Toronto-based Imperial Capital Group announced its USD 17 million investment in reimbursement card provider STI Technologies. The investment was made through the Imperial Capital Acquisition Fund V. This is the second investment of the fund.
Based in Halifax, STI was established in 2001 to provide drug sampling solutions to the healthcare industry in Canada. It also provides medical device reimbursement, patient assistance and patient choice programs. One of its products is innoviCares. This is a card-based drug benefit programthat enables cardholders the option to stay on off-patent, branded medication at minimal or no extra cost.
AIM Health Group Inc Chief Executive Officer Dr. Lu Barbuto said this was a good investment for Imperial. "STI is a unique technology company in the Canadian marketplace and, given their success to date, it is clear that they are providing value-added services to the pharmaceutical industry as well as other stakeholders," He added. AIM Health Group was a former portfolio firm of Imperial Capital.
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