US HealthVest Gains $36 Million in Financing

  US HealthVest Gains $36 Million in Financing

 Company to Acquire and Develop Psychiatric Facilities, Expand Access to Care

Business Wire

NEW YORK -- March 4, 2013

US HealthVest, LLC announced today that it has raised $36 million through
co-founders Richard Kresch, MD and Polaris Partners to acquire and develop
psychiatric facilities with a focus on specialized, high-quality patient care.
Co-investors include Fidelity Biosciences; George Conrades, Chairman of Akamai
Technologies; Trevi Health Ventures; Jonathan Bush, CEO of athenahealth; Carl
Byers, former CFO of athenahealth; and members of the US HealthVest management
team.

Richard Kresch, MD will lead newly formed US HealthVest (Photo: Business Wire)

Richard Kresch, MD will lead newly formed US HealthVest (Photo: Business Wire)

US HealthVest is headed by Richard Kresch, who previously led Ascend Health,
one of the largest private psychiatric hospital providers in the United
States. Before its acquisition in 2012, Polaris-backed Ascend Health operated
nine freestanding behavioral health facilities with nearly 900 beds.

“The need for quality psychiatric care is increasing rapidly. US HealthVest
has the experience and resources to expand access to care by developing new
facilities and acquiring existing facilities with untapped potential,” said
Richard Kresch, MD, President and CEO of US HealthVest. “Through our past
work, we have developed a strong reputation for working closely with local
communities to meet unmet needs by creating important and impactful
patient-focused facilities.”

“A new model for mental health services is needed to improve patient care,”
said Brian Chee, US HealthVest board member and partner at Polaris Partners.
“Polaris Partners is excited to back Richard and his strong team again as they
make important contributions in this area of great need.”

“The US HealthVest team has a track record of combining high-quality mental
health care with specialized programs and sound cost-structures,” said Jon Lim
of Fidelity Biosciences. “We look forward to partnering with Dr. Kresch and
Polaris in this new venture.”

About US HealthVest, LLC

We will provide specialized, high quality psychiatric care, including
substance abuse treatment, through a broad range of inpatient and outpatient
programs. With the development of new facilities and the acquisition of
existing facilities, we will expand access to care with a patient-centric
approach.

About Polaris Partners

We are multistage investors with proven experience in Healthcare, Technology
and Consumer sectors. Our partnership invests across all company lifecycle
stages as lead or co-lead investor. Many of our companies have achieved great
success. In 2012 alone, ten of our companies realized important partnership
acquisitions, including Ascend Health (acquired by Universal Health Services)
Avila Therapeutics (acquired by Celgene); deCODE Genetics (acquired by Amgen);
and Mark Monitor (acquired by Thomson Reuters). For more information on the
firm, its mission and its portfolio companies visit www.polarispartners.com

About Fidelity Biosciences

Fidelity Biosciences invests venture capital in biopharmaceutical, medical
technology, healthcare information technology and healthcare service
companies. The firm is a subsidiary of FMR LLC, the parent company of Fidelity
Investments, one of the world’s leading providers of financial services. For
more than 40 years, Fidelity has been a significant presence in the venture
capital and private equity industry. For more information, visit
www.fidelitybiosciences.com.

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Contact:

Media:
John Lacey, 781-392-5514
jlacey@polarispartners.com
 
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