Alere Medical Inc.
announced last week that it has secured another $11.5 million in financing to help fund a disease management project it is working on.
The Reno-based company last fall was awarded a contract from the Center for Medicare/Medicaid Services to provide its DayLink monitor to 15,000 congestive heart failure patients.
The patients will weigh themselves twice a day on the scale, which transmits weight and other patient information via phone lines for evaluation by a staff of nurses.
The goal is catch any signs that predict heart failure before it happens and to alert a patient's physician.
The project is considered a "budget neutral" project, meaning CMS is looking to provide enhanced patient services for the same cost as existing services.
Alere will use the additional capital to help finance the three-year CMS project.
The project will double the company's current caseload of 7,000 patients.
Cutlass Capital, in San Francisco and Boston, was a new investor to the company.
Existing investors S.R.
One, in Conshohocken, Penn., Flagship Ventures, Cambridge, Mass., and IVP, in Menlo Park, Calif., also participated in the $5.1 million equity funding.
Nevada Ventures, in Reno, another Alere investor, did not add to this round but continues as an investor.
Alere also secured from Western Technology Investments, in San Francisco, an additional $6.4 million of debt financing.
The debt financing will be used for purchases of home monitoring equipment.