Alere Medical, Inc. Secures Additional $11.5 Million in Funding.Business Editors RENO, Nev.--(BUSINESS WIRE)--March 24, 2003 Alere Medical, Inc., a leader in care management and remote monitoring (protocol) remote monitoring - (RMON) A network management protocol that allows network information to be gathered at a single computer. Whereas SNMP gathers network data from a single type of Management Information Base (MIB), RMON 1 defines nine additional MIBs that provide a of patients with advanced heart failure, has successfully raised an additional $11.5 million in funding. Cutlass Capital of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA and Boston, MA joins existing investors S.R. One of Conshohocken, PA, Flagship Ventures of Cambridge, MA and IVP IVP abbr. intravenous pyelogram IVP (Intravenous pyelogram) The use of a dye, injected into the veins, used to locate kidney stones. Also used to determine the anatomy of the urinary system. of Menlo Park Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , CA in providing $5.1M in the new equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. . Nevada Ventures, of Reno, NV continues as an investor. Alere has also secured from Western Technology Investments of San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , CA an additional $6.4M of debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay for existing and future home monitoring equipment. "We are delighted that this funding is completed and feel closing another round in this market is a strong endorsement of our team and the Alere product," said Ronald Geraty, MD, chief executive officer of Alere Medical. "This infusion of capital will provide us the resources we need to continue to grow and further expand our disease management product lines for patients with chronic conditions. With our significant expansion with new health plan business and now the opportunity to more than double our business with the Medicare demonstration project, our new investors and we are confident of our success. Our existing investors are participating in the new round and we had the good fortune of Cutlass Capital leading this round. David Hetz and Jon Osgood of Cutlass Capital bring a wealth of experience in not only investing but in investment banking. " David Hetz of Cutlass Capital said: "We are excited to join the Alere team. Alere's strong track record, impressive management team and proven ability to improve patient care while reducing healthcare costs are critical factors in our decision to invest. We believe Alere's outcomes show that its system should be the standard of care for congestive heart failure congestive heart failure, inability of the heart to expel sufficient blood to keep pace with the metabolic demands of the body. In the healthy individual the heart can tolerate large increases of workload for a considerable length of time. ." The Alere(R) Heart Monitoring Program The Alere Heart Monitoring Program places its patented DayLink(R) monitor in a patient's home to gather biometric and symptomatic information, such as daily weight and shortness of breath Shortness of Breath Definition Shortness of breath, or dyspnea, is a feeling of difficult or labored breathing that is out of proportion to the patient's level of physical activity. , on the patient. The information is forwarded electronically, 24 hours a day, to a proprietary database attended by cardiac-trained nurses via the Internet. The nurses analyze trends that may indicate a change in the patient's health status and, if indicated, notify the treating physician. In this way, the need for clinical intervention can be assessed by the physician and, when necessary, escalated prior to serious episodes that could result in emergency room visits or hospitalization. About Cutlass Capital Cutlass Capital is a private venture capital partnership investing exclusively in the health care industry. Cutlass Capital was founded in August 2001 by Jon Osgood and David Hetz. Cutlass Capital invests in companies at all stages of development and in all sectors of the health care industry, with a particular focus on the medical device and specialty health care services sectors. Offices are in Boston and San Francisco. About Alere Alere(R) Medical, Inc. is a privately held care-management company and a leader in the development of technology and services that remotely monitor patients with advanced heart failure. Alere's products establish remote connectivity and communication between patients, their physicians, and care managers. Currently in use in 26 states, the Alere Heart Monitoring Program enables patients with congestive heart failure to have their condition assessed daily to help avoid a crisis such as emergency care or hospitalization. Founded in 1996, Alere is headquartered in Reno, Nevada with technology development based in Concord, California Concord is the largest city in Contra Costa County, California, USA. As of the 2000 census, the city had a total population of 121,780. In 1869 it was founded as Todos Santos by Don Salvio Pacheco on his land. . |
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