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New Pharmacy Benefit Management Company RxAdvance Expands Executive Management Team

Southborough, MA – August 16, 2013 — RxAdvance, an innovative pharmacy benefit management (PBM) company, has expanded its executive management team with industry veterans Prakash Tallabattula, who joins as executive vice president and chief technology officer; Frank Shiraldi, who will serve as executive vice president and chief pharmacy officer; and Christine Kyle, who will be executive vice president and chief marketing officer.

RxAdvance was established by Ravi Ika, founder and executive chairman of Southborough-based ikaSystems until this past February. Ika has proven that significant administrative cost reductions were possible with a cloud-based technology platform. He very quickly raised funding for and launched RxAdvance, bringing his same “game-changing” approach to the pharmacy benefit management industry. In his latest endeavor, Ika has created an actual full service PBM company to run efficiently through technology innovation. This innovation will significantly reduce RxAdvance’s administrative costs and plan sponsor unit costs; optimize drug utilization/adherence; and improve collaboration and transparency between plan sponsors and RxAdvance for better health outcomes.

Prakash Tallabattula, executive vice president and chief technology officer, oversees all technology operations, research and development, both onshore and offshore. Tallabattula is an effective leader and hands-on technology strategist with over 15 years of documented achievements in start-up, turnaround, high-growth, and Fortune 500 corporate environments. He is a driving force behind innovative strategies, processes, and technology solutions delivered collaboratively through strong cross-functional relationships built across the organization.

Prior to joining RxAdvance, Tallabattula worked as a senior enterprise architect at Fannie Mae, where he was responsible for the organization’s technology roadmap. He was also a senior architect at Verizon, where he played a key technical role on Verizon Dialup/DSL/FIOS solutions. In addition, he headed technology teams and was a member of executive teams at Sylvan Learning, Hanleywood, and other companies.

Frank Schiraldi, R.Ph., executive vice president and chief pharmacy officer, is responsible for development, implementation and oversight of the PBM program across multiple business lines. He ensures compliance with contractual guidelines affected by regulatory agencies, and leads strategic approaches to managing pharmacy costs for health plans that include sophisticated modeling. Schiraldi also oversees the drug utilization committee, plan-specific pharmacy management initiatives, and strategic pharmacy network contracting. He is a member of the Pharmacy and Therapeutics Committee.

Schiraldi most recently served as vice president of business informatics at BeneCard PBF, where he was responsible for operational metrics for key business areas across the company, including clinical services, client services, networks, sales, and the executive management team. Before that, he served as vice president at Xerox Audit & Compliance Solutions, where he oversaw a pharmacy auditing company and developed advanced pharmacy claims analytical tools and fraud detection methodology. He held positions with McKesson and Rite Aid Corporation, with responsibilities in third-party administration and management. He has also held various business and clinical roles with companies including Keystone Mercy Health Plan and Eagle Managed Care.

Christine Kyle, executive vice president and chief marketing officer, is responsible for overall sales and marketing activities for all lines of business of the company. She is also responsible for strategic business development and partnership development. Most recently, Kyle served as the vice president of sales for Sodexo, a global healthcare onsite service solutions company providing strategic direction and sales leadership for the company’s U.S. senior living division. Previously, she was vice president of specialty pharmacy payer sales and account services for CVS Caremark where she was responsible for providing strategic direction to support the market development of existing clients and expand into new and competitive markets. Prior to that, Kyle was vice president at Aetna specialty pharmacy sales and account management. She has held respected positions at the top five Fortune 100 health insurance companies (Aetna, Humana, Anthem BCBS, UnitedHealthcare and Cigna) and is an expert in her field. Her inherent knowledge of the industry and strong leadership skills have contributed to her high degree of success in management, strategic planning, and business development.

RxAdvance is now nirvanaHealth.

Since 2013, the RxAdvance team has been dedicated to disrupting the healthcare industry, specifically in pharmacy benefit management. After 3 years of development, we went live with our first client in 2016 and delivered groundbreaking pharmacy benefit management services. Now that we have proven success year-after-year, we have decided to expand our impact beyond just the PBM industry—onto the payer industry. These two industries alone control the majority of the healthcare spend in the United States, including the $900+ billion of waste generated annually. With our expansion into a new portion of the industry, we have outgrown the RxAdvance name, since it does not accurately capture the scope of our healthcare reach and mission. We are excited to announce our new name and brand—nirvanaHealth. The RxAdvance name has served us well for many years and will continue to do so under nirvanaHealth.