DENVER, Sept. 27 /PRNewswire/ -- Navitas Cancer Rehabilitation Centers of America, Inc. ("Navitas"), the nation's first independent network of clinics for the provision of outpatient rehabilitation services for cancer patients, today announced the completion of an $8 million Series A round of venture capital funding. The round was led by Psilos Group Partners ("Psilos"), with additional capital contributed by Shoreline Venture Management. With the funding, Psilos' Lisa Suennen, managing director, and Albert Waxman, Ph.D., senior managing member, as well as Peter Craddock, director, Shoreline Venture Management ("Shoreline"), have joined the Navitas board of directors.
Navitas, which has one clinic operating in Denver, Colorado, will use the funding to expand its Denver operation, open a second clinic in Salt Lake City, Utah, and for general operating activities. The Company anticipates adding additional sites during the next 12-24 months and undertaking clinical research on the impact of its services on outcomes for cancer patients.
Navitas provides a full spectrum of integrated rehabilitative and complementary healthcare services to cancer patients at diagnosis, during treatment and post-treatment to enable them to better tolerate and recover from the physical and psychological side-effects typically associated with cancer and its treatment. By providing physical therapy, therapeutic exercise, nutrition counseling, psychotherapy, and a cadre of complementary medicine services, Navitas works closely with oncologists and other physicians to help those suffering with cancer to ameliorate symptoms, reduce fatigue, enhance quality of life and improve direct treatment compliance.
"People with cancer are eager to find ways to help themselves while undergoing treatment and recovery. The concept of 'rehabilitation' has been widely accepted in cardiac care and in recovery from traumatic injuries, but few understand how important this concept is for cancer patients as well. While many of the services we provide are well known to reduce side-effects and enhance the patient's treatment experience, there are few places for patients to access these services in an integrated, medically-appropriate setting that reinforces their direct line treatment. Navitas offers cancer patients a single location to get all or most of the ancillary services they desire to help them address the negative side effects of cancer and cancer treatment on the mind, body and spirit. By working hand-in-hand with their physicians, we can significantly improve the overall treatment experience for these people in a very tangible way," commented John Bason, president and CEO of Navitas.
"This financing will enable us to confirm the validity of our business model and set the stage of national expansion," added Bason.
"The Navitas concept appealed to our interest in financing companies that increase the quality of treatment while also enhancing the value of each patient's treatment dollar. By improving treatment compliance and improving quality of life, Navitas offers cancer patients something that is very difficult for them to find today -- an integrated, comprehensive program of services that supports them, physically and psychosocially, between visits to the oncology office," said Lisa Suennen, managing director of Psilos. "Psilos is pleased to be a partner in the establishment of this innovative company."
"Navitas immediately caught our attention as a service long overdue. Many of us have been affected by the difficulties encountered in cancer rehab, either directly or through those we know. Intrinsically, the idea made complete sense and combined with an excellent founding team, we think Navitas has a great deal to offer those going through the travails of this disease," said Peter Craddock, Managing Director at Shoreline.
About Navitas
Founded in 2003 by Carolyn Dennehy, Ph.D. and Jerry Howell, Ph.D., Navitas Cancer Rehabilitation Centers of America, Inc. ("Navitas") is headquartered in Denver, Colorado. Navitas is the nation's first company to work with the oncology community, patients and payers to integrate cancer rehabilitation services into the treatment plan for each cancer patient. The Company's services include physical therapy, therapeutic exercise, nutrition and psychological counseling, acupuncture and other complementary services. Navitas' services enable patients to better tolerate and recover from the side-effects typically associated with cancer and its treatment.
About Psilos
Psilos Group Partners, with offices in New York and the San Francisco Bay Area, has been a successful healthcare private equity firm since its founding in 1998. With over $275 million currently under management, Psilos leverages its team's knowledge and operational experience to identify industry- transforming healthcare and medical technology investment opportunities that will create viable, sustainable and highly valuable businesses. More information about Psilos is available at www.psilos.com.
About Shoreline
Shoreline Venture Management, LLC is a venture capital firm based in the San Francisco Bay Area. Shoreline was established in 1998 and invests primarily in early stage businesses. Shoreline focuses its investments in information technology, technology infrastructure and healthcare. More information about Shoreline is available at www.shorelineventures.com.
For More Information: John Bason, CEO Navitas, Inc. 760-525-8695
Navitas Cancer Rehabilitation Centers of America, Inc.CONTACT: John Bason, CEO of Navitas, Inc., +1-760-525-8695