HealthTech raises $12 million in equity capital.NORTHBROOK, Ill.--(BUSINESS WIRE)--April 4, 1996--HealthTech Services Corporation, Northbrook-based developer of a unique telemedicine ("long distance" medicine) Using a videoconferencing link to a large medical center in order that rural health care facilities can perform diagnosis and treatment. A specialist can monitor the patient remotely taking cues from the general practitioner or nurse who is actually examining home monitoring system announced today that it has raised $12 million in 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. through a syndicate of leading venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed 5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M [1] in the life sciences industry. The venture fund syndicate was led by Vector Fund Management, L.P. and includes Hambrecht & Quist Capital Management and Hambro America Biosciences Inc. "HealthTech Services is leading the way in marrying telecommunications and health monitoring technologies to provide a delivery system to reduce homecare costs while maintaining and improving quality of care," said Michael J. Glynn, president and chief executive officer. "This equity investment enables us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the tremendous potential of telemedicine in meeting such needs in a fast changing home healthcare environment," he added. "As a result, we expect to achieve commercialization of our system by year-end in key installations across the country." HealthTech Services was founded by Stephen B. Kaufman in 1988. Its system is called the HANC HANC Hebrew Academy of Nassau County (New York) HANC Haight Ashbury Neighborhood Council HANC Horizontal Ancillary Data (Video, SMPTE, DVB, SDI* (Home Assisted Nursing Care) Network. It is an integrated computer system with a unique, voice-driven man/machine interface. The Network's components work in tandem Adv. 1. in tandem - one behind the other; "ride tandem on a bicycle built for two"; "riding horses down the path in tandem" tandem to monitor patient vital signs without requiring on-site nursing supervision. This approach complements existing home care services while reducing the overall costs of healthcare. The HANC Network's components include: -- The HANC unit, an interactive, robot-like device with video and vital signs monitoring capabilities that is placed in the patient's home. -- A Central Nursing Station, located at a home healthcare agency, hospital or physician's office, that allows for 24-hour monitoring of both the patient and the HANC unit. The system links the HANC unit with the nursing station via existing telephone lines. The resulting network integrates monitoring devices such as blood pressure, pulse, temperature, blood oxygen, ECG ECG electrocardiogram. ECG abbr. 1. electrocardiogram 2. electrocardiograph ECG Also called an electrocardiogram, it records the electrical activity of the heart. and patient scheduling and education into one system and can transmit recorded medical data to the patient's healthcare provider. "The HANC Network HANC™ network Outpatient care A computerized system, allowing Pts to conduct EKG, BP, pulse, temperature and pulse oximetry testing at home, transmitted by modem to a central nursing station for 24/7 Pt support. Cf Chemscope/HANC HealthTech. is the kind of high-tech approach that embodies the concept that it is `better to move data than people.' Through it, we will help healthcare providers meet a pressing need for lower cost care delivery systems," said Richard Baehr, chairman of HealthTech Services. CONTACT: Sally Saville Hodge or Nancy O'Shea, both of Hodge Communications, 847-509-9180 |
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