InTouch Health Closes $10 Million Private Placement with Beringea’s Invest Michigan Fund
Santa Barbara, CA, May 3, 2010 – InTouch Technologies®, Inc. (d.b.a. InTouch Health®), the world leader in Remote Presence Total Telemedicine solutions, announced today the completion of a private placement of $10 million. The financing round was led by Michigan-based Beringea through its InvestMichigan! Growth Capital Fund, which provides venture and expansion-stage capital to businesses with operations in Michigan. The Company’s largest investor, Galen Partners, led the returning insiders in providing the remainder of the round, which included InvestCare Partners and Twenty One East Victoria Investments among others. The growth capital raised will help support the acceleration of the Company’s commercial and product development plans, as well as infrastructure investment in preparation for a public offering.
InTouch Health provides comprehensive telehealth solutions that allow physicians to remotely perform complete and real-time consults with hospital patients by removing time and distance barriers. With expertise available at a moment’s notice, Remote Presence allows for innovative healthcare delivery models leading to improved quality of care. The Company partners with health systems, hospitals, and physician groups to build sustainable telemedicine programs that yield outstanding clinical outcomes and financial results. There are more than 300 hospital locations enrolled in its Remote Presence telemedicine network.
“InTouch has emerged as a clear leader in telemedicine with unique endpoint devices, best-in-class connectivity solutions, and clinical protocols that provide superior patient care while driving cost out of the health care system,” said Michael Gross, managing director at Beringea. “With over 10,000 Remote Presence sessions per quarter, InTouch technology is emerging as a mainstream tool in healthcare delivery.”
“Healthcare reform is driving the need for a new modality of healthcare delivery across the country. We believe that Remote Presence solutions will play a big role in this reform,” ommented Dr. Yulun Wang, Chairman and CEO of InTouch Health. “This capital allows us to accelerate the development of our product roadmap, as well as expand our market presence domestically and internationally.”
Piper Jaffray served as the Company’s advisor and sole placement agent on this financing.
About InTouch Health
InTouch Health provides comprehensive telemedicine solutions that enable physicians to perform real-time consults with hospital patients. Through a single interface, physicians can access a host of FDA-cleared Remote Presence devices to provide and document care into emergency rooms, critical care units, patient wards, and operating rooms. Wherever access to medical expertise is limited, InTouch Health’s Remote Presence telemedicine solutions can effectively extend the physician’s reach to manage patient care, thereby removing critical time and distance barriers.
The Company has more than 300 hospital locations on six continents using Remote Presence to deliver specialty care services such as stroke, cardiology, trauma, pediatrics, neonatology, behavioral health, translation services, critical care coverage, patient rounds, clinical education, and surgical/procedure mentoring.
Beringea is the largest venture capital firm in Michigan, with more than 60 portfolio companies in the U.S. and UK. Headquartered in Farmington Hills, Mich., the firm has additional offices in London and Shanghai. Beringea has more than 20 years of investing experience in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Among its many initiatives, Beringea is co-manager of the $175 million InvestMichigan! Growth Capital Fund, which provides venture and expansion-stage capital to emerging businesses headquartered or with substantial operations in the state of Michigan. For more information, visit www.beringea.com or www.investmichiganfund.com.
Galen Partners is a leading healthcare private equity firm based in Stamford, CT. The firm focuses on growth equity investments in healthcare technology enabled services, medical devices and specialty pharmaceutical companies. With nearly $1 billion under management raised through five funds, Galen has invested in more than 70 companies since 1990. The partnership seeks opportunities to actively participate as a lead investor in which it can provide between $10 million to $30 million of growth equity capital in healthcare related companies with established revenue. The firm continues a tradition of strategic collaboration and partnership with its portfolio company management teams to build healthcare market leaders. For more information, please visit Galen’s website at www.galen.com.