Cohero Health said today that it raised more than $13.3 million, according to regulatory filings, in equity and Series A preferred stock. The company sold nearly all of its total offering amount of $13.6 million before closing the round. Over 50 investors have contributed to the offering, which had its 1st sale in October last year.
The company said it plans to use part of the funds for general working capital purposes, including the payment of salaries.
Cohero’s portfolio includes the BreatheSmart comprehensive respiratory disease management platform, which was designed to track medication use and measures lung function.
In December, H&T Presspart and Cohero launched a connected metered-dose inhaler designed to improve adherence and optimize care for patients with asthma and COPD. It is the 1st connected inhaler integrated with Cohero Health’s BreatheSmart platform.
The 2 companies developed the metered-dose inhaler over the course of a multi-year agreement. Improving patient adherence is vital, the companies said, as less than half of patients take their preventer medications as prescribed. This can result in poor symptom management, hospitalization and avoidable death.
Sensors within the inhaler can track real-time medication use and quality of medication delivery. The data is wirelessly shared to the BreatheSmart app, which can alert patients with medication reminders and provide monthly summary reports. Patients can choose to share the collected data with their families and healthcare providers, who can then access the information via a web app on a secure, HIPPA-compliant server. The technology can also be integrated with electronic medical records to transfer patient data.
The inhaler also features an FDA-approved mechanical dose counter which allows pharmaceutical companies to easily transition current products to connected devices. H&T Presspart and Cohero Health are working with pharmaceutical manufacturers to leverage the technology for pipeline development, according to the companies.