Prescriby Raises €2 million Investment for Innovation on Opioid Crisis

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Icelandic startup Prescriby has raised €2 million in funding to address the root causes of the opioid crisis. With opioid-related deaths soaring to unprecedented levels in the US, Canada, and the EU, there’s growing attention on the urgent requirement for proactive solutions in the management of prescription opioids.

In contrast to traditional methods centered on addiction treatment, Prescriby’s focus is on early intervention. Their approach aims to thwart addiction before it takes hold, fundamentally reshaping the prescription and management of addictive medications. The funding round, led by Nordic venture capital firm Crowberry Capital, also sees contributions from stakeholders in Canada, Denmark, and Iceland.

Hekla Arnardóttir, a partner at Crowberry Capital, emphasized: “Prescriby is addressing a significant and critical issue by providing a solution that can prevent addiction from taking hold. While most competitors focus on treating addiction, Prescriby aims to halt it before it even begins.”

Prescriby positions itself as a vital component in patient care, bridging the divide between initial prescription and potential addiction therapy. The company’s software facilitates safer management of essential opioid prescriptions from the outset and offers clinicians novel avenues for tapering treatments for patients who develop physical tolerance and dependence.

Expanding on its proactive approach, Prescriby has partnered with the Icelandic Ministry of Health to initiate a nationwide implementation project in Iceland. Additionally, they are venturing into Canada with a commercialization project and planning a controlled cohort clinical trial in Denmark later this year. The fresh funding will support the expansion of operations in Canada and the introduction of Prescriby’s clinical decision support tools to the US market.

Dr. Kjartan Thorsson, CEO and co-founder of Prescriby, draws on his firsthand experience from his tenure at the University Hospital of Iceland. “I was discharging about 30 patients on prescription opioids every week, and roughly one in ten developed some level of addiction. It became evident that prescribers lacked the tools to provide safer treatments from the outset, which is crucial for mitigating harm from the opioid crisis,” he elaborated.

As the crisis evolves, with substances like Fentanyl supplanting Oxycontin as the most commonly used illicit opioid, the imperative for early intervention grows more pressing. Prescriby seeks to redefine the landscape of prescription management, offering promise for a proactive containment of the opioid epidemic. With a dedicated team based in Iceland and Newfoundland, Prescriby is poised for further expansion in North America in the coming months.

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