Connecticut Innovations Completes $700,000 Investment in Standing Stone Inc.

ROCKY HILL, Ct. --(CONNECTICUT INNOVATIONS)--

Mar. 19, 2007

Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has completed an investment of $700,000 in Standing Stone Inc. (SSI) of Westport, Connecticut. CI led a $1.0 Series B round which also involved prior investors.

Founded in 1998, SSI is a disease-state management company dedicated to enhancing the quality of care provided to patients who require long-term therapy for chronic disease management. SSI’s software products CoagClinic, CholesterolClinic, DMClinic and CHFClinic provide health care professionals the tools they need to effectively administer chronic disease therapy while improving outcomes, reducing overhead costs and optimizing provider remuneration. The company’s applications are designed to be used by health care professionals in a clinical setting, like a physician’s office, dedicated clinic or hospital.

“Our funds will enhance the sales and marketing functions of the Company as well as advance the development and introduction of new product offerings,” said Peter Longo, executive vice president and chief investment officer of CI. “The high level of customer satisfaction that SSI has experienced with its current products bodes well for the future of the Company.” Longo added, “CI views this as an opportunity to invest in a company that has the capability of providing health care products globally; lowering the costs of medical services in the management of the targeted disease states; and creating local career opportunities that are grounded in sophisticated technologies. The fact that SSI is accomplishing this in the State of Connecticut reaffirms that industry-leading businesses can be created and sustained here.”

“We are pleased to welcome CI as an investor and partner,” said Al Bartosic, chairman and chief executive officer of Standing Stone. “We have been steadily building our business in Connecticut during the past several years and the investment from CI will allow us to accelerate our growth and create a world class business here in the State.” Bartosic added, “CI truly understands our market and has a proven track record of adding value to their portfolio companies.”

About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, non-profit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.

About Standing Stone Inc.
Standing Stone Inc. (SSI) is a privately-held disease state management company dedicated to enhancing the quality of care provided to patients who require long-term therapy for chronic disease management. The Company’s web-based applications which provide specialized decision support to health care professionals throughout the country have been well accepted in the market. SSI also collaborates with other manufactures to deliver seamless value-added solutions to its customers. For more information on SSI, please visit www.standingstoneinc.com.

 

49 Richmondville Avenue, Westport, CT 06880   Tel: (800) 648-9877   E-mail: info@standingstoneinc.com