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| Siemens Venture Capital Invests in MDdatacor, a Leader in Healthcare Informatics |
Atlanta (November 8, 2004) -- Siemens Venture Capital GmbH, a subsidiary of Siemens AG, announced today a strategic investment in MDdatacor, a healthcare information services company that provides critical data to its healthcare industry customers for product development, clinical trials, patient registries, disease management and outcomes tracking.
Founded in 2001, MDdatacor has raised approximately $13 million in funding to date and will use the financing to expand its sales and marketing resources. The Company is currently privately held.
MDdatacor is the first and only company to contract directly with physician groups to exclusively receive, on an on-going basis, their patients' medical records and consolidate them into a searchable HIPAA-compliant database. To date, MDdatacor has medical record data on more than four million patients from its nationwide network of 116 large cardiology group practices.
"As the time and cost to develop new life saving drugs continue to increase, we see the need for a solution that can accelerate the clinical trial process," said Dr. Andrew Jay of Siemens Venture Capital. "The primary reason for trial delays is the difficulty to identify and enroll qualified patients. MDdatacor has developed a national network of large, research oriented, private practice cardiology groups and a proprietary technology solution that can mine medical record data to identify qualified trial patients. This combination of a large research network and technology solution should accelerate clinical trials."
Blake Whitney, CEO and co-founder of MDdatacor, said, "We are very pleased to become a partner of Siemens Venture Capital. This association represents our fourth strategic corporate alliance and it further supports our unique ability to reformat patient medical records for the benefit of healthcare companies, physicians and patients. By searching the sources of the most relevant clinical information, we can provide our customers with more granular and specific information compared to the clinical information currently available from medical claims or prescription data."
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About MDdatacor
Established in 2001 and headquartered in Atlanta, Georgia, MDdatacor enhances healthcare quality through the development of innovative technology solutions. MDdatacor solutions are used to support quality improvement, health information exchange and Patient-Centered Medical Home initiatives. MDdatacor currently serves more than 7,000 physicians representing more than seven million patients. |
About Siemens Venture Capital:
Siemens Venture Capital (SVC) is the $600 million corporate venture organization for Siemens AG, (NYSE:SI) one of the largest global electronics and engineering companies with reported worldwide sales of $80.5 billion in fiscal 2003. The goal of SVC is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in Information and Communications, Automation and Control, Medical Solutions, Automotive Technology and Transportation Systems, Power, and Lighting.
With offices in Munich, San Jose (CA), Boston (MA) and through Siemens Israel, Ltd. in Rosh Ha´ayin near Tel Aviv, SVC has an active portfolio of more than 70 start-up companies and 30 venture capital funds, and plays a key role in the global network of innovation. More: www.siemensventurecapital.com
This release contains forward-looking statements based on beliefs of MDdatacor's management. The words "anticipate," "believe," "estimate," "forecast," "expect," "intend," "plan," "should," and "project" are used to identify forward-looking statements. Such statements reflect the company's current views with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results to be materially different, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. Actual results may vary materially from those projected here. MDdatacor does not intend or assume any obligation to update these forward-looking statements.
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