SOURCE: Torrey Pines Investment

Torrey Pines Investment

Torrey Pines Investment

January 17, 2014 00:15 ET

Precision Repair Receives Funding for Nationwide Expansion

Precision Repair, the Healthcare Products and Services Network, Attracts Venture Funding From Torrey Pines Investment

SAN FRANCISCO, CA--(Marketwired - Jan 17, 2014) - Torrey Pines Investment, a San Diego specialty life-science venture company, announced today at 32nd Annual JP Morgan Healthcare Conference about its multi-million dollar investment in Precision Repair Network, an emerging leader in the field of motorized wheelchair repair and durable medical equipment (DME) supply.

Founded in 2012 by Sam Saribekian, Precision Repair Network -- through its parent company, Precision Medical Holding -- currently operates 21 equipment repair locations nationwide. The investment will be used to support expansion of the network over the next two years to enable service to all major population centers in the United States.

The deal provides Precision Repair Network with the resources it needs to better serve its customer base, regardless of where they live within the contiguous United States.

Financial details of the investment were not publically disclosed.

A Company Committed to Quality Care
Precision Repair Network is driven by a simple but unwavering principle: it is committed to helping individuals that are confined to or dependent on a wheelchair for their mobility.

The company accomplishes its goals through the on-site service and repair of these devices. Calling upon a national association of highly trained service technicians, PRN is able to repair and maintain customers' chairs entirely on-site, as well as deliver new power wheelchairs and scooters directly to the customer. Put simply, no customer is ever required to bring in his or her device to a PRN facility. In the event a wheelchair does need to be serviced off-site, a loaner chair is provided to the customer.

In addition to the repair and service of power wheelchairs and scooters, Precision Repair Network also offers parts and accessories, new power wheelchair leasing plans, and service memberships. To meet the needs of its customers, the company accepts Medicare and Medicaid, most medical insurance plans, and all major credit cards, as well as eChecks. Precision Repair Network is a HIPAA-compliant company.

To learn more about Precision Repair Network, individuals can visit: http://www.precisionrepairnetwork.com/.

About Torrey Pines Investment
Torrey Pines is a specialty life-science investment company with investments in a range of pharma, biotech and biomed assets to develop them to commercial success. We are committed to identifying and capitalizing on unique opportunities in the healthcare space where we offer industry knowledge and networks to help our portfolio companies develop and execute their business strategy. Our bottom line is to help our companies achieve growth, build value and realize wealth. More information is available at torreypinesinv.com

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