The Venture Codex

Participated · Debt Financing · Dec 2016

Prolacta Bioscience produces human milk–based products and formulas tailored for premature and critically ill infants in neonatal intensive care. The company operates what the article calls the first and only pharmaceutical-grade manufacturing facility for processing human breast milk. Prolacta recently moved from City of Industry into a 40,300-square-foot LEED Gold headquarters in Duarte. Its core product focus is on human milk–derived nutrition rather than standard infant formulas. The company has an established funding history, having raised $69.1 million across six rounds through December 2016, according to Crunchbase. In the most recent reported filing it secured additional capital via a securities sale. Prolacta Bioscience is the nation's leading provider of human milk-based neonatal nutritional products and operates a pharmaceutical-grade manufacturing facility for donor human milk. Its products are used as part of an exclusive human milk diet for extremely premature infants (500–1,250g at birth) and are clinically proven to improve health outcomes and reduce hospital costs compared with cow milk-based fortifiers or preterm formula. The company is described in the release as already substantially profitable while in the early stages of its growth trajectory. Proceeds from the financing will be used to expand Prolacta's commercial presence in European markets and to support clinical trials of its human milk-based products for additional indications both in and out of the NICU. Prolacta also plans to accelerate a therapeutic development program to evaluate human milk oligosaccharides (HMOs) to treat microbiome-related diseases. The company emphasizes product quality and safety in neonatal nutrition and is headquartered in City of Industry, California. Prolacta is a Monrovia, California-based company that develops human milk-based fortifiers used to feed and treat premature infants. Its products are made from human breast milk and aim to avoid necrotizing enterocolitis associated with cow-based fortifiers. The company announced it closed a Series D round led by Health Evolution Partners. Prolacta did not publicly disclose the round size, but a regulatory filing indicates the equity funding was worth $15.0M. As part of the investment, Health Evolution Partners partners Joshua Saipe and Ned Brown joined Prolacta’s board of directors. Prolacta Bioscience is a Monrovia-based company developing a human milk fortifier made from human milk for use in neonatal intensive care units. On May 23, 2007 the firm announced it raised $12M in a funding round. The financing was led by Alta Partners and included DFJ Frontier, Arcturus Capital, DFJ Mercury, Funk Ventures, Phillip Capital, Gideon Hixon Fund, Draper Associates L.P., and other investors. Alison de Bord of Alta Partners joined Prolacta's board in conjunction with the round. The article does not disclose operating metrics, terms of the financing, or specific uses for the proceeds. Coverage focuses on the product and investor participation. Prolacta Bioscience is a Monrovia-based company developing specialty formulations of human milk designed for premature and critically ill infants. The firm raised $5M in a Series B prime financing round. Investors in the round included Arcturus Capital, DFJ Mercury, Philip Capital, Funk Ventures Capital, and the Gideon Hixon Fund. Existing investors DFJ Frontier, Draper Richards, and Draper Associates also participated. The company said the round included several high-profile angel investors. The funding was reported on October 4, 2006.

Participated · Equity · Nov 2011

Foundation Radiology Group combines subspecialty services from a highly trained, board-certified physician team with radiologist workflow and referral outreach solutions under its “Elegant Radiology” model. The group provides exclusive subspecialty care to over 20 hospitals across an eight-state geography and supports multiple hospital service lines including cardiovascular, neurosciences, orthopedics, oncology, women’s health, gastroenterology, pediatrics and emergent/ambulatory care. Foundation’s US-based radiologists and customer service staff are available 24/7/365. The company uses a state-of-the-art technology solution to deliver rapid, clinically relevant final diagnoses. Foundation has emphasized programmatic support of community hospitals as they adapt to healthcare reform and plans to continue developing its model to meet clinical quality and patient satisfaction demands. Recently the company secured new financing to support its ongoing growth. Foundation Radiology Group provides outsourced radiology and telemedicine imaging services to community hospitals and other healthcare providers. The company says it is looking to expand its network of community hospitals. As of January the firm reported 20 clients in five states and 75 employees; management declined to provide updated figures. Foundation was incorporated in 2006 and raised its first investment funding in 2009. Since 2009 the company has raised about $22 million in total and its revenue grew 220% between 2008 and 2010, according to the company. Major investors include Chrysalis Ventures and Health Evolution Partners. Foundation Radiology Group provides on-site and telemedicine imaging services for hospitals and other health centers, offering neuroradiology, mammography, cardiac CT, pediatric radiology and general radiology. The company said its latest funding would be used for “growth,” though it declined to be more specific. From 2007 to 2009 the company’s revenues grew 533 percent, and it reported 75 employees. Foundation had 20 clients across five states (Pennsylvania, New York, Virginia, Kentucky and Michigan). The firm was incorporated in 2006 and has raised $19.5 million since then. It was identified as one of Pittsburgh’s fastest-growing companies, reflecting its regional presence and expansion. Foundation Radiology Group provides on-site and teleradiology services to hospitals and other health centers, covering neuroradiology, mammography, cardiac CT, pediatric radiology and general radiology. The company has clients in five states: Pennsylvania, New York, Virginia, Kentucky and Michigan, and employs about 75 people. Foundation is Pittsburgh-based and offers both on-site staffing and remote reading services. Management says the recent funding will be used to expand into new markets, though CFO Barbara Beaudin declined to specify which. Financially, the company has been actively fundraising: it completed a $6M Series A1 and earlier disclosed a $4M tranche of that same Series A1. Last year Foundation raised a $10M Series A to hire radiologists and expand its diagnostic imaging and radiology services office. Foundation Radiology Group provides on-site and teleradiology imaging services to hospitals and other health centers. Its service lines include neuroradiology, mammography, cardiac CT, pediatric radiology and general radiology. The company says its teleradiology services enable specialists to be highly productive compared with industry standards, according to Koleman Karleski of Chrysalis. Foundation plans to use the $4M Series A1 funding to further invest in its technology and expand its geographic footprint. In April the company raised a $10M Series A from the same investors to hire new radiologists and expand diagnostic imaging and radiology services operations. Foundation recently announced a partnership to provide imaging services to Blue Mountain Health System and has previously received investment from Emageon.