamic partnership given the team experience and potential to grow this tech-enabled platform.”
“Choosing the right financial partner is imperative to the continued success for us at Cadence Rx,” said Cadence Rx founder Artemis Emslie. “I have known Banks for a long time, and it has been clear that his industry knowledge and expertise will be instrumental in helping grow the business. When he recommended Bud and MSC join our board, it was clear value-add to our team.”
About Cadence Rx
Cadence Rx, a certified Woman-Owned Business Enterprise, is led by industry professionals with pharmacy expertise, a deep healthcare knowledge, and a wide range of experience that leverages broad networks. Cadence Rx provides a Patient-First platform designed to drive a better patient experience, applying smart technology for improved decision making. The company’s next generation technology platform was built from the ground up and based on years of experience because injured workers and their caregivers deserve personalized medication guidance and trusted clinical counsel before, during, and after their treatment. The technology drives improved prior authorization content and decision making. Consistent application of a proven science creates individualized medication experiences that are proactive, adaptive, and engaging. Cadence Rx uses a “SMART” authorization process uses a combination of patient data, transaction driven variables, machine learning, prescribing patterns and clinical expertise to automate the routing/decision making process. The use of an advanced authorization review process improves prior authorization response times and utilization review efforts, minimizing “rubber stamp” approvals by putting the decision in the right hands–resulting in reduced wait times and better outcomes for the patient. For more information, please visit https://cadencerx.com/
About Meeting Street Capital
Based in Charleston, South Carolina, MSC invests in early stage B2B SaaS and other tech-enabled companies founded by domain experts, focused on vertical markets, and based in the Southeast. Prior to co-founding MSC, Mr. Watts a Managing Director and Head of the Technology Group of U.S. Buyout for The Carlyle Group. Bud led Carlyle’s investments in technology companies CommScope (NASDAQ: COMM), SS&C Technologies (NASDAQ: SSNC), Open Link Financial, Open Solutions, Jazz Semiconductor, and Freescale Semiconductor (NYSE: FSL), as well as aerospace companies Firth Rixson, Sippican, and CPU Technology. For more information, please visit https://www.meetingstreetcapital.com/
About Bourne Partners Strategic Capital
Bourne Partners Strategic Capital is an investment firm specifically focused in the pharmaceutical, pharma services, OTC and consumer health sectors and is an affiliate of Bourne Partners, an Investment Banking advisory firm specializing in the same core areas. Some of BPSC’s active strategic investments include Covis Pharma, Millicent Pharma, iNova Pharma, AMRI, Novitium Pharma and WellDyneRx. As owners and operators with over 20 years of experience, BPSC strives to generate compelling returns to its investors by being a value-added investment partner in its core focus sectors, ensuring alignment among investors and management, and by working hand-in-hand with management and all stakeholders to grow business value over the long term. For more information, please visit www.bourne-partners.com.