NEWS22 February 2011

Sermo scoops $3.5m to expand physician community

Financials North America

US— Online physician community Sermo has been awarded $3.5m in growth capital funding from private equity house MMV Financial. The cash will be used to continue expanding its online community, which currently numbers more than 117,000 practising physicians.

The community was launched in 2005 and serves a roster of 300 clients who use it to gain market intelligence, listen in on peer-to-peer conversations between members and engage physicians to increase brand awareness. Sermo said that its client list includes 13 of the top 15 pharmaceutical companies, government agencies, healthcare institutions and financial services companies.

Sermo founder and CEO Daniel Palestrant (pictured) said: “The access to additional capital that MMV has provided will allow us to build on a successful business model that continues to deliver value to both our physicians and clients.”

April Young, MMV’s senior vice president and US managing director added: “MMV is thrilled to be partnering with Sermo as they continue to build the premier physician network for practising physicians in the US. We support the Sermo management team’s long-term vision and ability to add value to both the medical community and the drug development community.”