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PreferredTime Receives $3 Million in New Financing; Additional funding will advance penetration of company's pharmaceutical rep visit coordination service.

BOSTON -- PreferredTime, Inc., a company dedicated to reducing waste in the healthcare system by streamlining interactions between the medical provider and pharmaceutical communities, today announced that it has received $3 million in new financing from IDP Group (IDP) and The Venture Capital Fund of New England (VCFNE). The company will use this new funding to advance the sales and marketing of its pharmaceutical rep visit coordination service that was launched nationally in May 2005.

"IDP and VCFNE have been partners with PreferredTime since our founding," said Stefania Nappi, CEO of PreferredTime, Inc. "Their expanded investment helps us as we grow, continuing to increase the number of medical offices and pharmaceutical reps across the U.S. who use our rep visit coordination service."

PreferredTime's pharmaceutical rep visit coordination service allows medical offices and pharmaceutical representatives to arrange meetings at times and in ways that both parties prefer. The number of medical offices and pharmaceutical reps nationwide using the service has more than doubled since its May 2005 launch, and the company now supports medical practices in 36 states and pharma reps from virtually every pharmaceutical company in the U.S.

"We're pleased to be an early investor in PreferredTime," said Robert Reilly, Advisor Partner to IDP and Managing Director of Downer & Company. "This company has enormous growth potential. In addition to broadly reducing waste in the healthcare system, PreferredTime is driving great change in how medical offices and pharmaceutical reps interact. PreferredTime's service improves the lives and productivity of medical office staff and pharma reps alike. There is no other service or solution that has the same impact."

Since its founding in 2004, PreferredTime has raised $5.6 million from IDP Group, The Venture Capital Fund of New England, and others.

About Preferred Time

Headquartered in Boston, Massachusetts, PreferredTime is dedicated to reducing waste in the healthcare system by making interactions between the medical provider and pharmaceutical communities more efficient. PreferredTime's rep scheduling service allows pharmaceutical representatives and medical offices to arrange visits at times and in ways that both parties prefer. PreferredTime is privately held, neutral, and independent. It is not affiliated with any pharmaceutical or healthcare organizations. PreferredTime never compensates physicians for attending any sales activities, and its services are in full compliance with all guidelines of the American Medical Association, the Pharmaceutical Research and Manufacturers of America and the HHS Office of the Inspector General.
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Publication:Business Wire
Date:Jan 25, 2006
Words:397
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