A Bloomington-based firm focused on helping health care payers manage high-cost therapies for rare conditions has raised $3 million in equity financing, according to a recent securities filing.
Emerging Therapy Solutions Inc. (ETS) raised the funding from four existing investors, including lead investor Telegraph Hill Partners, a San Fransisco-based venture capital firm, ETS CEO and Co-founder David McLean said in an interview. The money will be used to fund the company’s general operations, he said.
Founded in 2018, ETS helps health care payers, like health plans, self-funded employers and those in the reinsurance and stop-loss industries, deal with the costs of complex treatments. The firm has contracts with 120 medical centers to provide payers with preferable financing terms, allowing patients to access "life-saving opportunities," McLean said.
Prior to his role with ETS, McLean was most recently CEO of Medication Management Systems Inc., a pharmaceutical care management company – the first-ever spinoff from the University of Minnesota’s Venture Center – before it was sold to pharmacy chain Genoa Healthcare in 2017. He has also previously served as CEO at a number of other health-focused companies.
One of the ETS’s focus areas is helping payers manage the risks of cell and gene therapies, which the company anticipates are therapies that will become increasingly important as the FDA is poised to approve a slate of them by the end of 2025, McLean said.
ETS currently has 34 employees, a majority of whom are based in Minnesota. McLean declined to disclose revenue figures or the amount the company has raised to date.
