WALTHAM and BOSTON, Mass./June 10, 2002 - MedSafe, the nation's largest provider of accreditation, risk management and regulatory compliance solutions for the healthcare industry, and Comerica (NYSE: CMA), a leading financial services company, announced today that Comerica’s Technology and Life Sciences Division has provided the Waltham company with a $1 million revolving credit line.
"Healthcare is one of the most vibrant market segments right now, and Comerica is pleased to have the opportunity to work with an innovative company like MedSafe," said Parag Shah, senior vice president and group head of Comerica’s East Coast Life Sciences Practice. "We are committed to providing a full range of banking services to venture-backed companies from the start-up to post-IPO phase, and we have the resources and staff to do so."
MedSafe designs, develops, and delivers technical expertise, training, decision support, and management tools for outsourced compliance management and accreditation preparation to its healthcare clients. The company’s products and services assist hospitals, ambulatory surgery sites, and physician practices to ensure they adhere to the myriad of standards and regulations that govern the healthcare industry.
"The Comerica team took the time to get to know our company and then discuss our financial needs," said Terry Bieker, MedSafe’s president and CEO. "We are pleased to have found a bank that offers both personal service and the resources to work with us as our company grows."
About MedSafe
MedSafe is the nation’s largest provider of accreditation, risk management and regulatory compliance solutions, designed exclusively for the healthcare industry. Currently the company serves healthcare providers at more than 5,500 client sites across the United States and Canada. MedSafe programs include accreditation services, onsite safety assessment and training programs, fire and disaster management services, risk management programs, as well as Internet based project management tools, decision support systems, and interactive training. For more information, visit www.medsafe.com.
About Comerica’s Technology and Life Sciences Division
Comerica’s Technology and Life Sciences Division is one of the nation’s leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. Veteran bankers provide credit and financial services and products to young, growing, professionally backed technology and life sciences companies, as well as their more mature counterparts in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. From 19 offices located across the U.S., Comerica’s Technology and Life Sciences Division serves all major technology centers. Comerica is among the 20 largest banking companies in the nation, with $50 billion in assets.
Media Contacts:
Patricia Duval
MedSafe
(781) 684-0444 x143
pduval@medsafe.com
or
Adrienne Moch
Pacifico (for Comerica’s Technology and Life Sciences Division)
(408) 293-8600 x319
amoch@pacifico.com
or
Keith Turner
Comerica Bank-California
(408) 556-5111
keith_turner@comerica.com
