June 6, 2008

New WaveSense Presto™ and Pro™ Glucose Meters to Simplify Testing

The makers of the WaveSense™ line of blood glucose monitoring products (AgaMatrix, Inc.) announce the launch of the WaveSense Presto and WaveSense KeyNote Pro Blood Glucose Monitoring Systems (BGMS). The Presto is a no code meter with premium features that consumers can buy at a value price. The Pro is designed for use in institutional settings with added features for increased safety.

The Presto has all the market-leading features of AgaMatrix’s first product, the WaveSense KeyNote®, but does not require coding and is priced considerably less than no code products from the major brands. The system also has improved ergonomics and a brighter backlit display. Like the KeyNote, it requires a small sample size (0.5µl), is As Fast As 1-2-3®, and has alternate site testing. Presto builds on the existing base of WaveSense customers that is expected to exceed 1,000,000 by this fall.

“We are extremely excited to launch our first no code product in the United States,” said Dave Conn, Chief Commercial Officer. “Following the feedback we received from our users, the new Presto meets a growing market need for an affordable system that also has high accuracy and is easy to use. We are very proud of our progress and these new products are an important transition for our company as we grow. Consumers will be able to find the Presto in retail outlets this fall.”

In a recent clinical study, the Presto was show to be extremely accurate, as 93% of the results were within 10% of a lab standard*.

The WaveSense product portfolio consists of the KeyNote and KeyNote Pro, for users who want a value meter, the Presto, for users who want a no code meter, and the WaveSense Jazz™, for users who want a premium meter for better control. All products uniquely feature WaveSense, a new technology that personalizes each test to provide world class accuracy.

Marian Batts-Turner, MSN, RN, CDE, a leading diabetes educator who is a faculty member of the Welch Center for Prevention, Epidemiology, and Clinical Research, at Johns Hopkins University, said “It’s great to see that the company is listening to what diabetes educators and patients are asking for - high accuracy systems that are more affordable and easier to use. This is vital for improving patient care”.

June 4, 2008  

Erlanger Health System Selects PHNS for IT Services

PHNS today announced that Erlanger Health System, a public non-profit, academic medical center in Chattanooga, Tennessee (Erlanger), has entered into an eight-year agreement to outsource its information technology (IT) department to PHNS.  Erlanger selected PHNS after an extensive Request for Information process by Erlanger, with assistance from its independent consultant, HIMformatics, LLC, that began in the spring of 2007. 

Erlanger’s decision to outsource its IT services came after a detailed assessment of its IT infrastructure and services by HIMformatics revealed a significant need to enhance and expand Erlanger’s IT resources and services in order to support Erlanger’s future IT requirements and operational growth.

“Information technology is critical to Erlanger’s operations and success,” stated Jim Brexler, president and CEO. “The most efficient way to reach our IT goals is through outsourcing, partnering with a company that brings the same expertise to IT that we bring to patient care. We selected PHNS because of their demonstrated ability in improving the depth and breadth of IT services at other hospitals. We look forward to working closely with PHNS to dramatically improve our IT services and capabilities.”

“PHNS is very pleased to have been selected by Erlanger and we’re excited about providing Erlanger with significantly enhanced IT services that will support Erlanger’s current and future strategic and operational IT imperatives,” said Chick Young, chairman and chief executive officer of PHNS.

May 18, 2008

Volcano Announces Acquisition of Novelis, Inc.

Novelis' Forward-Looking IVUS technology platform expected to enable Volcano to offer an expanded line of minimally invasive diagnostic and therapeutic devices

Volcano Corporation (Nasdaq: VOLC), a provider of intravascular ultrasound (IVUS), functional measurement (FM) and Optical Coherence Tomography (OCT) products designed to enhance the diagnosis and treatment of coronary and peripheral vascular disease, said today that it has acquired Novelis, Inc., a privately-held company with proprietary ultrasonic visualization and therapy technology for minimally invasive diagnostic and therapeutic devices.

Novelis' proprietary Forward-Looking IVUS technology platform is expected to build upon Volcano's existing suite of products and further enhance Volcano's position as an imaging technology leader in the field of interventional medicine by enabling forward-looking IVUS and associated therapies in the interventional cardiology market. Volcano expects to add the Novelis products and capability onto its s5i multi-modality integrated platform/hub.

