NEW YORK, Sept. 17 Phreesia(TM), the first company toprovide a free patient-intake solution in the physician's waiting roomdelivering relevant interactive healthcare content direct-to-patients,announced today the close of a $10.25 million second-round of privatefinancing. Founded in February 2005, Phreesia has received $13.25 million infinancing to date. Polaris Ventures Partners, a national venture capital firm,led the financing round and was joined by first round investors HLM VenturePartners, Long River Ventures and Village Ventures.
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"This caliber of backing highlights Phreesia's success as the firstcompany to provide a free and substantially more useful patient check-insolution. The completion of this oversubscribed round of funding has providedus with the ability to continue to execute on our vision," said Chaim Indig,Phreesia's President and Chief Executive Officer. "We are proud to haveraised capital that comes with proven strategic and operational guidance fromnew partners like Polaris and existing partners HLM, Long River and VillageVentures. We will only continue to grow our business and exceed targets."
"Phreesia fills a void for patients and their physicians," said AlanSpoon, managing general partner at Polaris Venture Partners. "The company'ssolution enables superior patient-doctor communication and education. This isa savvy team with the expertise and energy to fill a large and growing need."
Bob Geiman, general partner at Polaris Venture Partners added, "Phreesiaprovides a flexible, interactive solution for pharmaceutical and healthcaremarketers as they seek more trusted, helpful and timely relationships withdoctors and patients."
Spoon, the former president of The Washington Post Company and currentboard member of several leading media companies including TechTarget, Art.com,IAC/InterActiveCorp, LegalZoom and Health Central Network, will joinPhreesia's board of directors. Polaris' Bob Geiman will also join Phreesia'sboard. Bob currently sits on the boards of AePona, Bridgeport Networks,Paratek, and Roundbox.
"We are thrilled to continue our successful financial and strategicpartnership with Phreesia," said Ed Cahill, an HLM Managing Partner and memberof Phreesia's board of directors. "Since our original investment, Phreesiacontinues to impress us -- building an outstanding product, hiring superbtalent and securing leading pharmaceutical customers. This investmentdemonstrates our conviction that Phreesia has become a leading player in arapidly expanding market."
Phreesia will use the funds to continue to deploy Phreesia to morephysicians' practices, expand sales and marketing programs, increase itsworkforce and invest in ongoing research and development. Phreesia has beenselected to unveil their groundbreaking technology at DEMOfall 07.www.demo.com
Phreesia automates patient check-in and delivers fully interactive contentdirect-to-patients, designed to interface with physicians' existing and futuretechnology. Replacing the traditional patient clipboard with a free wirelesstouch-screen and swipe-card enabled PhreesiaPad significantly improving thepatient experience. Phreesia is backed by premier venture capital firms anddraws on the expertise of a leading Medical Advisory Board. www.phreesia.com
About Polaris Venture Partners
A national venture capital firm with over $3 billion under management,Polaris invests in seed, early stage and growth equity businesses in thetechnology, life science, digital media, enertech and consumer sectors.
Through a philosophy of lead investing and active, long-term partneringwith entrepreneurs and management teams, Polaris has helped many companiesachieve outstanding success. Among them are: Accordant Health Services,Acusphere, Advanced