Some food for thought!
Medsite.com attracting more money...
FARMINGTON HILLS, Mich., Jul 1, 1999 /PRNewswire via COMTEX/ -- An
innovative venture capital fund specializing in providing growth capital for expanding
health care companies, has made its first investment.
InvestCare Partners Limited Partnership, managed by Farmington Hills-based GMA
Capital LLC, has invested $2 million dollars of preferred stock into Medsite.com, a
New York-based electronic-commerce site for health care professionals. InvestCare
was introduced to the company by one of its investors, a physician from Oakwood
Enterprises Inc., an affiliate of Oakwood Healthcare Inc.
"The Internet and electronic commerce are propelling healthcare intothe next century,"
says Rajesh Kothari, Director of GMA Capital. "Medsite.com has the combination of
management talent and market presence that are critical for success."
Medsite.com is a leading provider of e-services and products to the medical community
via the Internet. Its offerings to doctors, pharmaceutical companies and other healthcare
professionals include:
* MedBookStore -- offering over 90,000 medical books at discount prices
plus thousands of rare texts and medical software titles.
* Medsupplies -- Offers the widest of medical products on the Internet
at discount prices.
* Journal Tracker -- a cost-effective, user-friendly service for
monitoring the world's leading medical journals through the Internet.
* MedMail -- A free web-based e-mail service with easy access from
wherever you are.
* MedMoney -- The most comprehensive physician financial network on
theInternet.
* MedCalendar -- Features a complete suite of services to organize
schedules and appointments.
* MedUniversity -- features a comprehensive library of interactive
education courses online.
"I am very pleased that Medsite.com is the first equity investment of InvestCare
Partners," said Sundeep Bhan, Co-founder and CE0 of Medsite.com, Inc. "As the
leading provider of e-services to healthcare professionals, this $2 million equity
investment will help ensure that Medsite.com continues unveiling innovative e-commerce
solutions to the medical community."
InvestCare provides growth capital in the form of non-controlling equity in established
healthcare companies located throughout the United States. The fund has initial capital
of approximately $50 million and expects the total to reach $80 million.
The fund is focused on three segments of the burgeoning health care marketplace:
* Health Care Services, particularly those affected by the trend
towardoutsourcing;
* Infomedics and enhancements in existing information technology;
and
* Medical device and products manufacturers.
Principal members of the InvestCare Partners Limited Partnership include Charles
Rothstein, Malcom Moss, David Eberly, Rajesh Kothari, and LeslieShipley.
GMA Capital, LLC specializes in mergers, acquisitions, divestitures and capital raising
for privately held companies. Through InvestCare Partners, GMA also provides capital
for health care companies to expand through internal growth, product line development
and acquisitions, with a focus on the areas of healthcare related technology, medical
devices and products and healthcare services. For more information on the InvestCare
Partners Limited Partnership, please call 248-851-9200.
Medsite.com is headquartered in Silicon Alley at 60 East 13th Street, New York, NY
10003. The company's telephone number is 212-253-6913; e-mail can be directed to
info@medsite.com. Additional information about Medsite.com and a description of the
e-services they offer can be found at www.medsite.com.
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Medsite.com and HealthStream Form Strategic Partnership
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NEW YORK--(BUSINESS WIRE)--June 23, 1999--
-- MedUniversity.com Venture to Revolutionize
Online Healthcare Education --
Medsite.com, the leading provider of eServices for the medical community, today
announced a strategic partnership agreement with HealthStream, the nation's leading
provider of online healthcare education, to bring about together the future of online
healthcare education.
Under the agreement, Medsite.com will launch MedUniversity.com, a service designed
to meet the complete continuing education needs of healthcare professionals.
MedUniversity.com will feature a comprehensive library of interactive education courses
offered through Medsite.com's healthcare partners. These institutions will have the
option to provide the service on their Web sites and over their own Intranets. In
addition, each organization can provide its own proprietary educational content.
HealthStream will provide the online content library as well as its proprietary
technology, which will be used to manage the online university. HealthStream currently
provides the Web's largest library of continuing education for medical professionals,
including over 500 hours of CME for Family Practice, Internal Medicine, and
Emergency Medicine physicians.
"This partnership marks a new day for the professional medical community," said Sanjay
Pingle, Co-Founder and Executive Vice President of Marketing for Medsite.com.
"Medsite.com's introduction of online health education to our current customer base of
300,000 medical professionals further enhances our position as the leading provider of
eServices to the medical community."
