Intelligent Hospital Systems, a
Intelligent Hospital Systems (IH Systems), a Winnipeg-based medical device company, announced today it has secured $7.6 million of equity and debt financing. The financing will support the introduction of the company's RIVA (Robotic Intra Venous Automation) system – a self-contained unit for filling IV syringes and bags – to the North American hospital pharmacy market.
BDC Venture Capital took the lead with a $3 million investment. Other investors include the Western Life Sciences Venture Fund (WLS) with an investment of $1.0 million, and a group of investors assembled by Wellington West Capital, who together invested $1.1 million.
“We are extremely grateful for the support we have received from BDC Venture Capital, WLS and Wellington West,” says Kevin McGarry, Chief Executive Officer of IH Systems. “This financing will allow IH Systems to complete development and manufacturing of RIVA and begin installation in several key U.S. hospital pharmacies in early 2008,” he adds.
“Intelligent Hospital Systems is clearly representative of the dynamic and leading-edge technology companies in which BDC invests and we are pleased to have led this round of financing,” states Gary Bantle, Director BDC Venture Capital. “This venture capital investment represents a continued commitment of BDC to the Manitoba market and is evidence that growth in this sector continues to be strong,” Bantle says.
The combination of excellent technology, a growth platform and recurring income potential of the RIVA system led to Wellington West's decision to support this round of financing. “We are delighted to support this dynamic, Manitoba-based company as it positions its product for the world stage,” declares Brent Bottomley, Vice President of Corporate Finance with Wellington West.
The WLS Fund has been involved with the RIVA technology since the early days, according to Chief Financial Officer, Rob Davidson. “WLS was created to support very early stage developments on their path towards commercialization,” he says, adding: “It is satisfying to see how far Manitoba-based technology can advance with the support of the local investment community.”
About IH Systems
Intelligent Hospital Systems is a medical device company focused on the design and development of automated solutions for the hospital environment. www.intelligenthospitals.com
About BDC Venture Capital
BDC Venture Capital is a major venture capital investor in Canada, active at every stage of a company's development cycle, from seed through expansion. Its focus is on technology-based businesses with high growth potential that are positioned to become dominant players in their markets. Established in 1975, BDC Venture Capital has invested in over 400 firms to date. It currently manages some $500 million in venture capital investments in the life sciences, telecommunications, information technology, and advanced technology sectors, as well as investments in funds. Visit www.bdc.ca for more information.
About Wellington West Capital
Wellington West Capital Inc. is one of Canada's leading independent financial management and investment advisory companies with 35 office locations across Canada. www.wellwest.ca
About WLS Fund
The $45 million Western Life Sciences Venture Fund LP (WLS) was established to close the gap between research discoveries and the commercial application of those discoveries by providing financial, management and marketing support through the early and second stages of development. www.lombardlifesciences.com/westernlifesciences