Health-care startup Thirty Madison, the company behind men’s hair loss medication ‘Keeps’ and other treatments, has acquired patient records of bankrupt birth control provider The Pill Club.
(Bloomberg) — Health-care startup Thirty Madison, the company behind men’s hair loss medication ‘Keeps’ and other treatments, has acquired patient records of bankrupt birth control provider The Pill Club.
The acquisition announced Tuesday includes medical records, patient lists, prescription files as well as other customer and insurance information, according to documents filed in Texas bankruptcy court.
Thirty Madison said the deal ensures continued care for more than 100,000 patients “who would otherwise be without options” and that The Pill Club’s patients will transition to receiving care through the acquirer’s women’s telehealth unit, Nurx. A majority of patients’ medical records and prescriptions have already been securely transferred to Nurx and its affiliated pharmacies, the company said on its site.
The Pill Club, which was backed by an affiliate of venture financing firm TriplePoint Capital LLC, filed bankruptcy in April after California authorities accused the startup of fraudulently billing the state’s Medicaid program for contraceptives customers didn’t order and counseling sessions it never provided. The startup paid $18.275 million to settle state regulators’ claims without admitting wrongdoing.
Thirty Madison, which specializes in treating chronic conditions such as allergies and migraines, acquired The Pill Club’s assets in exchange for assuming certain debt, including a $30 million TriplePoint loan and some financing that was provided to fund the Chapter 11 case, according to court documents.
Founded in 2015, The Pill Club said at the time if filed bankruptcy that it was one of the biggest online providers of contraceptives in the US.
The case is The Pill Club Pharmacy Holdings LLC et al., 23-41090, US Bankruptcy Court for Northern District of Texas (Ft. Worth).
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