RALEIGH – Raleigh-headquartered Sprout Pharmaceuticals has raised a little more than $12 million, company CEO Cindy Eckert confirmed to WRAL TechWire this week.
According to an SEC filing, the company is raising debt financing and has 64 investors thus far. The company could raise about $6 million more. According to Eckert, the round includes convertible notes with existing shareholders.
“I’m really excited about what is going on in the company right now,” Eckert told WRAL TechWire. “These new funds are going to further fuel the hyper growth we’re seeing in the company.”
How much growth? Eckert said the company is in the midst of experiencing more than 100% year-over-year growth, noting that one reason why the company is seeing growth was its foresight in identifying a trend toward telemedicine prior to the onset of the global COVID-19 pandemic.
“Sprout’s proprietary digital platform that gives women access to doctors via telemedicine to see if Addyi is right for them is seeing impressive growth,” Eckert noted. “Identifying the trend toward telemedicine years before the pandemic has really paid off for the business.”
The company plans to double its sales organization in the next year, said Eckert.