Healthcare Industry News: Incyte
News Release - November 4, 2010
DICOM Grid Secures $7.5 Million in Funding Led by Canaan PartnersSeries A investment to fuel market growth of DICOM’s cloud-based medical imaging platform
PHOENIX--(Healthcare Sales & Marketing Network)-- DICOM Grid, provider of a cloud-based platform for medical imaging management, today announced that it has secured $7.5 million in Series A financing from a syndicate led by Canaan Partners with participation from CHL Medical Partners and private investors. The investment will accelerate DICOM Grid’s market expansion and product development to meet the need for an easy-to-use and cost-effective solution for medical imaging management. Stephen Bloch, M.D., a general partner at Canaan Partners, Myles Greenberg, M.D., a general partner at CHL Medical Partners, and Steven Yecies, CEO at Chronic Health Capital, have joined DICOM Grid’s Board of Directors.
“Given the explosion of medical imaging and overall physician-to-physician collaboration mandated for federal Meaningful Use financial incentives, the healthcare industry needs the ability to affordably archive, access and exchange medical images anytime and anywhere regardless of where they were created,” explained DICOM Grid CEO Mike Wall. “DICOM Grid leverages the most advanced Internet-based technologies to offer the comprehensive, scalable and interoperable solution that the market requires.”
Currently, many imaging studies are snail mailed or hand delivered on sometimes unreadable CDs by patients and messengers. DICOM Grid eliminates this 20th century holdover that delays care and results in costly duplicate imaging studies. By providing physicians with 24 x 7 access to medical imaging studies over the Internet, DICOM Grid also improves the quality of patient care and provides an unparalleled business continuity solution, even during a natural disaster or equipment failure.
“Having timely access to medical images can be vexing as patients move between doctors, hospitals and other healthcare providers,” according to Stephen Bloch, M.D., general partner at Canaan Partners. “As a physician, I am frustrated when key data is lost or unavailable when treating a patient. As a venture investor, I look for companies that solve fundamental disconnections in healthcare and put the patient first. By providing secure and simple access to medical images ‘in the cloud,’ DICOM Grid can reduce unnecessary and redundant tests, lower radiation exposure to patients, and make medical images immediately available to improve patient care.”
About DICOM Grid
Based in Phoenix, DICOM Grid is a healthcare IT company dedicated to making digital medical imaging accessible and affordable to all medical facilities and physicians for the first time. Its unique, integrated ImageCare™ platform allows medical imaging facilities to improve efficiency, reduce errors, enhance the quality of care, provide authorized physicians with anytime and anywhere access to critical imaging, and attract new patients while assuring proper patient privacy safeguards that are mandated by law. For more information please visit http://www.dicomgrid.com/ or call 602.687.8046.
About Canaan Partners Healthcare
Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. Founded in 1987, the firm has raised eight funds and completed more than 78 acquisitions and 53 IPOs. With $3 billion under management and a worldwide footprint, the firm is committed to catalyzing the growth of innovative biopharmaceutical, medical device, diagnostics and healthcare infrastructure companies. Among its successes are Amicus Therapeutics, a pioneer of next-generation oral therapies for the management of human genetic diseases; BiPar Sciences, a biopharmaceutical company pioneering novel tumor-selective therapies to address urgent unmet needs of cancer patients; Calixa Therapeutics, developer of hospital-based antibiotics to treat infections resulting from resistant strains of bacteria; and Cerexa Inc., one of the largest biotech acquisitions of 2007. Other Canaan investments include Advanced BioHealing, Calibra Medical, Chimerix, Inc., Liquidia Technologies, ReVision Optics, Theraclone Sciences, Transcend Medical, and VaxInnate. Canaan maintains a presence in California, Connecticut, India and Israel. For more information, visit http://www.canaan.com.
About CHL Medical Partners
CHL Medical Partners is a healthcare venture capital firm founded in 1990 and based in Stamford, Conn. The firm manages funds with committed capital of more than $300 million. CHL invests primarily in start-up and early stage companies across the U.S. in biotechnology, diagnostics, medical devices, and healthcare services. The principals of CHL have invested in numerous successful companies including Oriel Therapeutics (acquired by Novartis / Sandoz), GeneOhm Sciences (acquired by Becton Dickinson), Amicus Therapeutics (Nasdaq:FOLD ), Incyte Pharmaceuticals (Nasdaq:INCY ), NuVasive (Nasdaq:NUVA ), Alexion Pharmaceuticals (Nasdaq:ALXN ), Celgene (Nasdaq:CELG ), SemperCare (acquired by Select Medical), Genomic Health (Nasdaq:GHDX ), Odyssey Healthcare (Nasdaq:ODSY ), and Ameripath (acquired by Quest Diagnostics). For more information, visit http://www.chlmedical.com.
About Chronic Health Capital
Chronic Health Capital is a newly formed private investment company that makes stage agnostic investments in innovative healthcare services and healthcare information technology companies. DICOM Grid is Chronic Health Capital’s first investment. For more information, visit http://www.chronichealthcapital.com.
Source: DICOM Grid
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