NantHealth Receives Investment From Verizon Funding to Help Accelerate Innovation in Health Care
LOS ANGELES and NEW YORK, Oct. 24, 2012 /PRNewswire/ -- NantHealth LLC, a privately held company owned by NantWorks LLC, which is focused on delivering next-generation care through the use of advanced secure fiber network, cloud computing and wireless mobile technology, today announced an equity investment by Verizon Investments LLC, a subsidiary of Verizon Communications.
The investment will be used by NantHealth to accelerate innovation that will enable better patient care and reduced costs – two key factors affecting health care today. Terms of the transaction were not disclosed.
"We believe that evidence-based medicine will be the cornerstone of future health care delivery," said Dr. Patrick Soon-Shiong, founder and CEO of NantHealth. "Partnering with Verizon gives us the national scale to succeed in enhancing patient outcomes and better access to care through secure broadband networks and our mobile platform. With Verizon's state-of-the-art fiber-optic network, communication and information services to enterprises in more than 150 countries including all of the Fortune 500 companies, the alliance will accelerate NantHealth's mission to transform health care in our nation."
John Stratton, president of Verizon Enterprise Solutions, said: "Our close collaboration with NantHealth underscores Verizon's commitment to dramatically improve the delivery of health care in the U.S. and abroad. We believe that our joint efforts with Dr. Soon-Shiong will drive down health care costs and significantly improve the industry's ability to deliver quality care. Our goal is nothing short of transforming health care as we know it."
NantHealth LLC is a subsidiary of NantWorks LLC, a company founded and led by Dr. Patrick Soon-Shiong. Its core mission is to converge a wide range of digital technologies to transform scientific research and healthcare. It is building an integrated evidence-based, genomically-informed, personalized approach to the delivery of care and the development of next generation diagnostics and therapeutics. For more information, see www.nantworks.com.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, with nearly 96 million retail customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries, including all of the Fortune 500. A Dow 30 company with $111 billion in 2011 revenues, Verizon employs a diverse workforce of 184,500. For more information, visit www.verizon.com.
NOTE: This release contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: adverse conditions in the U.S. and international economies; competition in our markets; material adverse changes in labor matters, including labor negotiations or additional organizing activity, and any resulting financial and/or operational impact; material changes in available technology; any disruption of our key suppliers' provisioning of products or services; significant increases in benefit plan costs or lower investment returns on plan assets; breaches of network or information technology security, natural disasters or terrorist attacks or existing or future litigation and any resulting financial impact not covered by insurance; technology substitution; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets impacting the cost, including interest rates, and/or availability of financing; any changes in the regulatory environments in which we operate, including any increase in restrictions on our ability to operate our networks; the timing, scope and financial impact of our deployment of broadband technology; changes in our accounting assumptions that regulatory agencies, including the SEC, may require or that result from changes in the accounting rules or their application, which could result in an impact on earnings; our ability to complete acquisitions and dispositions; and the inability to implement our business strategies.
SOURCE Verizon; NantHealth LLC