"MyDrugRep is creating an exciting combination of technology, connectivity and related services that will provide the pharmaceutical and medical device companies with impactful new ways to reach their physician customers. The trends within the pharmaceutical industry clearly indicate that medical products companies are looking for new, technology-enabled ways to deliver increasingly complex promotional messages about their products to physicians," said Ron Hunt, senior vice president of the Sprout Group.

MyDrugRep’s versatile technology platform enables pharmaceutical companies to more efficiently market their products to physicians by providing them with access to medical information, product samples and sales presentations, normally available only through in-person sales calls. In addition, MyDrugRep helps pharmaceutical sales representatives better manage their time by allowing them to interact with physicians online to make in-person meetings more convenient.

Jeani Delagardelle, a venture partner at the Sprout Group added, "MyDrugRep has created a platform that integrates tightly with existing sales efforts and legacy systems. The early traction that it has developed with many large pharmaceutical customers provides clear evidence that MyDrugRep is emerging as a leader in this space.” In addition to leading the investment, Hunt and Delagardelle from Sprout Group will join MyDrugRep’s board of directors.

“We are excited to have the support of Sprout Group and our current investors as we enter the next phase of our growth cycle,” commented Quang X. Pham, chairman and CEO. “Completing this round of financing with top-tier investors in the midst of a challenging fundraising environment, along with our growing base of cash revenues, firmly positions MyDrugRep as a growth company in the pharmaceutical marketplace. We have a very capital-efficient business model that we are scaling to meet the demands of our pharmaceutical customers.”

The additional funding will allow MyDrugRep to ramp up its sales efforts and expand its product development. Later this year, MyDrugRep plans to release several new features for its online physician community, which is growing rapidly. MyDrugRep is also building an ePharma services platform that will enable its pharmaceutical clients to take advantage of new technologies to provide more efficient services to health care professionals.

About Sprout Group

The Sprout Group, the venture capital affiliate of Donaldson Lufkin & Jenrette, was founded in 1969, and is one of the oldest and largest groups providing private equity capital to growing companies. (It has recently been acquired by Credit Suisse First Boston). Since the capitalization of its first Sprout venture fund at $12 million, Sprout Group has formed 12 major investment partnerships and assumed responsibility for two others, totaling $32 billion. Sprout Group has helped finance more than 275 companies with current sales exceeding $40 billion. Sprout Group has 20 experienced investment professionals possessing over 150 years of private equity investment and operating experience. Sprout Group is currently investing its Sprout IX fund with $1.6 billion in capital that makes early stage, growth, mezzanine, and buyout investments primarily in the Healthcare Technology, Datacom & Telecom, E-Commerce, Services, Software, and Technology industries. Over the past several years, Sprout Group has been the largest investor in the healthcare technology market space. For more information please visit www.sproutgroup.com.

About MyDrugRep

MyDrugRep is an innovative pharmaceutical technology services company specializing in marketing to physicians. MyDrugRep’s customers include major global and specialty pharmaceutical companies. The experienced management team is composed of professionals from leading companies in the industry including Bristol-Myers Squibb, AstraZeneca, Genentech, Merck & Co. Inc., Medical Economics, Nelson Communications Worldwide and PriceWaterhouseCoopers. MyDrugRep has offices in Newport Beach, CA and Philadelphia, PA. For more information please visit www.mydrugrep.com.