Keith,
Medsite are still raising money..., doesn't seem to be any shortage of people willing to throw cash at them...
David Raine
Vancouver
Medsite Announces Closing of $36 Million Financing
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Story Filed: Wednesday, November 03, 1999 7:03 AM EST
NEW YORK, Nov 3, 1999 (BUSINESS WIRE) --
Investors Include Bain Capital's Brookside Fund, Weiss, Peck & Greer L.L.C, Chase Capital Partners, Reuters Greenhouse Fund and Tenet Healthcare
Company to Accelerate Growth Plans
Medsite, the physician's home on the Internet, today announced that it has closed $36 million of equity financing.
The team of investors included: Bain Capital's Brookside Fund, Boston; Weiss, Peck & Greer L.L.C., New York; Chase Capital Partners, New York; Reuters Group PLC's Greenhouse Fund, London; Trust Company of the West, Los Angeles; Tenet Healthcare Corporation, Santa Barbara, California; Argentum Capital Partners II LP, New York and Hikari Tsushin of Tokyo, Japan. Credit Suisse First Boston acted as investment bankers and Wilson Sonsini Goodrich and Rosati as Legal counsel, both representing Medsite.
"Medsite's business plan is unique in the crowded healthcare space," said Ed Brakeman, of Bain Capital. "The company has proven it can generate significant e-commerce revenue and innovative new products, making its growth prospects outstanding."
"We are extremely pleased that this group of investors representing such prestigious companies has chosen to make this vote of confidence in our management team and our strategic plan," said Greg Scott, Medsite Chief Financial Officer. "In addition, we are proud that Argentum Capital Partners II LP, our first venture capital firm who has been with Medsite from the beginning, continues to show its commitment to us as an investor."
Medsite reported that the financing consisted of the sale of $ 30 million of newly-issued Series B Convertible Preferred Stock. In addition, the financing includes $6 million of previously issued subordinated notes, which will be exchanged for Convertible Preferred Stock as part of the financing. The funds will be used by Medsite to accelerate the Company's growth strategy.
"Medsite's management team and its vision for Internet healthcare impressed us immensely," said Dr. Mitchell Blutt, Executive Partner, Chase Capital Partners. "Their position as the leading provider of smart and simple online tools for physicians is nothing short of essential in today's world where medical practices are increasingly pressured to embrace the Internet and do business differently. We look forward to being a part of the exciting developments taking place at Medsite and have tremendous confidence in the company's ability to provide practical online solutions for physicians."
Sundeep Bhan, Medsite's founder and Chief Executive Officer, said, "We are pleased with this investment in Medsite's future. It will enable us to aggressively pursue our role as the physician's home on the Internet." Bhan continued, "Medsite is 100% focused on products and services that can save physicians time and money. We are proud to be a pioneer in helping physicians derive real value from the tremendous promise of the Internet."
About Medsite
Headquartered in Manhattan, Medsite.com, Inc. is the physician's home on the Internet. The company, which operates Medsite.com ( www.medsite.com), offers a comprehensive range of user-friendly solutions in the categories of medical ecommerce, medical information, and communication services. Building on its first Internet business, MedBookStore, Medsite has become a healthcare destination site offering an extensive selection of medical books, software, journals and supplies, electronic physician credentialing, the latest medical news, a scheduling tool for the medical community, a customizable finance channel, continuing medical education, and numerous other services, geared towards "making a physician's practice click."
Founded in 1995, Medsite has forged hundreds of strategic partnerships and alliances with industry-leading hospitals, medical schools, associations and other healthcare companies. Medsite's customers include physicians, residents, nurses, medical students, physician assistants and pharmaceutical companies. |
