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News and Information Article
BETHESDA, Md., June 26 // -- Prematics(TM), an innovative
healthcare IT service provider, today announced the close of a private
equity financing led by two top tier and highly respected venture capital
firms, General Catalyst Partners and Foundation Capital. Both organizations
have successful track records developing world class businesses.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060623/PREMATICSLOGO )
"Completing this eight-figure private equity financing with such high
quality investors as General Catalyst Partners and Foundation Capital
reflects the strength of the Prematics unique approach to driving
mainstream adoption of electronic prescribing," said Scott Puritz, Chief
Executive Officer of Prematics. "The Companys ScriptTone(SM) service is
the nations first end- to-end, fully managed electronic prescribing
platform, and positions Prematics to improve patient safety, drive down
costs and provide value to all key industry stakeholders."
General Catalyst Partners, with approximately $1 billion under
management, is known for helping entrepreneurs build companies with
exceptional operational efficiency. Ken Novack, from General Catalyst
Partners, joins Prematics Board of Directors. Mr. Novack brings to the
Company significant industry experience with his impressive leadership as
Vice Chairman of Time Warner (NYSE: TWX), Vice Chairman of America Online
(AOL), and Vice Chairman of Tufts-New England Medical Center. "Prematics
combines two of my lifelong passions -- health care and IT," said Ken
Novack, special advisor, General Catalyst Partners. "This is a tremendous
opportunity for me to work with the Prematics management team in harnessing
an innovative technology to solve a critical nationwide problem."
Prematics also adds to its Board of Directors Rich Redelfs from
Foundation Capital, a top tier west coast venture fund with over $1.6
billion under management. As the first President and CEO of Atheros
Communications (Nasdaq: ATHR), Mr. Redelfs grew this start-up company into
the leading provider of Wi-Fi wireless semiconductors with a current market
cap in excess of $1 billion. Prior to Atheros, Mr. Redelfs was a senior
executive with 3Com, where he helped grow the Mobile Communications
Division from $35 million to over $700 million in annual revenue. "We are
thrilled to partner with this highly seasoned executive team," stated Mr.
Redelfs. "Prematics ScriptTone SM service is poised to revolutionize the
prescribing process, transform the supply chain, and deliver an invaluable
service to doctors, health plans and patients."
About General Catalyst Partners
General Catalyst Partners is a venture capital firm that invests in
exceptional entrepreneurs who are building the technology-based companies
that will lead innovation and transform industries. Founded in 2000,
General Catalyst Partners leverages its principals extensive operational,
business development and technological expertise to provide portfolio
companies with a catalyst for success through business-building and
partnership development assistance. General Catalyst has approximately $1
billion under management
and is headquartered in Cambridge, Mass. For more information, visit:
http://www.generalcatalyst.com
About Foundation Capital
Foundation Capitals family of venture funds totals over $1.6 billion
in capital under management. Its base of limited partner investors includes
foundations (MacArthur, Hewlett), pension funds, and a group of university
endowments such as Harvard, CalTech, Stanford and Yale. Foundation Capital
leverages its partners entrepreneurial experience in building successful
IT and communications companies to drive innovation and transform
industries. Foundation Capital is headquartered in Menlo Park, CA. For more
information, visit: http://www.foundationcapital.com
About Prematics
Prematics is committed to improving the safety, quality and efficiency
of the prescription drug supply chain. The Company offers ScriptTone(SM),
the nations first easy-to-use, fully managed electronic prescribing
service designed for physicians. Prematics delivers ScriptTone(SM) over the
Companys proprietary end-to-end network. This reliable and highly secure
service empowers physicians at the point-of-care to prescribe the most
clinically appropriate and cost-effective prescription. ScriptTone(SM)
benefits all of the key industry stakeholders by driving patient safety,
lowering costs, and streamlining fulfillment. For more information, visit:
http://www.prematics.com.
Contact: Rochelle Woolley, Director of Public Relations, Prematics,
Inc.
612-963-4438 or pr@prematics.com.
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