Axxon Capital Endorses WorldClinic At Lahey.Business Editors BURLINGTON, Mass.--(BUSINESS WIRE)--August 10, 2000 WorldClinic at Lahey, the first provider of 24-hour, personalized, U.S.-quality medical care for multinational companies whose executives travel or live abroad, today announced that it has received $620,000 in additional equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from Axxon Capital, Inc. of Boston, MA and select individual angel investors An individual who invests his or her own money in a private company, which is typically a startup. An angel investor is not an employee or member of a bank, venture capital firm or other financial institution that normally makes such investments. . The equity investment represents the over subscription of an original equity facility and brings the total funds raised to date to over $3.9 million. WorldClinic serves the rapidly expanding global business travel market, providing customers with direct 24/7 access to U.S. board-certified doctors for immediate diagnosis and treatment of both routine and serious medical problems. Proceeds of the financing will support the expansion of WorldClinic's presence in the corporate executive and high net-worth individual markets, segments that comprise more than 2.8 million American expatriates, 10 million American international business travelers, and 23 million American leisure travelers. In addition, the funds will be used to enhance the company's medical and communications infrastructure; essential components of its Internet-enabled medical practice. "By investing in WorldClinic, this group recognizes that our firm represents the next generation of medical care," said Dr. Daniel J. Carlin car·line or car·lin n. Scots A woman, especially an old one. [Middle English kerling, from Old Norse, from karl, man.] , WorldClinic's founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "These investors have expressed confidence in our ability to provide the finest distance care treatment possible and we look forward to leveraging their experience and expertise as we build our business." About WorldClinic at Lahey Founded in 1998, WorldClinic, Inc. provides immediate, 24/7 access to U.S. board-certified doctors for individuals who travel or work abroad. The firm's client base includes multinational companies, as well as individual international and expedition travelers. The firm's medical care model for travelers, DistanceCare, utilizes the latest communications technology Noun 1. communications technology - the activity of designing and constructing and maintaining communication systems engineering, technology - the practical application of science to commerce or industry to deliver, oversee, coordinate and account for all aspects of a patient's care until their return home. WorldClinic also provides its patients with secure electronic medical records, custom prescription travel medical kits, and immediate access to the 300 physician specialists affiliated with its strategic partner, the world-renowned Lahey Clinic The Lahey Clinic is a not-for-profit teaching hospital in Burlington, Massachusetts. It was founded in 1923 by Dr. Frank H. Lahey. History When Dr. Frank Howard Lahey founded a group practice in 1923, his plan was to create a clinic where many specialties would coexist . WorldClinic is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , which completed its first round of equity financing in September of 1999. Its business model is financially and strategically attractive, offering high operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. and subscription, annuity-type revenues in a cutting edge web space. |
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