Meritus Ventures Announces New Investment in Pinnacle Medical Solutions
Tuesday August 21, 2012
August 21, 2012 - Southaven, MS and Byhalia, MS - Pinnacle Medical Solutions, Inc. (Pinnacle) has received a substantial equity investment in a financing round led by Meritus Ventures, LP. The financing also comprised Family Venture Management, the Mississippi Angel Fund, and several individual investors, including one of the company's founders. The transaction closed on June 29, 2012.
Pinnacle distributes insulin pumps and blood glucose monitoring supplies in Mississippi, Alabama, Tennessee, Arkansas, Louisiana, and Georgia. The investment capital will be used to add key management team members, to expand the company's sales force, to diversify the company's product offering, and to establish relationships with an expanded array of managed care companies.
Frank Brumfield, co-founder, Chairman, and sole investor in Pinnacle prior to the financing, said, "I am very excited to team with an experienced healthcare investment group led by Meritus Ventures as we guide Pinnacle into its next phase of growth. By pairing with Meritus and the other strategic investors, we have added extensive industry knowledge and new relationships that will allow Pinnacle to enhance its market share. The capital raised will allow Pinnacle to add many key components to its existing business that will be instrumental in its future growth plans." Brumfield added, "As Pinnacle expands, it will continue to strive to be the best healthcare option available for people with diabetes."
"We've taken our time to get to know Pinnacle, to better understand the diabetes market, and to construct a plan for rapidly growing the business," said Grady Vanderhoofven, Fund Manager of Meritus Ventures and new Chairman of the Pinnacle Board of Directors. "Over the course of the next several months, Pinnacle will be announcing the addition of significant resources at all levels within the company. This capital infusion and the resources we are adding to the business will fuel Pinnacle's growth. Unfortunately, diabetes management is a growth industry, and Pinnacle is positioned to add significant value at the nexus of patients, health care providers, managed care companies, and manufacturers of products for diabetes management."
About Pinnacle Medical Solutions, Inc. (http://www.pinnaclemedicalsolutions.com/)
Pinnacle Medical Solutions is based in Southaven, Mississippi and was established in 2006 to provide home delivery of medical supplies for people with diabetes. Pinnacle's solution centered model recognizes that patients, healthcare providers, managed care organizations, and product manufacturers are looking to partner with medical supply companies that offer innovative and integrated solutions to the shared challenges faced in responding to the accelerating diabetes epidemic in the United States.
About Meritus Ventures, L. P. (http://www.meritusventures.com)
Meritus Ventures, L.P. is currently the only Rural Business Investment Company (RBIC) in the United States. The $36.5M venture capital fund invests to realize attractive returns for the fund's investors while creating wealth and jobs in rural areas of central and southern Appalachia and Arkansas. In addition to providing equity investment, the fund may provide operational assistance to its portfolio companies.
Melissa Muendel, Meritus Ventures, email@example.com, 865-220-1715
Mary Perry, Pinnacle Medical Solutions, firstname.lastname@example.org, 662-536-1025, X4509