Novelis' core product line is based on Forward-Looking Intravascular Ultrasound (FLIVUS) technology. The product line includes an image-guided crossing catheter that combines visualization, steerability and RF tissue ablation, which is designed to permit Interventional Cardiologists to safely cross chronic total occlusions ("CTO") in the coronary and peripheral arteries, and a forward-looking IVUS catheter (imaging-only version) to facilitate current guidewire-based CTO crossing techniques as well as other potential product offerings with possible applications outside of vascular medicine. This platform technology may have applications for numerous minimally invasive procedures including plaque modification in the coronary or peripheral arteries, guidance in structural heart procedures, including cardiac ablation guidance and therapy, breast biopsy guidance and therapy, and orthopedic (spine) guidance and therapy.

Under the terms of the agreement, Volcano paid approximately $12 million in cash at closing. In addition, Volcano may make an additional cash payment of $3 million based on the achievement of a specific regulatory milestone.

"As was the case with our acquisition of CardioSpectra's OCT business, the Novelis offering represents a highly complementary technology to our IVUS offering. By adding new modalities, we will leverage the Volcano integrated imaging suite provided by our s5i integrated platform and expect to drive installed-base growth and per-procedure utilization as we address sizeable therapy markets that are estimated to be in the hundreds of millions of dollars," said Scott Huennekens, president and chief executive officer of Volcano.

"Novelis' proprietary technology has potential applications for a number of minimally invasive diagnostic and therapeutic applications in the coronary and peripheral arteries, including the treatment of CTOs. It is estimated there are currently over 200,000 CTOs performed in the U.S., Europe and Japan each year. These procedures, which remain one of the most challenging issues faced by interventionalists today, often fail or take hours to successfully complete due to inadequate visualization. Furthermore, due to the lack of adequate tools for CTO crossing, many interventionalists simply refer patients with CTOs to highly invasive and costly coronary artery bypass grafting (CABG) procedures. The products under development by Novelis have the potential to shorten procedure times and minimize complications plus dramatically add to the total number of procedures being performed -- enabling patients with CTOs to be treated in the cath lab rather than in the surgery suite. At the estimated procedure volume of over 200,000 cases per year -- and factoring in the potential for market expansion -- the total market potential for Novelis' CTO products is estimated at over $500 million," he added.

"We believe the regulatory path is fairly straightforward in all major geographies and that this offering will leverage our strong presence in the cath lab through our sales and distribution programs. Given our sales team's role as advisor to interventionalists in ultrasound image interpretation, we believe this is an absolutely perfect match with our sales and marketing capabilities. We are also very excited to explore the potential for this technology platform in other large expanding markets like ablations for atrial fibrillation and spine therapy," Huennekens concluded.

"CTOs continue to be a challenge for even the very experienced interventionalist. Current angiographic tools are simply inadequate to guide CTO crossing," commented Dr. Gary Mintz, M.D., Chief Medical Officer, Cardiovascular Research Foundation, Medical Director and Editor-in-Chief, TCTMD.com and advisor to Volcano. "The next step to improve success rates will come in the form of intravascular image guided therapies such as this truly unique 'forward looking' approach to CTO imaging," he added. "Many technologies have been tried; but to date, none have been particularly successful. Novelis is the first forward-looking technology that I have seen that makes sense and seems to have a strong likelihood of providing a viable solution for guiding CTO recanalization."

"Catheter-based treatment of chronic coronary total occlusion is one of the remaining major clinical challenges in interventional cardiology," commented Dr. David Williams, MD, Professor of Medicine and Director of the Cardiac Catheterization Laboratory and Interventional Cardiology at Rhode Island Hospital and advisor to Novelis. "Currently, the lack of safe and predictable treatment modalities results in most CTO patients being referred to open-heart bypass surgery. I have performed pre-clinical work with the Novelis device which, in my view, demonstrated clear differentiation of coronary anatomy and sufficient ablative power necessary to guide the Interventional Cardiologist safely through a CTO."

