September 15, 2011: Greenphire closes Series A financing led by FirstMark Capital

Greenphire, the leading provider of web-based payment and communication technologies for the healthcare clinical trials industry, announced today that it has completed a Series A financing led by prominent New York-based venture capital firm, FirstMark Capital.

All of Greenphire’s existing angel investors, including leading healthcare industry veterans and entrepreneurs, participated in the funding. Gerald A. Poch, a Founder and Managing Director at FirstMark Capital, will join Greenphire’s Board of Directors alongside the company’s existing Directors—CEO Samuel Whitaker, Dr. Neil Rotherham, and David Reuter—as part of the financing. The Series A funding will support the recent launch of Greenphire’s innovative eClinicalGPS technology, a clinical payment platform designed to automate site and vendor payments within the clinical research environment. Additionally, the capital will be used to expand global sales and marketing initiatives for Greenphire’s flagship technology platform, the ClinCard System, which currently hosts a client base of more than 140 clinical trials sponsors, research sites, contract research organizations and research universities.

Gerald A. Poch stated, “Greenphire’s strong management team, established track record with existing, top-tier clients, and the accelerated adoption of the company’s new eClinicalGPS technology were critical to our investment decision. FirstMark is excited to have the opportunity to build upon the existing success achieved by the Greenphire team. This investment represents a unique opportunity to take advantage of internet and payment-processing technologies to provide the healthcare industry with a real-time, secure, and regulatory-compliant payment and communications network.

Dr. Neil Rotherham, co-founder of ClinPhone and the Executive Director of Greenphire’s board since 2009, also offered his perspective on the deal, stating “We are delighted to have Jerry Poch and his FirstMark team on board.Greenphire is a very exciting business, with a tremendous future and it is good to see this endorsed by such an experienced investor. We will be looking to drive the business forward in the coming months with further development of our products and strengthening of our commercial and project management teams.

Greenphire co-founder and CEO Samuel Whitaker expressed his enthusiasm with the infusion of growth capital, commenting "Our company has recognized phenomenal growth in an industry that is notorious for slow adoption of new technology. Our clients continue to rave about our technology platforms and the corresponding support that is provided throughout each study. Our partnership with FirstMark and the growth capital that has been provided by all of our investors will give us the fuel to expand our team and continue to improve operations, support and product functionality."