UAVenture Capital History

Fletcher McCusker and Michael Deitch have been working together for over 25 years. They began as the CEO and CFO team of public company Providence Service Corporation (Nasdaq: PRSC) in 1997.

In 2012, David Allen relocated from The University of Colorado to assist The University of Arizona (UArizona) commercialize faculty led technology and innovation. Prior to 2012, UArizona did not allow faculty to personally benefit from their intellectual property inventions. Such IP belonged to the State of Arizona as a land grant institution. Allen was hired to implement the invention-benefit transition within Tech Launch Arizona (TLA), the patent and idea commercialization arm of UArizona.

In 2013, after retiring from PRSC.  McCusker and Deitch became partners and business drivers for Tech Launch Arizona. TLA had never led an invention spinout and was looking for experienced business leaders to partner with faculty and confirm that inventions and patents had commercial appeal.

McCusker and Deitch joined with TLA and identified a UArizona College of Pharmacy idea that appeared to be commercially viable. That program, then called The Medication Management Center, had developed a software program that could quickly analyze physician prescriptions and compare those prescriptions to the patient profile and prescription industry standards. Such prescription data was mined from insurance company and pharmacy benefit manager data. 

The pharmacy researchers were able to identify potential adverse drug interactions (sometimes life threatening), potentially inappropriate drugs based upon diagnosis, and identify potential cost savings by appropriately changing to generic drugs.

McCusker and Deitch assisted Dr. Kevin Boesen (along with several college staff and faculty) in forming a new company (SinfoniaRx) and spin the assets out from UArizona into an independent C corporation. In September 2013, McCusker and Deitch invested $4 million in SinfoniaRx, primarily for new server technology and additional staff. 

SinfoniaRx immediately began to market its capabilities. Assisted by four dedicated call centers (staffed by pharmacists and pharmacy techs) the company grew its operations to approximately 5 million prescription reviews per week.

In 2017, Tabula Rasa Healthcare, Inc. (Nasdaq: TRHC) acquired SinfoniaRx for $130 million, 32x the $4 million investment.  

UArizona President Robert C. Robbins arrived about the time SinfoniaRx was sold. Robbins, previously at Stanford (and with several inventions of his own), sought to expand the university patent activity, research base and commercialization efforts. A lunch conversation between Robbins and McCusker resulted in Robbins asking McCusker “can you do it again?”

UAVenture Capital Fund, LLC (Fund 1) was formed in September 2017 and began accepting investor funds in November 2017 raising $5.7 million. Fund 1 invested in 5 UArizona related companies.

UAVenture Capital Fund II, LLC (launched in 2019 raising $22.7 million) has invested in 14 UArizona related companies. 

UAVenture Capital remains the only risk capital solely dedicated to UArizona science and technology. UArizona continues its leadership role as a top research institution, and investment opportunities into its inventions and IP continues to remain robust.