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Brentwood-based Geriatrix has completed an $8 million private placement of preferred stock led by River Cities Capital Funds of Cincinnati.
Also participating in the round were Pacific Venture Group, Blue Chip Venture Co., Envest Ventures, Crosspoint Venture Partners and Accel V.I.P.
Geriatrix focuses on providing care management services for the
elderly and Medicare population. The company plans to use the proceeds from the financing to expand its business with Medicare HMOs in its three existing markets - Phoenix, New York and Boston as well as to pay down debt.
James A. Deal, chairman and CEO of the company says Geriatrix is evaluating opportunities to expand its hospice business, currently in operation in Phoenix, through a start-up or acquisition.
Geriatrix currently provides services to more than 2,000 nursing home residents and has contracts covering 70,000 Medicare-equivalent members recovering in nursing homes after acute care episodes.
Read more: Geriatrix completes $8 million private placement | Nashville Business Journal
