IH Systems Announces $7.6 million in Financing to Advance RIVA Pharmacy Automation System



    WINNIPEG, Oct. 31 /CNW/ - Intelligent Hospital Systems (IH Systems), a
Winnipeg-based medical device company, announced today it has secured $7.6
million of equity and debt financing. The financing will support the
introduction of the company's RIVA (Robotic Intra Venous Automation) system -
a self-contained unit for filling IV syringes and bags - to the North American
hospital pharmacy market.
    BDC Venture Capital took the lead with a $3 million investment. Other
investors include the Western Life Sciences Venture Fund (WLS) with an
investment of $1.0 million, and a group of investors assembled by Wellington
West Capital, who together invested $1.1 million.
    "We are extremely grateful for the support we have received from BDC
Venture Capital, WLS and Wellington West," says Kevin McGarry, Chief Executive
Officer of IH Systems. "This financing will allow IH Systems to complete
development and manufacturing of RIVA and begin installation in several key
U.S. hospital pharmacies in early 2008," he adds.
    "Intelligent Hospital Systems is clearly representative of the dynamic
and leading-edge technology companies in which BDC invests and we are pleased
to have led this round of financing," states Gary Bantle, Director BDC Venture
Capital. "This venture capital investment represents a continued commitment of
BDC to the Manitoba market and is evidence that growth in this sector
continues to be strong," Bantle says.
    The combination of excellent technology, a growth platform and recurring
income potential of the RIVA system led to Wellington West's decision to
support this round of financing. "We are delighted to support this dynamic,
Manitoba-based company as it positions its product for the world stage,"
declares Brent Bottomley, Vice President of Corporate Finance with Wellington
West.
    The WLS Fund has been involved with the RIVA technology since the early
days, according to Chief Financial Officer, Rob Davidson. "WLS was created to
support very early stage developments on their path towards
commercialization," he says, adding: "It is satisfying to see how far
Manitoba-based technology can advance with the support of the local investment
community."

    About IH Systems
    Intelligent Hospital Systems is a medical device company focused on the
design and development of automated solutions for the hospital environment.
www.intelligenthospitals.com

    About BDC Venture Capital
    BDC Venture Capital is a major venture capital investor in Canada, active
at every stage of a company's development cycle, from seed through expansion.
Its focus is on technology-based businesses with high growth potential that
are positioned to become dominant players in their markets. Established in
1975, BDC Venture Capital has invested in over 400 firms to date. It currently
manages some $500 million in venture capital investments in the life sciences,
telecommunications, information technology, and advanced technology sectors,
as well as investments in funds. Visit www.bdc.ca for more information.

    About Wellington West Capital
    Wellington West Capital Inc. is one of Canada's leading independent
financial management and investment advisory companies with 35 office
locations across Canada. www.wellwest.ca

    About WLS Fund
    The $45 million Western Life Sciences Venture Fund LP (WLS) was
established to close the gap between research discoveries and the commercial
application of those discoveries by providing financial, management and
marketing support through the early and second stages of development. 
www.lombardlifesciences.com/westernlifesciences





For further information:

For further information: Kevin McGarry, IH Systems, (204) 943-0066,
KMcGarry@intelligenthospitals.com; Johanne Bissonnette, BDC, (514) 283-7929,
johanne.bissonnette@bdc.ca; Brent Bottomley, Wellington West, (204) 925-2287,
brentb@wellwest.ca; Rob Davidson, WLS Fund, (204) 943-0066,
rdavidson@lombardlifesciences.com

Organization Profile

INTELLIGENT HOSPITAL SYSTEMS LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890