Verinetics

Overview

Verinetics is a biotechnology company focused on enhancing the accessibility of medications used to treat opioid use disorder. Founded in 2010, the company is headquartered in Research Triangle Park, North Carolina. The founders, led by Dr. Thomas J. Mercolino, initially established Verinetics as CertiRx, a company dedicated to pharmaceutical authentication. With a focus on improving controlled substance management, Verinetics has raised substantial funding, including a notable $1.5 million from the National Institute on Drug Abuse (NIDA). Jessica Smith Beaver currently serves as the President and CEO, steering the company towards commercialization with innovative medical devices.

Recent Developments

July 2024: Verinetics announced the commercial availability of DispenSecur™, a Class I Medical Device, designed to support Opioid Treatment Program (OTP) providers in administering take-home doses of methadone.
March 2024: The company presented its technology at the Venture Connect summit in Raleigh.
October 2023: Jessica Smith Beaver was appointed as the President and CEO, succeeding Dr. Thomas J. Mercolino, who transitioned to Executive Chairman. The leadership change reflects the company's growth trajectory as it moves towards commercializing its product offerings.
April 2022: Verinetics collaborated with CHESS Health to integrate the DispenSecur system with CHESS Health’s Connections App, enhancing the remote monitoring and recovery support for opioid treatment.

Attribute	Information
Founding Date	2010
Headquarters	Research Triangle Park, North Carolina, USA
Founders	Dr. Thomas J. Mercolino
Revenue	Not publicly disclosed
Profits	Not publicly disclosed
Key Investors	National Institute on Drug Abuse (NIDA)
Industry	Biotechnology, Medical Equipment Manufacturing
Number of Employees	2-10 employees
Major Product	DispenSecur™ system for Medications Management

Early History

Verinetics, initially known as CertiRx, was established in 2010 at the First Flight Venture Center, a technology incubator in Research Triangle Park. The company was formed to combat pharmaceutical counterfeiting through multi-factor authentication technologies. Within a few years, the National Institute on Drug Abuse approached the company to apply its expertise to address the opioid crisis, prompting a shift in focus. By 2018, the company's trajectory moved from counterfeit prevention to providing innovative solutions for opioid use disorder management. These foundational years were marked by steadily building partnerships and securing funding that laid the groundwork for its current focus on battling opioid misuse with technology-driven solutions.

Company Profile and Achievements

Verinetics operates with a clear mission: making opioid use disorder treatments more accessible and secure. Its primary product, the DispenSecur™ system, is instrumental in controlling the dispensation of methadone for at-home use, addressing the needs of patients who face challenges accessing daily treatment at opioid recovery clinics.

2018: Shifted focus from pharmaceutical authentication to opioid misuse prevention.
2019-2021: Developed the DispenSecur™ system, which underwent pilot testing to manage liquid methadone dosages for take-home patients.
2021: Awarded a $1.5 million NIDA contract to develop advanced versions of the DispenSecur™ device.
2022: Collaborated with CHESS Health to enhance recovery support technology.
2023: Announced changes in leadership, with Dr. Jessica Smith Beaver taking the helm to leverage her expertise in medical product commercialization.

Current Operations and Market Position

Verinetics is positioned as a pioneer in the med-tech landscape for opioid use disorder. The company's flagship product, DispenSecur™, is designed to transform how methadone is dispensed and managed, especially for underserved populations in rural areas. This system significantly reduces the logistic and financial burdens associated with daily clinic visits, providing a cost-effective solution for both patients and healthcare providers. With increasing acceptance and forthcoming commercialization, Verinetics is poised to scale its operations through strategic partnerships and potential Series A funding. The company's commitment to reducing stigma and enhancing treatment equity is paving the way for sustained growth and impact in the medical device industry.

Conclusion

Verinetics stands at the forefront of applying technology to combat the opioid crisis. With innovative solutions like DispenSecur™ and a commitment to improving medication accessibility, the company is instrumental in transforming the landscape for patients with opioid use disorder. Verinetics' trajectory suggests a robust potential for expansion and sustained impact, aligning technology with healthcare needs to foster better outcomes and accessibility in opioid treatment. As the company continues to navigate commercialization and scale its operations, it remains dedicated to its mission of providing impactful and equitable healthcare solutions.