SOURCE: ForHealth Technologies Inc.

November 30, 2007 14:36 ET

ForHealth Technologies Secures $9M in Additional Financing

Funding From Current Investors Demonstrates Confidence in 10-Year Old Hospital Pharmacy Automation Innovator

DAYTONA BEACH, FL--(Marketwire - November 30, 2007) - 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 Enterprise Associates, National Healthcare Services, Red River Ventures, and Chisholm Private Capital. The debt financing was provided by Square 1 Bank.

Hospital pharmacies have prepared more than twenty million patient doses of injectable medications using ForHealth Technologies' IntelliFill i.v. syringe-based dose preparation systems. Recent significant company events include the announcement on November 27th of IntelliFlowRx™ -- 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 as the 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 forward to 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 systems continues 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."

About ForHealth:

Founded in 1998, ForHealth Technologies delivers 21st century technology combined with professional support to uniquely enable hospital pharmacies to stay ahead of the growing challenges faced in preparing injectable medications. ForHealth Technologies solutions deliver quantum-leap improvements in key I.V. room performance metrics: accuracy, patient safety, clinician safety, speed, cost reduction, and regulatory compliance.

ForHealth Technologies: Innovating for Your I.V. Room's Future™

Contact Information

  • For additional information, please contact:

    ForHealth Technologies Inc.
    Nicolas Boillot
    Hart-Boillot
    781-893-0053
    Email Contact

    ForHealth Technologies Inc.
    Katie Delach
    Hart-Boillot
    781-893-0053
    Email Contact