"We believe there is an excellent strategic fit between the Novelis product candidates and Volcano's vision of the cath lab of the future," said Paul Magnin, Ph.D., CEO of Novelis. "I know I speak for all of the Novelis employees when I say we are thrilled to be a part of this vision and to have a role in the development of ultrasonic guidance technology that makes a difference in patient's lives."

Novelis' offering consists of a forward-looking manually steered imaging system comprised of a laptop-sized console with advanced custom software and single-use catheters both with and without RF ablation. The system and accessories are not approved for human use at this time and have not been submitted to FDA for regulatory clearance.

The company expects to file for appropriate U.S. and international approvals on the first of several devices during 2009 and begin commercialization of a stand-alone imaging console in the second half of 2009 in the U.S. and Europe. Volcano expects a majority of the purchase price to be written off immediately as in process research and development and to incur ongoing development costs in the range of $300,000 to $400,000 per quarter.

May 13, 2008

PHNS Acquires AmeriVault Corp.
Adds second managed services subsidiary to expand data protection reach

PHNS, an information technology and business process service provider focused on the healthcare industry, today announced the acquisition of AmeriVault Corp., a leading provider of remote online data backup, offsite recovery services, email archiving and data lifecycle solutions.

In 1998 AmeriVault pioneered disk-based online backup, founded on the premise that tape solutions were faulty and inefficient, and put businesses at risk. Today, AmeriVault continues to combine best-of-breed software, industry-leading hardware, world-class data centers and expert customer support to deliver secure offsite data protection and recovery services with the highest reliability. Solutions are designed to satisfy recovery point and time constraints, archiving requirements and compliance demands, while maximizing efficiency through automation and hardware-free processing. Since its inception, AmeriVault has experienced double-digit growth year-over-year, which has resulted in honors by both the Boston Business Journal and Inc. 5000 for their lists of Fastest Growing Companies.

AmeriVault will operate as a PHNS subsidiary together with PHNS’ Network Technology Group subsidiary (NTG), which also provides electronic data protection services as well as advanced data center information technology services. AmeriVault will operate with Bud Stoddard, AmeriVault’s president, continuing as president, and with AmeriVault’s management and employees remaining in their current positions. AmeriVault and NTG together will service over 1,270 customers throughout the United States with AmeriVault continuing to operate from its headquarters in Waltham, Massachusetts.

“AmeriVault is one of the most highly regarded companies offering electronic data protection services to small and medium sized business, and we’re very excited to combine AmeriVault’s data protection business with NTG’s data protection business,” said Scott Thompson, president of PHNS’ NTG subsidiary. “We’re very pleased that AmeriVault’s strong management and employee team will join with us to continue to offer outstanding customer service and a broad array of electronic data protection services to businesses at a reasonable cost.”

“AmeriVault and PHNS’ NTG together share significant depth in delivering managed and hosted solutions, especially with regard to data protection and recovery,” said Bud Stoddard, founder and chief executive officer of AmeriVault. “The combination of expertise, resources and customer bases will provide a strong competitive advantage that will benefit our customers.”

March 18, 2008

AMERITA, INC. ACQUIRES IV SOLUTIONS IN NASHVILLE
Amerita grows to ten locations

Amerita, Inc. announced today that it has acquired IV Solutions located at 217 West Maplewood Lane, Nashville, TN 37207. This marks Amerita’s sixth acquisition in the last two years and continues the company’s strategy to expand its presence in the Southeast region.

Started in 1994, IV Solutions has grown to be one of the largest independent infusion pharmacies in Nashville and has a tremendous clinical and service reputation in the communities it serves, said Jim Glynn, CEO of Amerita. IV Solutions provides specialty infusion services that primarily involve the administration of injectable or infused medications to treat a wide range of acute and chronic health conditions. This acquisition is our second Tennessee location and complements our existing Chattanooga branch by expanding our service area throughout the entire state of Tennessee and also broadens our clinical capabilities in a new therapy line for the company.

