ForHealth Technologies Inc., a Daytona Beach, Fla.-based developer of automation systems for hospital pharmacies, has raised $4 million in new VC funding. Return backers include New Enterprise Associates, National Healthcare Services, Red River Ventures and Chisholm Private Capital. ForHealth also secured $5 million in venture capital financing from Square 1 Bank.
ForHealth Technologies Inc., a recognized innovator in automation systems for hospital pharmacies, announced today that they have closed on a total of $9 million of new capital financing. The round consisted of a $4 million equity component and an additional $5 million of debt financing. The new equity investments were made by existing investors, including New EnterpriseAssociates, National Healthcare Services, Red River Ventures, and Chisholm Private Capital. The debtfinancing was provided by Square 1 Bank.
Hospital pharmacies have prepared more than twenty million patient doses ofinjectable medications using ForHealth Technologies' IntelliFill i.v. syringe-based dose preparation systems. Recent significant company events include the announcement on November 27th of IntelliFlowRx(TM) — the world's first workflow automation system for intravenous dose preparation in hospital pharmacies and the Board of Directors' successful recruitment of Steve Thomas as Chairman and Chief Executive Officer in May 2007. The Company also is preparing to celebrate its 10th anniversary.
“We're honored to have the solid, continued support of our core group of investors and Square 1 in addressing our expanded market opportunity. We did not need to spend time attracting new investors,” said Steve Thomas, ForHealth's Chairman and Chief Executive Officer. “Certainty, Speed, and Precision is how we will help our customers improve patient safety, increase pharmacy staff job satisfaction, and take out cost. The combination of IntelliFill i.v. and IntelliFlowRx uniquely positions ForHealth Technologies asthe only company with a complete solution to the pressing needs of every hospital pharmacy's I.V. Room.”
“We continue to be extremely excited about FHT's prospects and look forwardto their continued market and product expansion and growth,” William D. Paiva, Ph.D., Chisholm Private Capital General Partner. “FHT is well positioned as the dominant player in the management and automation of the IV room.”
“Hospital pharmacy spending on medications and administration systemscontinues to grow substantially as does their dependence on intravenous administration. ForHealth is ideally positioned to address these unique needs,” said Ryan Drant, General Partner, New Enterprise Associates. “Our investment decision is one demonstration of our confidence in ForHealth's strategy and ForHealth's team.”
Founded in 1998, ForHealth Technologies delivers 21st century technologycombined with professional support to uniquely enable hospital pharmacies to stay aheadof the growing challenges faced in preparing injectable medications. ForHealth Technologies solutions deliver quantum-leap improvements in key I.V. roomperformance metrics: accuracy, patient safety, clinician safety, speed, cost reduction, and regulatory compliance.