ForHealth Technologies Secures Over $20 Million in Financing Florida-based Healthcare Technology Firm Continues Growth with IntelliFill i.v. Robotics Solution
Daytona Beach, FL – August 1, 2006 – ForHealth Technologies, Inc., makers of IntelliFill i.v.™, a high-speed robotic system for the preparation of IV medications in syringes, announced today they have closed on a Series B round of equity financing totaling approximately $20.5 million. JMP Securities, a full-service investment bank headquartered in San Francisco, California, served as the exclusive private placement agent for ForHealth Technologies. The group of investors was led by Montagu Newhall, a venture capital fund manager with offices in Maryland, California, and London.
“With this addition to our capital structure, we are extremely well-positioned to leverage the market’s all-time high level of interest in IntelliFill i.v.,” said Rod Wolford, CEO, ForHealth Technologies. “Because our technology has consistently proven to enhance the quality of patient care and improve hospital pharmacy operations, our sales activity is greater than it has ever been.”
To date, over 20 hospitals across the U.S. have acquired IntelliFill i.v. to help them increase patient safety and reduce operating costs. Among ForHealth Technologies’ prestigious clients is Children’s Medical Center in Dallas, the longest user of IntelliFill i.v., who installed in October 2002. The firm’s most recent contract, Oregon Health & Science University Hospital in Portland, is in the midst of planning its system implementation.
ForHealth’s IntelliFill i.v. automates the compounding and labeling of intravenous medication doses in syringes at speeds, accuracy and reduced risks of touch contamination not possible using manual processes. The robotic system employs barcode scanning, vision systems, and dose volume confirmation steps to accurately deliver patient-labeled, barcoded syringes prepared in an ISO Class 4 environment.
About ForHealth Technologies Inc.
Founded in 1998, ForHealth Technologies, Inc., a leader in automated devices for intravenous drug preparation, is committed to increasing patient safety and decreasing operating costs by automating the preparation of small-volume injectable medications in healthcare organizations worldwide. Offering safety, accuracy, efficiency and reliability, its IntelliFill i.v. automates the preparation of i.v. syringes, greatly enhancing both the safety of patients and the efficiency of hospital pharmacies. For more information, please visit www.fhtinc.com.
