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ForHealth Technologies Secures $9M in Additional Financing
Funding From Current Investors Demonstrates Confidence in 10-Year Old Hospital Pharmacy Automation Innovator
| Source: ForHealth Technologies Inc.
DAYTONA BEACH, FL--(Marketwire - November 30, 2007) - ForHealth Technologies Inc., a recognized
innovator in automation systems for hospital pharmacies, announced today
that they have closed on a total of $9 million of new capital financing.
The round consisted of a $4 million equity component and an additional $5
million of debt financing. The new equity investments were made by existing
investors, including New Enterprise Associates, National Healthcare
Services, Red River Ventures, and Chisholm Private Capital. The debt
financing was provided by Square 1 Bank.
Hospital pharmacies have prepared more than twenty million patient doses of
injectable medications using ForHealth Technologies' IntelliFill i.v.
syringe-based dose preparation systems. Recent significant company events
include the announcement on November 27th of IntelliFlowRx™ -- the
world's first workflow automation system for intravenous dose preparation
in hospital pharmacies and the Board of Directors' successful recruitment
of Steve Thomas as Chairman and Chief Executive Officer in May 2007. The
Company also is preparing to celebrate its 10th anniversary.
"We're honored to have the solid, continued support of our core group of
investors and Square 1 in addressing our expanded market opportunity. We
did not need to spend time attracting new investors," said Steve Thomas,
ForHealth's Chairman and Chief Executive Officer. "Certainty, Speed, and
Precision is how we will help our customers improve patient safety,
increase pharmacy staff job satisfaction, and take out cost. The
combination of IntelliFill i.v. and IntelliFlowRx uniquely positions
ForHealth Technologies as the only company with a complete solution to the
pressing needs of every hospital pharmacy's I.V. Room."
"We continue to be extremely excited about FHT's prospects and look forward
to their continued market and product expansion and growth," William D.
Paiva, Ph.D., Chisholm Private Capital General Partner. "FHT is well
positioned as the dominant player in the management and automation of the
IV room."
"Hospital pharmacy spending on medications and administration systems
continues to grow substantially as does their dependence on intravenous
administration. ForHealth is ideally positioned to address these unique
needs," said Ryan Drant, General Partner, New Enterprise Associates. "Our
investment decision is one demonstration of our confidence in ForHealth's
strategy and ForHealth's team."
About ForHealth:
Founded in 1998, ForHealth Technologies delivers 21st century technology
combined with professional support to uniquely enable hospital pharmacies
to stay ahead of the growing challenges faced in preparing injectable
medications. ForHealth Technologies solutions deliver quantum-leap
improvements in key I.V. room performance metrics: accuracy, patient
safety, clinician safety, speed, cost reduction, and regulatory compliance.
ForHealth Technologies: Innovating for Your I.V. Room's Future™