Digital startup Ophelia raises $50 mln in fresh funding for opioid addiction therapy

Dec 14 (Reuters) - Digital health startup Ophelia has raised $50 million in a funding round led by Tiger Global to beef up its telemedicine platform that provides treatment to people struggling with opioid addiction.

The fundraise valued the company at $275 million, Zack Gray, co-founder and chief executive officer of Ophelia, said in an interview. It also included investors Menlo Ventures, General Catalyst and Refactor Capital.

The company recruits patients online and connects them with licensed clinicians who can offer medication-assisted treatment, which combines the use of drugs with counseling.

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U.S. drug deaths have risen in the past few months due to pandemic-related disruptions to medical care and more lethal illegal drugs, with the figure surpassing 100,000 for the first time over a 12-month period. read more

"We have treatments that work extremely well. People want them, but they can't get them. And the result is a huge black market for the same treatment," Gray said.

"The solution isn't radical innovation in the research labs. It's simply making the existing treatments more accessible."

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Reporting by Manas Mishra in Bengaluru; Editing by Aditya Soni

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