Heartlab Secures $23 Million in Equity Funding; Halpern, Denny & Co. and MedEquity Lead Financing

Apr 30, 2001, 01:00 ET from Heartlab, Inc.

    WESTERLY, R.I., April 30 /PRNewswire/ -- Heartlab, Inc., a leading
 provider of cardiac image archiving systems, today announced that it has
 secured $23 million in private financing. Halpern, Denny & Co. and MedEquity
 Investors, LLC led the round and were joined by J.P. Morgan Partners. David
 Malm, General Partner of Halpern, Denny, and Robert W. Daly and Peter R.
 Gates, Managing Directors of MedEquity, will join the Heartlab Board of
 Directors, as will Dr. Richard Rehm, Chairman and CEO of Medscape.
     Heartlab's Encompass(R) line of information management and archiving
 systems addresses the need of hospitals and other cardiac care facilities for
 cost-effective storage and rapid retrieval of cardiac images and related
 patient data. Encompass(R) integrates data from multiple imaging modalities
 including angiography, cardiac ultrasound, and intravascular ultrasound. The
 system also manages non-image data such as waveforms and clinical reports.
 Heartlab was the first cardiac archiving company to introduce DVD-ROM storage
 and continues to lead the industry in technology development.
     "We are proud of what we have accomplished in our seven-year history,"
 said CEO and co-founder Robert Petrocelli, "and we are equally excited about
 our potential for continued growth and development following this investment."
 A physicist and computer scientist by training, Mr. Petrocelli previously
 worked in the Brown University cardiac image processing laboratory. He was a
 2000 New England finalist for the Ernst & Young Entrepreneur of the Year
 Award.
     "The requirements for competing effectively in the cardiac archiving
 marketplace are constantly expanding," said Jonathan Elion, M.D., F.A.C.C.,
 Heartlab co-founder and Chief Medical Officer. "We are very pleased by the
 vote of confidence shown in our approach by our new investors and by the
 additional resources provided by their participation." Dr. Elion, a practicing
 cardiologist, developed the foundations of Heartlab's software during his
 research work at the University of Kentucky and Brown University. He currently
 chairs the American College of Cardiology's working group on data exchange
 standards for digital cardiac images.
     "We are delighted at the opportunity to invest in Heartlab," said David
 Malm of Halpern, Denny & Co. "This is a highly successful, customer-focused
 team with superior technology and a profitable track record. We have been
 especially impressed by the vote of confidence in Heartlab shown by the
 purchase decisions of leading medical institutions across the country."
     By focusing on its commitment to technology innovation and cost-effective,
 physician-driven systems, Heartlab has grown its installed base of customers
 in the U.S. and abroad rapidly. Heartlab's growing list of customers includes
 St. Luke's Episcopal Hospital, St. Francis Hospital, Rhode Island Hospital,
 Johns Hopkins Hospital, Kaiser Foundation Hospital and St. Vincent Hospital.
 
     About Halpern, Denny & Co.
     Halpern, Denny & Co. (www.halperndenny.com) is a private equity investment
 firm focusing on low-tech, high growth expansion financings and selective
 small to mid-size buyouts. Based in Boston, the firm has more than $700
 million committed capital to back strong management teams focused on driving
 their companies to leadership positions in their respective industries.
 
     About MedEquity Investors, LLC
     MedEquity Investors, LLC (www.medequity.com) is a Wellesley, Massachusetts
 based private equity fund that provides expansion capital to emerging
 healthcare-related companies.
 
     About JP Morgan Partners
     JP Morgan Partners (JPMP) is a global private equity partnership that
 provides equity and mezzanine capital financing to private and public
 companies with approximately $20 billion under management. JPMP's primary
 limited partner is JP Morgan Chase & Co., one of the largest bank holding
 companies, with $660 billion in assets. JP Morgan Partners can be reached
 online at www.jpmorganpartners.com.
 
