Cardium Health Closes $5 Million in Private Equity Financing

Farmington, CT (September 2003) – Cardium Health, a Connecticut-based national disease management company and one of the leading providers of disease management programs to Fortune 1,000 companies, today announced the close of a $5 million Series C round of equity financing. Cardium will use the funds to continue its long-term strategic growth.

The financing was led by Tullis-Dickerson & Co., Inc., (www.tullisdickerson.com) a healthcare private equity firm based in Greenwich, Connecticut. Joining Tullis-Dickerson in this round are existing investors, Connecticut Innovations and private professional investors.

“Cardium Health is the leading provider of prevention and health management programs for chronic diseases in the self insured marketplace,” said Charleen Ernst, founder and CEO of Cardium Health Services. “We are thrilled that we have attracted such high-profile private equity investors to partner with us to fulfill our mission.”

“Disease management is a rapidly growing field and Cardium Health is one of the proven leaders, allowing its clients to experience a more than 50 percent reduction in costly chronic disease related hospital admissions,” said Tim Buono, principal of Tullis-Dickerson & Co., Inc. “Cardium Health’s goal of making sure that people stay out of the hospital, while reducing overall healthcare costs, fits our unique investment style of financing companies that will make significant inroads in improving healthcare and enhancing peoples’ health.”

Cardium Health has signed contracts with a number of large self-insured corporations and managed care providers, representing more than 1.6 million covered lives across the U.S.. Cardium Health’s corporate clients include companies such as Northeast Utilities, Owens-Illinois, Campbell’s Soup, EDS, Springs Industry and the State of South Dakota. These self-insured employers access Cardium Health’s customized programs to reduce the direct and indirect medical costs associated with chronic illnesses.

Among Cardium’s leading investors from early on in the company’s development is Connecticut Innovations (www.ctinnovations.com), a quasi-public organization that strengthens the state’s economy by making equity investments in entrepreneurial, high-technology companies. Connecticut Innovations also manages funds and initiatives that foster the development of high-growth industries in the state. From 1996 to 2002, CI became the leading investor in high-technology companies, investing more than $109 million to attract and retain growing companies, create high-paying jobs and increase Connecticut’s intellectual capital.

Contact
Jennifer Kaduk
marketing@cardiumhealth.com
860.677.8900

About Cardium Health: Cardium Health is a national health improvement and disease management company. As one of the leading providers of disease management programs to large, self-insured employers, the company’s core focus is on reducing healthcare costs by providing medical support and educational interventions to those individuals with chronic conditions. The Company’s people-centered disease management programs are based on proven clinical and economic best-practice protocols. They include such conditions as heart disease, diabetes, asthma, COPD, back pain and smoking, and easily integrate into employers' back-to-work and wellness initiatives. For more information about Cardium Health and its programs, visit www.cardiumhealth.com, email cardium@cardiumhealth.com, or call 860.677.8900.