Michael Young, founder of IV Solutions, said, “Amerita and IV Solutions are a great fit. Our two companies share the same values and philosophy for specialty infusion excellence: a strong clinical focus, a true commitment to patient care and customer satisfaction, and exceptional employees who are dedicated to their patients and their local communities.” He added, “Amerita’s management team has been excellent to work with. I am confident that Amerita will create the very best environment for the company that I founded more than ten years ago to grow and prosper for many years to come.”

“Amerita continues to execute the plan we put in place two years ago to acquire well run home infusion companies in the West, Southwest and Southeast,” said Glynn. “The IV Solutions acquisition expands our service capabilities in the Mid-South and furthers our goal to build a company of scale that provides high-quality specialty infusion services to patients across the Southern U.S. We are excited to have Mike’s team as a part of the Amerita family.

March 3, 2008

K2M Launches ALEUTIAN™ AN (Anatomically Narrow) and Anterior - Lumbar Spacer Systems

Launch Completes a Full Breadth of Anatomically Designed Spacers for Complex Spinal Procedures

K2M, Inc., the spinal device company developing innovative and simplified solutions for the treatment of complex spinal pathologies and procedures, today announced the successful evaluation and launch of the ALEUTIAN AN (Anatomically Narrow) and the ALEUTIAN Anterior - Lumbar Spacer Systems. The ALEUTIAN family incorporates a full array of Spacer Systems, which include the Anterior - Lumbar, Small - Anterior, Posterior - Lumbar 10 x 22, Posterior - Lumbar 10 x 26, Posterior - Lumbar 10 x 27 and AN (Anatomically Narrow).
The launch completes a comprehensive K2M offering of biocompatible and anatomically designed implants. The ALEUTIAN products are designed to facilitate multiple surgical applications in the thoracolumbar spine including the treatment of trauma, tumor, and fractures. This launch is supported by over 2,000 surgeries utilizing the ALEUTIAN family of Spacer Systems.

ALEUTIAN incorporates a full range of anatomically designed spacers to address varying surgical approaches and different parts of the spine. ALEUTIAN features a durable and biocompatible material called PEEK-OPTIMA®; the radiolucent feature of which has the potential to increase visualization of the graft and allow for more accurate fusion assessment and placement. In addition, the elastic modulus more closely matches that of cortical bone for load sharing, with the potential to minimize stress shielding. The bulleted nose allows for easier insertion and distraction; and the self-retaining teeth can potentially help post operative stabilization of the implant. The family of ALEUTIAN Spacer Systems is available with a complete offering of additional preparation and insertion instruments, including the innovative ALEUTIAN Adjustable Inserter, which easily articulates as the implant advances into the spine during surgery. This unique instrument increases the potential for a shorter, more simplified surgery.

“We are pleased to launch the final two components of the ALEUTIAN family of Spacer Systems. This marks another important step in our development of a complete portfolio of unique, next generation products,” stated Eric Major, K2M’s President and CEO. “We continue to focus on the complex spine segment of the market and strive to be the leading provider of innovative products for treating the most difficult clinical challenges facing surgeons in the operating theater.”

“The ALEUTIAN Spacer System provides a complete product offering which combines the unique PEEK implant designs with special instruments that allow surgeons many options during surgery,” stated Paul Brisson, MD, Chief, Division of Orthopaedic Surgery at The Brooklyn Hospital Center. “This system includes innovative instrument designs allowing for both minimally invasive and traditional open surgical approaches, providing extensive versatility in one product.”

January 14, 2008

First LTAC in Montana Opens this Month

Advanced Care Hospital of Montana (Billings, MT), a private, 40-bed long-term acute care hospital owned by Ernest Health (Albuquerque, NM) will open by the end of January 2008.  The hospital, which will be the first LTAC hospital in Montana, will house a "transition room" to help patients get back into a daily routine once their treatment is complete.  The hospital, which is equipped to care for patients of any medical or surgical specialty, will work with both Billings Clinic Hospital (Billings, MT) and Saint Vincent Healthcare (Billings, MT), serving patients that need more acute care during their recovery process.  It will only be able to provide care for a maximum of ten patients until it receives certification from CMS (Centers for Medicare and Medicaid Services) (Baltimore, MD), which may take up to six months.