"Clearly the biggest winner in this partnership is the medical professional," says Robert
A. Frist, Jr., Chief Executive of HealthStream, "HealthStream has an unparalleled focus
in delivering online solutions to the $6 billion healthcare education market and our
partnership with Medsite.com will make engaging, affordable education a reality to 5
million medical professionals."
The partnership between Medsite and HealthStream is one of several strategic moves
Medsite has made over the past few months. Most recently, on June 6, 1999, Medsite
acquired CreativeAspect, Inc., which provides powerful Web based calendar, email,
and collaboration software as well as a membership of over 25,000 registered users.
Medsite has focused other moves on reinforcing its ties to the medical community and
has added to its list of association partners two strong, enduring partnerships with the
American Association of Psychiatrists (AAP) and the American Preventative Medical
Association (AMPA).
About Medsite.com
Through a network of first-to-market medical-focused Web site channels, Medsite.com
serves an existing customer base of more than 300,000 medical professionals, including
200,000 physicians, with innovative online medical information, communication, and
commerce solutions. Medsite.com is the creator of MedBookStore.com, which features
the largest selection of medical books, software, and supplies for physicians on the
Internet. More than 5,000 customers from over 60 countries around the world visit
MedBookStore.com each day. Medsite.com's Web enabled email service,
MedMail.com, has more than 100,000 registered medical professionals. The
Medsite.com/ISI Journal Tracker is an exclusive service allowing physicians to receive
email updates from over 2,500 medical journals as they are published.
Medsite.com is headquartered in Silicon Alley at 60 East 13th Street, New York, NY
10003. The company's telephone number is (212) 253-6913; email can be directed to
info@medsite.com. Additional information about Medsite.com and a description of the
eServices they offer can be found at www.medsite.com.
About HealthStream
HealthStream, Inc., based in Nashville, Tenn., is the leading provider of online
healthcare education. The company's product offerings make up the Web's largest
library of continuing education for healthcare professionals. HealthStream's T.NAV(R)
(Training Navigator) software delivers healthcare providers a complete system to deliver
and manage healthcare education both over the Internet and via corporate intranets.
HealthStream works with leading healthcare providers, health Web sites,
pharmaceutical and medical device companies, medical publishers, university medical
schools, and insurance companies to provide online healthcare education. HealthStream
can be visited on the Web at www.HealthStream.com
June 22, 1999 15:11
Medsite.com, Inc. Continues Rapid Growth and Expansion
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NEW YORK--(BW HealthWire)--June 22, 1999--Medsite.com, Inc., the leading
provider of eServices for the medical community, announced today yet another sign that
its remarkable growth rate of more than 700 percent is continuing at full steam.
To drive this growth rate over the past two years, Medsite has acquired 100 new
employees and with them a strengthened senior management team. Medsite has also
recently acquired an additional 10,000 square feet in their expanded Silicon Alley
headquarters to provide these dynamic new hires an environment capable of supporting
their talent and the company's record of success.
The company's Co-Founder and Chief Executive Officer, Sundeep Bhan, is excited
about the rapid growth of Medsite. "It wasn't so long ago when we had two staff
members, one computer and worked out of a loft apartment in midtown Manhattan,"
said Bhan. "Medsite is poised to revolutionize the integration of healthcare and the
Internet -- we continue to acquire the staff resources and space we need to fulfill our
mission."
The most recent addition to the Medsite.com management team is Jim Gallagher, Senior
Vice President of Finance and Operations. Gallagher has primary responsibility for all of
the financial and operational aspects of the business and brings to Medsite.com over
nineteen years of progressive, senior financial and operational experience including ten
years with Arthur Andersen LLP.
Bhan has been adding balance to his management team and making similarly strong
additions to the Medsite Board of Directors. Richard Morello, Director of Pharmacy
and Healthcare Programs, joined Medsite from Mercer Management Consulting earlier
this year. Mr. Morello brings a wealth of talent and expertise in the areas of
pharmaceutical and product marketing, in addition to corporate strategic positioning.
Alex Leventhal, Director of Marketing, joined Medsite from a brand management role
at Johnson & Johnson to help leverage the company's growing portfolio of products and
services into an integrated marketing and communications positioning campaign.
Richard Kiernan, former Publisher of Medical Economics Magazine recently joined
Medsite's Board of Directors. Kiernan will provide the management team with strategic
counsel and market insight as they manage their rapid growth and emerging products in
the evolving healthcare marketplace.
Announcements earlier this month detailed further hires at the senior management level.
These valued additions include John Eastman, Executive Vice President and Publisher;
Steven R. Novick, Senior Vice President and Head of Business Development; and
Brian Shin, General Manager of Technology, who joined Medsite.com with the
acquisition of CreativeAspect, Inc.
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