O’Melveny Represents Alliance Health Networks in its Series C FinancingSeptember 16, 2009
FOR IMMEDIATE RELEASE
O'Melveny & Myers LLP
O'Melveny & Myers LLP
SILICON VALLEY, CA ─ SEPTEMBER 16, 2009 ─ O’Melveny & Myers LLP represented Alliance Health Networks, Inc., a developer of social health networks uniting individuals and market participants in online communities focused on health conditions, in its US$3.3 million Series C Preferred Stock financing led by Highway 12 Ventures and including EPIC Ventures and other investors.
The O’Melveny team was led by partner Sam Zucker, counsel Jennifer DePalma, and associate Sofia Lou. Partner Margaret Ikeya provided intellectual property advice.
About O’Melveny & Myers LLP
With approximately 1,000 lawyers in 14 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com
The following press release was recently distributed by Alliance Health Networks, Inc.:
Alliance Health Networks Closes $3.3 Million Financing Led by Highway 12 Ventures
Wed Sep 16, 2009 10:02am EDT - SALT LAKE CITY--(Business Wire)-- Alliance Health Networks, Inc. today announced that it has closed a $3.3 million Series C Preferred Stock financing led by Highway 12 Ventures. EPIC Ventures, Series B lead investor, also participated in the Series C round along with other leading Internet and healthcare industry angels. Alliance Health has now raised a total of $6.6 million in venture capital.
Since 2006, Alliance Health has been focused on building the tools and platforms
necessary to create a universe of health-related social networks, each focused
on specific diseases and health interests. Its first property,
DiabeticConnect.com, has more than 50,000 registered members and is now the
largest online social network for people living with or treating diabetes.
"There are approximately 125 million people in the United States today who
suffer from one or more major diseases or medical conditions, ranging from
diabetes to sleep disorders and from obesity to cancer," said Phil Reed, general
partner with Highway 12 Ventures. "Clearly we as a country have serious
challenges when it comes to healthcare, and that`s what intrigued us about
"Here`s a company that is able to infuse the power of social networks directly
into online communities of fellow sufferers, caregivers and healthcare providers
where they can share stories, ideas, and information and literally help one
another manage their health issues. Social networking can be transformative for
patients specifically and for the healthcare industry generally. We`re very
excited to invest in Alliance Health to help them take what they`ve developed
with DiabeticConnect.com and extend their powerful social networking platform to
other chronic diseases and health conditions."
The numbers of Americans who suffer with a serious chronic medical condition or
disease are staggering. For example, the Centers for Disease Control reports
* More than 23.6 million Americans have diabetes,
* More than one-third of all American adults are obese,
* Heart disease is the leading cause of death in America and affects 80 million
* In chronic pain, more than 31 million Americans suffer from osteoarthritis,
rheumatoid arthritis or gout, while
* Approximately 11.3 million adult Americans were diagnosed with COPD in 2007
alone (chronic obstructive pulmonary disease, including chronic bronchitis and
"Whenever someone is afflicted with a major disease or health condition, it`s
never just that person who is affected," Alliance Health CEO Stead Burwell said.
"It`s their loved ones and the many providers that care for them. There is
typically an extended community of individuals, service providers, and products
each driven by one person`s health condition.
"We see our role at Alliance Health to be the leader in building and maintaining
a trusted authentic place that is the linchpin in facilitating an online
community of conversations, connections, and information exchange that we call a
`social health network.` We strive to bring each of the affected parties
together: obviously the individuals with medical conditions and caregivers, but
also the providers of related services and products. When that happens, we`ve
found that the sum of the experience, expertise and support is greater as a
whole than as individuals working the vast system on their own."
"Healthcare is one of the biggest issues facing America today," Burwell said.
"Our goal is to use the power of the social health networks to unite people who
are each struggling with health conditions. When it comes to taking care of
ourselves or our loved ones, we strive to empower consumers by making it easier
than ever to engage with others who are dealing with the same problems or who
have faced such challenges before. We`ve seen tremendous consumer value proven
over and over again during the past year with DiabeticConnect.com, and we expect
to see similar results as we launch new social health networks in the coming
Alliance Health will use the proceeds from this financing to accelerate growth
by launching several new social health networks during the next 12 months.
Additionally, the company will expand its outreach to companies interested in
engaging more authentically with its customers.
About Highway 12 Ventures
Highway 12 Ventures is a leading early-stage VC fund investing in high-growth,
entrepreneurial companies in the Intermountain West. With over $100 million
under management, it is Idaho`s largest venture capital firm. Highway 12
Ventures is part of the Village Ventures nationwide network of venture capital
funds. For more information, call (208) 345-8383 or visit
About EPIC Ventures
EPIC Ventures, founded by Zions Bank, is headquartered in Salt Lake City, Utah.
EPIC`s philosophy is to search out best of breed technologies and invest in
those companies with the management and market to achieve explosive growth. EPIC
looks to back visionaries and proven leaders with our capital, time, and
resources. For more information, call (801) 524-8939 or visit www.epicvc.com.
About Alliance Health Networks, Inc.
Alliance Health is building a universe of social health networks that unite
individuals and market participants online in communities focused on health
conditions. Its first social health network, DiabeticConnect.com, has attracted
the largest online population of people living with or treating diabetes.
Investors in Alliance Health include EPIC Ventures, Highway 12 Ventures,
Levinthal Capital and Nautilus Ventures, among others. For more information,
call (801) 355-6002 or please visit www.AllianceHealth.com and/or
Alliance Health Networks and DiabeticConnect.com are trademarks of Alliance
Health Networks, Inc. All other trademarks are the properties of their