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MUSC spinoff that takes aim at drug costs raises capital, beefs up its board

Compliments of Post and Courier

A Medical University of South Carolina spinoff that built a software platform to help health care systems monitor and manage their pharmaceutical costs has raised more capital.  

QuicksortRx Inc. did not disclose the size of the investment round  in a written statement issued June 15, saying it was a private transaction. 

The company, which has moved its headquarters to the recently completed Charleston Tech Center on Morrison Drive, also has added two local industry veterans to its board.

The new directors at QuicksortRx are Shawn Jenkins and Steve Swanson, who provided the investment capital. 

Jenkins is co-founder and the former CEO of Benefitfocus Inc., a Nasdaq-listed traded software firm based on Daniel Island that he helped take public in 2013. He also became a primary benefactor of the MUSC Shawn Jenkins Children’s Hospital after he pledged to donate $25 million toward the $390 million project in 2015.

Swanson ran Automated Trading Desk in Mount Pleasant before selling the financial technology business to Wall Street giant Citigroup for $680 million in 2007. He currently serves on the boards of the Bank of South Carolina, YESCarolina and the College of Charleston, among other organizations.

“We are excited to welcome two of Charleston’s great tech business leaders who have shown not only their expertise in building amazing companies, but also their commitment to the Charleston community,” said Jonathan Yantis, CEO of QuicksortRx.

Yantis and co-founder Matt Hebbard launched the company within the MUSC Innovation Center in 2016. The early goal was create a software platform that would allow the sprawling health system to track its pharmaceutical supply chain in real time and make purchasing adjustments to help lower medication expenses.

It was later spun off as AscendRx before being renamed last year.

“Our tools are helping health systems around the country realize millions of dollars in pharmacy purchase savings without increasing workloads for staff,” QuicksortRx said on its website.

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Tamia Sumpter

Tamia is a driven senior undergraduate Bioengineering student currently enrolled at Clemson University. With a strong foundation in her field, she has honed her skills through hands-on experience in research and development at Eli Lilly & Company. During her time in the ADME department, Tamia contributed significantly by working on siRNAs and their applications in finding In Vitro-In Vivo Correlation (IVIVC). Looking ahead, Tamia has set her sights on a promising career in law. She aspires to specialize in Intellectual Property Law, with a particular focus on serving as in-house counsel for leading medical device or pharmaceutical companies. Her enthusiasm for this role is palpable as she prepares to embark on her legal journey! She is also a proud member of the Omicron Phi chapter of Delta Sigma Theta Sorority, Inc., PEER Mentor for Clemson PEER/WiSE, and currently serves as the President of Clemson Bioengineering Organization (CBO). With her unique blend of scientific knowledge and legal interests, Tamia is poised to make a meaningful impact in the healthcare and life sciences industries.