MedicaLogic Completes $35 Million Funding to Execute Internet Strategy and Expand Executive Team; Soros and Sequoia Capital Support Expansion of Clinical eHealthcare Strategy.HILLSBORO, Ore.--(BW HealthWire)--June 7, 1999-- MedicaLogic Inc., the market leader in electronic medical record (EMR (ElectroMagnetic Radiation) The emanation of energy from everything in the universe. Although the EMR from electrical and electronic devices is typically measured for practical, every-day situations, every object, including humans, emanates energy. ) solutions, today announced that it has secured a mezzanine investment of $35 million to execute its Clinical eHealthcare business strategy. The funding comes in the form of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". from Sequoia Capital Sequoia Capital is a venture capital firm founded by Don Valentine in 1972. The firm's partners include Don Valentine, Pierre Lamond, Michael Moritz, Doug Leone, Mike Goguen, Mark Stevens, Jim Goetz, Sameer Gandhi, Roelof Botha, and Mark Kvamme. and affiliates of Soros Fund Management The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . This investment will support MedicaLogic's aggressive development of its Internet strategy to provide EMR and surrounding communications tools for physicians and patients to enhance the quality, service and cost-effectiveness of healthcare. "It is anticipated that the online healthcare market will reach $1.7 billion in the next four years," said Mark Stevens, general partner, Sequoia Capital and member of MedicaLogic's Board of Directors. "Sequoia is building on its initial investment in MedicaLogic because we believe the company can 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>. its EMR success to become a leader in Clinical eHealthcare." Sequoia is best known for its venture capital investments in cutting edge technology companies, including Apple Computer (Nasdaq:AAPL AAPL Apple Computer, Inc. (stock symbol) AAPL American Association of Professional Landmen AAPL American Academy of Psychiatry and the Law AAPL Advance Audiovisual Presentation Limited AAPL Advocates for Arkansas Public Libraries ), Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. (Nasdaq:CSCO CSCO Cisco Systems Incorporated (stock symbol) CSCO Chief Supply Chain Officer ), Yahoo! (Nasdaq:YHOO YHOO Yahoo! Inc. (NASDAQ symbol) ) and eToys (Nasdaq:ETYS). MedicaLogic's next generation of products and services include Logician Internet (a Java-based EMR client), MDPlace.com(TM) (a physician channel providing Internet productivity applications) and AboutMyHealth.net(TM) (a consumer channel providing consumers access to their own medical records and a vast array of health and medical information). MedicaLogic's Internet initiatives mean that all Logician users will be part of a growing clinician community with direct and immediate interaction with patients. New offerings will enable patients to securely review their own patient history, perform certain tasks associated with managing their healthcare and join the online patient community. State-of-the-art systems will guarantee optimal security and data integrity. "MedicaLogic has maintained a clear vision from its founding more than a decade ago that the use of electronic patient records at the point of care will greatly enhance the patient-physician relationship patient-physician relationship Medtalk A formal relationship that exists between the physician and the Pt, often equated to medical 'duties' that the physician must perform in a professionally acceptable manner. See Doctor-Pt interaction. Cf Abandonment. and deliver more efficient, cost-effective care," said Mark K. Leavitt, M.D., Ph.D., MedicaLogic'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. . "This funding gives us the power to invest in expanding the MedicaLogic team and infrastructure to extend our capabilities to a broader audience through the Internet." Building an Executive Team MedicaLogic plans to use the funds to expand its executive team and to establish a sophisticated Internet development and data center in San Francisco. From this strategic location near Silicon Valley, MedicaLogic will fortify for·ti·fy v. for·ti·fied, for·ti·fy·ing, for·ti·fies v.tr. To make strong, as: a. To strengthen and secure (a position) with fortifications. b. To reinforce by adding material. the growth of its Internet capabilities to provide a total front-end solution for physicians at the point of care. To ensure its development as a true "dot-com" company, MedicaLogic is attracting premier technology talent and expertise from innovative Internet companies such as Netscape Communications Corp. Recently, MedicaLogic announced three new strategic executive hires from Netscape: Gregory Miller, senior vice president, worldwide marketing; Harvey Anderson, senior vice president and general counsel; and Eliot Bergson, vice president, content development. Two additional hires brought on board to strengthen the top ranks of MedicaLogic are: -0-
-- Cameron Lewis, vice president of Internet marketing and commerce
development, brings deep domain expertise from Netscape
Communications where he played one of the pivotal roles in the
business development of Netscape's NetCenter under Mike Homer.
Cameron has been involved with the Internet since 1993 when he
began working with Magellan Interactive where he designed
interactive Web sites for JCPenny, Eddie Bauer, General Motors
Corporation, L.L. Bean, Rand McNally & Company and other
companies. More recently, Cameron led eCommerce development for
Network Associates, including the development of nai.com,
mcafee.com and oilchange.com. Cameron is leading the Internet
marketing and business development efforts for the forthcoming
MedicaLogic network properties, MDPlace.com and
AboutMyHealth.net.
-- Joe Godsil, vice president of network architecture, brings World
Wide Web and Internet expertise to the MedicaLogic team from his
career with Netscape Communications and Sun Microsystems.
Formerly, Joe worked at the National Center for Supercomputing
Applications where he led research in the areas of high
performance network development and scalable WWW server software.
Joe's pioneering work with Domain Name System (DNS) in 1993
allowed scalability of WWW servers. His work enabled much of the
early efforts by Marc Andreesson and team to popularize Mosaic,
the forerunner to Netscape Navigator. Joe's responsibilities at
MedicaLogic include designing and building a world-class patient
data center outsource service and the platforms for the
forthcoming MedicaLogic network properties, MDPlace.com and
AboutMyHealth.net.
-0- In addition, Neal Moszkowski, a partner of Soros Private Equity Partners, joins MedicaLogic's Board of Directors as part of the transaction. About Sequoia Capital Since its founding in 1972, Menlo Park-based Sequoia Capital has financed more than 350 early stage technology companies, investing at every stage of a private company's development. More than 100 of these have gone public or been sold. Sequoia Capital is one of the oldest Silicon Valley venture firms and has managed more than $750 million for institutional investors. About Soros Private Equity Partners LLC Soros Private Equity Partners LLC ("SPEP SPEP Serum protein electrophoresis, see there ") is an affiliate of Soros Fund Management LLC ("SFM SFM Sustainable Forest Management SFM Science Fiction Museum (Seattle) SFM Switch Fabric Module (Cisco Systems) SFM Scanning Force Microscope SFM Société Française de Microbiologie "). SPEP is responsible for making direct private equity investments on behalf of Quantum Industrial Holdings Ltd. ("QIH QIH Quick Introduction to Hypertext "), a $3.5 billion investment fund, and certain other affiliates of the Quantum Group of Funds Quantum Group of Funds are privately owned hedge funds based on Curacao(Netherlands Antilles) and Cayman Islands. They are currently advised by George Soros through his company Soros Fund Management. However it's not publicly disclosed who are the shareholders and owners of those funds. . The Quantum Group of Funds is not available to U.S. investors. About MedicaLogic The mission of MedicaLogic is Clinical eHealthcare: providing the electronic medical record and surrounding communications tools for physicians and patients that enhance the quality, service, and cost-effectiveness of healthcare in the ambulatory environment. For more than 14 years, MedicaLogic has served its customers through its national network of distribution partners, implementation partners and the company's own sales and implementation personnel in more than 20 offices across the country. For more information on MedicaLogic, go to www.medicalogic.com. Note to Editors: MedicaLogic, Logician and Logician Internet, MDPlace.com and AboutMyHealth.net are trademarks of MedicaLogic, Inc. |
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