Addison-based Medix Infusion has closed a $35 million Series B funding round led by Echo Health Ventures. Additional participants included Pittco Direct Investments II, the direct investing arm of Pittco Management LLC, and initial investor Noro-Moseley Partners.
Medix Infusion, which creates access to infusion therapy for patients in rural, suburban, and other underserved markets, simultaneously entered into a debt facility with Live Oak Bank to further support its growth.
“We’re thankful for the confidence in our company and its vision demonstrated by our new partners, Echo Health Ventures and Pittco, and energized by the continued trust of Noro-Moseley Partners through another round of investment,” Medix Infusion CEO Gus De Avillez said in a statement. “Together, we can unlock new strategic opportunities to reduce the overall cost of care and create greater access to convenient, compassionate infusion care in underserved communities across the country.”
Medix provides infusion and injectable therapy to chronically and acutely ill patients at home or in one of its many ambulatory infusion centers.
Creating access to care in underserved communities
The company said it focuses on creating access to care in underserved communities by leveraging unique technology and processes to drive a more efficient operating model and further reduce cost of care, supporting the industry’s transition towards value-based care models.
The company said it will use the funds to support organic growth and acquire the infusion operations of the Center for Neurology and Spine, a national leader in the treatment of neurological disorders that serves patients across five infusion suites in Arizona.
Echo Health Ventures is a purpose-driven strategic venture capital and growth equity investment firm that focuses on accelerating transformational healthcare innovation on a national scale. It said it invests to grow great healthcare companies by building strong relationships between enterprises and innovators to meet the needs of tomorrow’s health care consumers in an economically sustainable way.
“Medix Infusion has proven the value of its model and is meeting an increasing need for care delivered outside the hospital setting,” Karim Botros, managing partner at Echo Health Ventures, said in a statement. “We are committed to helping Medix Infusion grow by lending our strategic expertise and investment in support of a service that is transforming care delivery for people with acute and chronic illnesses.”
Henry Guy, president and chief investment officer of Round B participant Pittco Direct Investments II, said that “Pittco is thrilled to invest in the growth of the Medix Infusion platform alongside such capable strategic partners such as Echo Health Ventures and Noro-Moseley Partners.”
Improving the standard of care for infusion patients
Allen Moseley, managing general partner of Noro-Moseley Partners, said the firm is, “elated to have Echo Health Ventures, with its extensive relationships with payers and providers, and Pittco join us as partners in the growth of Medix.”
Moseley added: “With the acquisition of significant infusion assets in Arizona, Medix continues to emerge as one of the leading infusion platforms in the U.S.”
Medix said the Arizona acquisition expands its geographic footprint into its fifth state with additional operations in Texas, Oregon, Kansas, and Missouri.
“We want to express a wholehearted welcome to the Medix family to our new team members in Arizona,” De Avillez said. “Through this acquisition, Medix will be able to rapidly expand our network of ambulatory infusion centers throughout the state, providing high-quality care to Arizona communities while keeping costs low for the health system at large.”
Medix Infusion said it has experienced 100 percent year-over-year growth since its founding in April 2020 and has quickly expanded its network of ambulatory clinics while continuing to improve the standard of care for infusion patients.
Medix now operates more than 30 locations across five states along with its home infusion pharmacy operations, impacting the lives of more than 4,600 patients. It has eight locations in North Texas.
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