News Release
CodoniX Receives Second Funding from Washington Capital Partners
Washington, DC - October 2, 2000. CodoniX, Inc., an innovative provider of healthcare information technology solutions, received a $700,000 investment from Washington Capital Partners, who led a $1.3 million Series "A" offering. It was the venture capital firm's second investment in CodoniX.
"This investment from Washington Capital Partners allows us to further our effort to become the industry standard for medical charting," says Dr. Andrew Muchmore, CEO of CodoniX. "I see this follow-on investment as further validation that we are on the right track." Richard Marler, a member of Washington Capital Partners, joined CodoniX in July and serves as President. He explains:
"This second round of funding will be used primarily for marketing and additional product development. Currently our core product is the Emergency Department note taker. We have sold it into seven hospitals and it is generating 25,000 patient records a month fully audited and ready for payment. Next we will be developing a variation of this software for use by individual doctors and practices. For various medical specialties an electronic "thin client" note taker that is available as an application service provider product will be released beginning in January 2001. The first of these, orthopedics is completing "beta testing and will be available by that date. Other sub-modules under development are internal medicine, pediatrics, general surgery and OB/GYN."
"We are delighted to continue our involvement with CodoniX," says Tidal McCoy, Chairman of Washington Capital Partners. "We believe CodoniX 2000 has the best product in its category, and that the company is poised to become the standard for medical record creation."
About CodoniX, Inc.
CodoniX is a medical software company headquartered just outside of Washington, DC, in Herndon, Virginia. CodoniX has successfully engineered a next generation, Web-enabled healthcare application that allows the medical community to create, code, store, retrieve and transfer patient medical records and charts securely and confidentially. These solutions enhance patient care, speed data storage and access at the point-of-care, reduce risk, increase reimbursement and streamline administrative functions by addressing patient information management issues.
About Washington Capital Partners
Washington Capital Partners is a venture capital firm located in Washington, DC that makes seed- and early-stage investments, primarily in the following categories: Internet-related businesses, telecommunications, and software applications and tools. They invest in companies that have created or possess proprietary technologies capable of providing a sustainable competitive advantage in the marketplace.
This press release may contain forward looking statements regarding current expectations as to strategic objectives, usefulness of technology, and future growth opportunities. Such statements are subject to risks and uncertainties and actual outcomes could differ materially from those expressed in any such forward-looking statement. These risks include but are not limited to risks relating to integration of the combined businesses and their products and uncertainties regarding future financial results.
CodoniX and Washington Capital Partners undertake no duty to publicly update any forward looking statements, whether as a result of new information future events or otherwise.
Contacts:
CodoniX, Inc.
Steve Speights
964 Durlston Road
Redwood, CA 94062
(800) 495-7270
E-mail: Stephens@CodoniX.com
Web: www.CodoniX.com
Washington Capital Partners, LLC
Joseph J. Boivin, Jr. Executive
Vice President & Managing Director
1020 19th Street, NW, Suite 400
Washington, DC 20036
202-293-0299
e-mail: jboivin@washcapitalpartners.com