Contact: Peter Grua 617 896-4237 firstname.lastname@example.org HLM VENTURE PARTNERS AND SV LIFE SCIENCES CO-LEAD EQUITY INVESTMENT IN SOCIOS MAYORES EN SALUD, INC. BOSTON, MA 3 January 13, 2006 3 HLM Venture Partners and SV Life Sciences, today announced that they have co-led a $9.4 million Series A Preferred equity investment in Socios Mayores en Salud, Inc., serving Medicare Advantage members located in Puerto Rico. Socios Mayores en Salud, which operates under the brand name American Health Medicare in Puerto Rico, has a unique strategy of partnering with a core group of leading local geriatric physicians to achieve its objectives while improving health care coverage.
The company is well positioned to take advantage of recently enacted legislation which provides citizens with incentives to enroll in private plans. cWe are extremely pleased at the confidence shown in our company and our business strategy by HLM Venture Partners and SV Life Sciences, d said Ramòn Rodriguez, Chief Executive Officer of American Health Medicare. The financing is the first institutional round for the company, and both HLM and SV Life Sciences are new investors.
Peter Grua, Managing Partner of HLM, and Eugene Hill, General Partner of SV Life Sciences, have joined the company 9s board of directors. Gary Velasquez, President and Chief Executive Officer of Synarc, Inc., an imaging core lab for clinical trials in which SV Life Sciences is also an investor, will also join the board as an outside director. cWe are very excited to be partnering with American Health Medicare and we believe ... more.
that their unique approach of partnering with physicians to enhance the quality of care will provide a very exciting Medicare alternative in Puerto Rico, d stated Grua.
McDermott Will & Emery served as legal counsel for both HLM Venture Partners and SV Life Sciences. About Socios Mayores en Salud, Inc. Socios Mayores en Salud, Inc., under the brand name American Health Medicare, offers a Medicare Advantage plan in conjunction with American Health Inc., a licensed insurance company in Puerto Rico.
American Health Medicare provides Medicare beneficiaries in Puerto Rico comprehensive medical and prescription drug benefits under a contract with the federal government's Centers for Medicare and Medicaid Services (CMS). About HLM Venture Partners HLM Venture Partners, based in Boston, Massachusetts, provides venture capital to emerging companies focused in the health care services, health care information technology and medical technology sectors. HLM Venture Partners supports entrepreneurs as they turn innovative ideas into market-leading businesses, offering guidance on financial structuring and mergers, resource allocation and deployment, strategic planning, strategic introductions, and recruitment.
For more information, please visit www.hlmventurepartners.com . About SV Life Sciences SV Life Sciences(tm) ('SVLS'), known previously as Schroder Ventures Life Sciences, advises or manages four funds with total capital of approximately $900m. SVLS invests in companies requiring funding within the human life sciences sector including biotechnology and pharmaceuticals, medical devices and instruments, healthcare IT and services.
SVLS was established in 1993 and currently has offices in Boston, London and San Francisco. For more information, please visit www.svlsa.com .