December 1, 2007

Reliant Renal Care Inc., Announces Company Formation, $50 Million Financing and Strategic Acquisition and Joint Venture

Reliant Renal Care, Inc. (RRC), a comprehensive outpatient dialysis provider, is pleased to announce its company formation with the initial placement of $ 50 million in private equity for acquisitions and development.  

The executive management team is led by Barbara Bednar who is RRC’s Chief Executive Officer and was formerly COO for Renal Treatment Centers and co-founder and COO for Physicians Dialysis, Inc.  Ms. Bednar has thirty-five (35) years experience in nephrology beginning as a nurse.  After receiving her masters in hospital administration, Ms. Bednar moved into key executive management positions with the above mentioned companies.

Scott Roncace is the Chief Financial Officer of Reliant and brings with him twenty (20) years of experience most recently with Call, Inc., a privately held pharmaceutical company.  Previously, Mr. Roncace was senior manager of mergers and acquisitions for Deloitte and Touche.  Nola McMullen is the Chief Operating Officer for the company.  Ms. McMullan has over twenty (20) years experience in nephrology and is a nurse who has had experience in operations at both DaVita and previously at Renal Treatment Centers.  John Sullivan with seventeen (17) years experience in nephrology is the Chief Development Officer for the company and his experience includes corporate development roles at Fresenius Medical Care.  Most recently, Mr. Sullivan was Associate Professor in the Finance faculty at Boston University.  Mr. Sullivan has published extensively on the economics of dialysis.  Rounding out the management team is Larry Nail, Senior Vice President of Development.  Mr. Nail has over eighteen (18) years experience in healthcare both in acquisitions and development in dialysis centers and outpatient surgery centers.

Ferrer Freeman & Company (FFC) led the company’s investor syndicate.  FFC, based in Greenwich, CT, invests exclusively in healthcare and healthcare-related companies.  FFC was an investor in Ms. Bednar’s previous dialysis company, Physicians Dialysis.  Thomas Flynn of FFC will join the Board of Directors for the company.  Mr. Flynn commented: "We view the renal dialysis industry as an attractive segment of healthcare services and are extremely pleased to have the opportunity to partner again with Barbara Bednar." Mr. Flynn also added, "We believe RRC has put together a solid management group with the ability to capitalize on a variety of acquisition and development opportunities."

In conjunction with the financing, Reliant Renal Care closed the acquisition of a majority interest in four dialysis centers in central Michigan.  As part of the transaction, McLaren Healthcare Corporation (“McLaren”)  received stock in Reliant and will be represented on the Reliant board. Joining FFC and McLaren in the transaction is DW Healthcare Partners (“DWHP”), a health care-focused private equity investor based in Salt Lake City, UT.  DWHP founder Andrew Carragher, whose past experience includes development roles at DaVita, Inc., will join RRC’s board.  Also, joining the board is Ron Hinds who was a founding member of Renal Care Group, Inc. (“RCG”) and also served as Chief Financial Officer for RCG.

“I am excited to begin Reliant Renal Care, Inc. with a very strong management team, solid private equity backing, and an outstanding partnership with McLaren Healthcare Corporation and key nephrologists in Michigan”, stated Barbara Bednar, CEO.  “Our goal as a company will be to focus on partnerships where possible and to be the strongest clinical provider of dialysis in the nation.  I would also envision RRC leading the way from a clinical perspective in both home and self care dialysis.  Our management team lends itself to being a uniquely strong clinical and operational company”.

November 5, 2007

WEBMEDX, INC. ACQUIRES TRANSHEALTH, LLC.

Atlanta-based national medical transcription provider Webmedx announced today that it has acquired Nashville-based TransHealth. Webmedx will build on the strong local reputation ofTransHealth by establishing its national field operations center to Nashville.

With the acquisition Webmedx will grow its U.S.-based workforce to approximately 800 people.TransHealth founder and CEO Joseph Storey will become executive vice president of Webmedxaccording to Sean Carroll, Webmedx CEO.

“One of the great things about this partnership is that both companies have shared a similarapproach to doing business,” said Storey, who noted that TransHealth traditionally has focused on smallto mid-sized community hospitals while Webmedx has served larger regional facilities. “Both of ourcompanies are dedicated to very high levels of customer service and are highly integrated with ourcustomers from a technology standpoint. We’ve both remained committed to high-quality transcription.”