     About Heartlab
     Founded in 1994 and based in Westerly, R.I., Heartlab, Inc. specializes in
 the development of cardiac imaging software and the integration of cardiac
 imaging network systems. Today, Heartlab's networks are installed in more that
 80 of the nation's leading heart centers, and the company's cardiac archiving
 systems manage a volume of more than 700,000 patient cases. Heartlab is ranked
 #145 on the current Inc. 500 list of fastest growing firms, and is the only
 company of its kind to make the 2000 list. For more information about
 Heartlab, visit www.heartlab.com, or call (401) 596-0592.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X73163858
 
 

SOURCE Heartlab, Inc.
    WESTERLY, R.I., April 30 /PRNewswire/ -- Heartlab, Inc., a leading
 provider of cardiac image archiving systems, today announced that it has
 secured $23 million in private financing. Halpern, Denny & Co. and MedEquity
 Investors, LLC led the round and were joined by J.P. Morgan Partners. David
 Malm, General Partner of Halpern, Denny, and Robert W. Daly and Peter R.
 Gates, Managing Directors of MedEquity, will join the Heartlab Board of
 Directors, as will Dr. Richard Rehm, Chairman and CEO of Medscape.
     Heartlab's Encompass(R) line of information management and archiving
 systems addresses the need of hospitals and other cardiac care facilities for
 cost-effective storage and rapid retrieval of cardiac images and related
 patient data. Encompass(R) integrates data from multiple imaging modalities
 including angiography, cardiac ultrasound, and intravascular ultrasound. The
 system also manages non-image data such as waveforms and clinical reports.
 Heartlab was the first cardiac archiving company to introduce DVD-ROM storage
 and continues to lead the industry in technology development.
     "We are proud of what we have accomplished in our seven-year history,"
 said CEO and co-founder Robert Petrocelli, "and we are equally excited about
 our potential for continued growth and development following this investment."
 A physicist and computer scientist by training, Mr. Petrocelli previously
 worked in the Brown University cardiac image processing laboratory. He was a
 2000 New England finalist for the Ernst & Young Entrepreneur of the Year
 Award.
     "The requirements for competing effectively in the cardiac archiving
 marketplace are constantly expanding," said Jonathan Elion, M.D., F.A.C.C.,
 Heartlab co-founder and Chief Medical Officer. "We are very pleased by the
 vote of confidence shown in our approach by our new investors and by the
 additional resources provided by their participation." Dr. Elion, a practicing
 cardiologist, developed the foundations of Heartlab's software during his
 research work at the University of Kentucky and Brown University. He currently
 chairs the American College of Cardiology's working group on data exchange
 standards for digital cardiac images.
     "We are delighted at the opportunity to invest in Heartlab," said David
 Malm of Halpern, Denny & Co. "This is a highly successful, customer-focused
 team with superior technology and a profitable track record. We have been
 especially impressed by the vote of confidence in Heartlab shown by the
 purchase decisions of leading medical institutions across the country."
     By focusing on its commitment to technology innovation and cost-effective,
 physician-driven systems, Heartlab has grown its installed base of customers
 in the U.S. and abroad rapidly. Heartlab's growing list of customers includes
 St. Luke's Episcopal Hospital, St. Francis Hospital, Rhode Island Hospital,
 Johns Hopkins Hospital, Kaiser Foundation Hospital and St. Vincent Hospital.
 
     About Halpern, Denny & Co.
     Halpern, Denny & Co. (www.halperndenny.com) is a private equity investment
 firm focusing on low-tech, high growth expansion financings and selective
 small to mid-size buyouts. Based in Boston, the firm has more than $700
 million committed capital to back strong management teams focused on driving
 their companies to leadership positions in their respective industries.
 
     About MedEquity Investors, LLC
     MedEquity Investors, LLC (www.medequity.com) is a Wellesley, Massachusetts
 based private equity fund that provides expansion capital to emerging
 healthcare-related companies.
 
     About JP Morgan Partners
     JP Morgan Partners (JPMP) is a global private equity partnership that
 provides equity and mezzanine capital financing to private and public
 companies with approximately $20 billion under management. JPMP's primary
 limited partner is JP Morgan Chase & Co., one of the largest bank holding
 companies, with $660 billion in assets. JP Morgan Partners can be reached
 online at www.jpmorganpartners.com.
 
     About Heartlab
     Founded in 1994 and based in Westerly, R.I., Heartlab, Inc. specializes in
 the development of cardiac imaging software and the integration of cardiac
 imaging network systems. Today, Heartlab's networks are installed in more that
 80 of the nation's leading heart centers, and the company's cardiac archiving
 systems manage a volume of more than 700,000 patient cases. Heartlab is ranked
 #145 on the current Inc. 500 list of fastest growing firms, and is the only
 company of its kind to make the 2000 list. For more information about
 Heartlab, visit www.heartlab.com, or call (401) 596-0592.
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X73163858
 
 SOURCE  Heartlab, Inc.