OKLAHOMA CITY (July 30, 2002) — Dr. William D. Paiva, Partner of Chisholm Private Capital Partners and Manager of the Oklahoma Life Sciences Fund (OLSF), announces that OLSF portfolio company Inoveon has raised $16 million in a Series B round of financing. The round was led by CenterPoint Ventures of Dallas, with co-investments by Eli Lilly and Company, Indianapolis; Massey Burch Ventures, Nashville; Chisholm Private Capital Partners, Oklahoma City; and Prolog Ventures of St. Louis. Additional participants included STARTech Seed Fund, Technology Directors and the Enterprise Oklahoma Venture Fund. The Oklahoma Life Sciences Fund was also involved in the recent $17 million round of financing for Oklahoma City-based ForHealth Technologies led by New Enterprise Associates of Baltimore with participation from Chisholm.

"Inoveon is another great success story from Oklahoma’s burgeoning life sciences industry," says Paiva, who is a member of the Inoveon Board of Directors. "The company has achieved the National Institute of Health's gold standard for accuracy in diagnosing and monitoring diabetic retinopathy, and now is ready to nationally roll out its proprietary technology through local Inoveon Service Centers to a vast, unmet need in the marketplace."

Inoveon has developed a patented, highly accurate diagnostic digital imaging service for diabetic retinopathy called 3DT, that offers a less expensive, more efficient solution for primary care physicians to diagnose, track and manage patients with diabetic retinopathy, a leading cause of adult blindness. The service allows diabetic patients to access a safe, non-invasive retinal scan at a local Inoveon Patient Service Center. These images are transmitted to the Inoveon Evaluation Center, analyzed and a comprehensive report with a disease management plan is sent back to the primary care physician within 48 hours.

Several independent studies state 96 percent of diabetic patients make it to the primary care environment at least once a year, yet only 45 percent make it to an eye care specialist for a diabetic retinal exam. Because early onset of diabetic retinopathy is asymptomatic, patients often do not recognize the need for an exam.
"The Oklahoma Life Sciences Fund and Chisholm have been vital partner in the growth of Inoveon which is positioned to quickly gain industry leadership in a vast, unmet marketplace," says Bill Hagstrom, Chairman and CEO of Inoveon. "William Paiva and the Chisholm team continue to be an advocate of the Oklahoma life sciences and healthcare technology community by providing access to capital, executive talent and business opportunities."

According to Paiva, Chisholm and The Oklahoma Life Sciences Fund have a strong history in the state of successfully joining or serving as the lead investor in venture capital syndicates, which can fund young companies through their growth cycle from startup through initial public offing or sale.

"I believe this latest success with Inoveon will send a strong signal to both Oklahoma healthcare entrepreneurs and potential national investors that there is tremendous potential in the state," says Paiva.

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To learn more about the Oklahoma Life Sciences Fund and Chisholm Private Capital Partners, please visit www.chisholmvc.com.