Recent Round of Financing Generates Incremental $19.7 million with Goldman Sachs, Morgan Stanley Dean Witter Venture Partners and Chase Capital As Investors
NEW YORK, Dec 15, 1999 (BUSINESS WIRE) --
Company Announces Appointment of Board Members from Morgan Stanley Dean Witter Venture Partners and Chase Capital
Medsite, the physician's home on the Internet, announced today that it has closed on an additional $19.7 million of equity financing, bringing the total raised in the last six weeks to $55.7 million.
The investors for the current round of funding include: The Goldman Sachs Group (NYSE: GS); Morgan Stanley Dean Witter Venture Partners, the venture capital affiliate of Morgan Stanley Dean Witter, (NYSE: MWD); and Chase Capital Partners. In addition, a group of investors from Medsite's most recent placement increased their investment as part of this round. They include: Bain Capital's Brookside Fund, Boston; Weiss, Peck & Greer L.L.C., New York; Reuters Greenhouse Fund, London; Tenet Healthcare Corporation, Santa Barbara, California and Hikari Tsushin, Inc. of Tokyo, Japan.
On November 3, 1999 the Company announced a $36 million equity financing. The Company said the incremental financing consisted of $19.7 million of newly-issued Series B Convertible Preferred Stock. The funds will be used by Medsite to accelerate the Company's growth strategy.
The Company also announced the appointment of Gary M. Stein, Vice President of Morgan Stanley Dean Witter Venture Partners, and Dr. Mitchell Blutt, Executive Partner of Chase Capital Partners to its Board of Directors.
In announcing the financing, Sundeep Bhan, Medsite's founder and Chief Executive Officer, said, "We are very excited by the fact that Goldman Sachs and Morgan Stanley Dean Witter will be equity owners in our Company and that Chase Capital and our other investors have decided to increase their interest in Medsite. It is extremely gratifying that some of the world's most prestigious financial institutions have endorsed our business model. With the financial support and professional guidance of our investors, Medsite has the resources to realize our vision of being a one-stop destination for all of a physician's practice needs."
Sanjeev Mehra, Managing Director of Goldman Sachs, said, "With its comprehensive product and service offerings and established relationships in the healthcare industry, Medsite is well-positioned in the e-healthcare space. We look forward to participating in the Company's future success." |
