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Millennium Pharmacy Systems Completes $40 Million Financing

Wexford, PA./PRNewswire/ --- Millennium Pharmacy Systems ("MPSRx"), a privately-held healthcare services company providing contract pharmacy services to the long term-care industry, announced the recent completion of a $40 million equity financing. Essex Woodlands Health Ventures (EWHV) led the investment group, which included new investors Ascension Health Ventures and Steve Wiggins, an Operating Partner at EWHV, and existing investors CHL Medical Partners, Boulder Ventures, and individuals.

"We are pleased to secure the financing needed to facilitate the continued rapid scaling of our innovative business," said Gary Duty, President and Chief Executive Officer and a co-founder of MPSRx. "We believe that the MPSRx system is now gaining benchmark status as the standard of medication management in the long-term care industry." Mr. Duty co-founded MPSRx with William Gatti and Steven Brody, successful entrepreneurs in the institutional pharmacy and long-term care businesses. The senior management team also includes co-founder Lena Sturgeon, a seasoned long-term care pharmacy and skilled nursing facility executive, as Chief Operating Officer; Michael Gold, Senior Vice President Marketing and Business Development , an executive with extensive experience in pharmaceutical services; and Suresh Vishnubhatla, who joined the Company in early 2007 as the Chief Technology Officer.

"We are excited about Millennium's imaginative technology-driven business model for improving the care and safety of nursing home patients and pleased to join with this proven team of entrepreneurs and managers to help them build MPSRx into an industry leader in long-term care services," said Mark Pacala, a Managing Director at EWHV and newly appointed Director of the six-year-old company.

The equity infusion will be utilized primarily for working capital to enable the company to continue its rapid pace of uninterrupted organic growth in the traditional long term care pharmacy services market.

The company raised its first institutional round of financing, led by CHL Medical Partners and including Boulder Ventures and individuals, in September 2005. The present raise brings the total of the Company's committed growth equity capital to over $60 million since its startup in 2001.

About Millennium Pharmacy Systems

Millennium Pharmacy Systems (MPS) offers the most advanced technology to manage pharmacy operations in the long-term care industry. Founded in 2001, the MPS system integrates and addresses all key aspects of the pharmacy services chain into one comprehensive solution. Customers benefit by increasing compliance and nursing efficiency, reducing costs, and ultimately ensuring resident safety. The company, headquartered in Wexford, Pennsylvania, operates four regional pharmacies which serve more than 17, 000 residents living in more than 95 nursing and assisted living communities. For more information, visit

Dena Rose
Rose Stein Inc.
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