Carroll noted that the Webmedx growth strategy was not principally based on acquisitions butthat highly strategic opportunities were always of interest.

“Having a strong presence in one of the most important health care markets in the world,Nashville, TN clearly adds to our strategic growth plan. As well, TransHealth has excelled in servicing adifferent sector of the market which we feel important to our future. Most importantly, TransHealthsubscribes to our belief that a remarkable employee experience leads to a remarkable client experience and that’s what clients deserve in today’s challenging health care market,” stated Carroll.

October 18, 2007

Volcano Corporation Announces Pricing of Common Stock Offering

Volcano Corporation (Nasdaq: VOLC) announced today the pricing of its public offering of 7,000,000 shares of its common stock at a price of $16.25 per share. All of the shares are being offered by Volcano. Volcano has granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of its common stock to cover over-allotments, if any. The offering is expected to close on October 23, 2007, subject to the satisfaction of customary closing conditions.

J.P. Morgan Securities Inc., Banc of America Securities LLC and Piper Jaffray & Co. are acting as joint book-running managers for the offering, with Bear, Stearns & Co. Inc. acting as co-manager. Information about the offering is available in the prospectus supplement and accompanying prospectus for the offering filed with the Securities and Exchange Commission.

Copies of the prospectus supplement and accompanying prospectus can be obtained by contacting J.P. Morgan Securities Inc., Prospectus Library, Four Chase Metrotech Center, CS Level, Brooklyn, NY 11245; Banc of America Securities LLC, Capital Markets (Prospectus Fulfillment) by e-mail to dg.prospectus_distribution@bofasecurities.com or by mail to Banc of America Securities LLC, Capital Markets Operations, 100 West 33rd Street, Third Floor, New York, N.Y. 10001; or Piper Jaffray & Co., 800 Nicollet Mall, Suite 800, Minneapolis, MN 55402.

A shelf registration statement relating to the securities being offered has been filed with the Securities and Exchange Commission and has become effective. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

September 26, 2007

Infusion Innovations JOINS AMERITA AND BECOMES NINTH LOCATION

Amerita, Inc. expands into growing Utah market

Specialty infusion provider, Amerita, Inc., announced today that it has acquired Infusion Innovations, a specialty infusion pharmacy located at 2446 South Progress Drive in Salt Lake City, Utah.  This is the fifth acquisition for Amerita and extends the company’s local operating model into the high-growth markets along the front range of central and southern Utah.

“Infusion Innovations has been providing patients a full range of acute infusion therapy, specialty pharmacy drugs and a nutrition support program in the home setting since 1998.  They’ve done a remarkable job growing their company and working with home health agencies across the state of Utah to bring people’s care into the more cost-effective home setting,” said Jim Glynn, Amerita’s CEO.  “We’re excited that Infusion Innovations and Amerita have come together to provide quality specialty infusion services in Utah and across the West.  Our vision for Amerita includes the ability to service patients throughout the Western region of the United States.  This joining of two strong teams moves us closer to that realization.”

According to the company, the acquisition will retain former owners Bryan Nichols, RPh, and Deanne Birch, as well as the existing Infusion Innovations staff in order to continue the company’s delivery of exceptional patient care and service.

“We chose to partner with Amerita because they understand the unique specialty infusion market in Utah and share our business philosophy of exceptional care and service,” said Deanne Birch.  “Together we will continue as the leading specialty infusion provider for our payers, home health partners, and most importantly, our patients.”

Bryan Nichols added, “Unlike large national providers who consolidate companies and lay-off employees, Amerita wanted to keep our staff, provide them with better benefits, and help us grow our business.  As part of a larger organization, we will be able to continue high service levels and improve our efficiency by adopting Amerita’s operating system and improving our purchasing power. It’s a win/win.” 

Amerita, Inc. currently owns specialty infusion pharmacies in Texas, Colorado and Tennessee. The acquisition of Infusion Innovations is Amerita’s first location in Utah. Amerita’s goal is to build a company of scale that provides specialty infusion services to patients across the West, Southwest and Southeast areas of the U.S.