Tampa, Fla. – (April 17, 2009) – Lovett Miller & Co. portfolio company, SIGMA International General Medical Apparatus, LLC (“SIGMA”), a national manufacturer of large volume “smart” infusion pumps for hospitals and professional care settings, has entered into a strategic relationship with Baxter International Inc. (NYSE: BAX), a global diversified healthcare company. Baxter invested $100 million into SIGMA in exchange for a three year exclusive distribution arrangement, a 40% ownership position, and the right to purchase the remainder of SIGMA for up to an additional $135 million.
SIGMA manufactures and distributes the SIGMA Spectrum, an FDA approved drug error prevention “smart” infusion pump. The Spectrum helps minimize adverse drug events (“ADEs”) such as the administration of the wrong dose, wrong concentration, or an incorrect drug to a patient. The SIGMA Spectrum and related proprietary software are designed specifically to prevent ADEs associated with administration of drugs delivered intravenously.
Upon closing of the investment, Roger Hungerford, founder and chief executive officer of SIGMA, stated, “We are excited to work with Baxter, a well-established leader in the infusion systems market, to more rapidly introduce and expand Spectrum’s presence in hospital and homecare settings. We are also very pleased to have the Lovett Miller team involved. Lovett Miller’s extensive experience with rapidly growing companies, particularly in the healthcare related fields, has been a terrific asset for SIGMA”.
W. Scott Miller, Co-Founder and Managing Director of Lovett Miller & Co., serves on the board of members of SIGMA. “We are very pleased to be affiliated with Roger Hungerford and the rest of his management team. SIGMA is a proven leader in smart infusion pump technology and the company’s focus on patient safety has helped SIGMA garner its leadership position” said Mr. Miller. Lovett Miller & Co. was SIGMA’s sole institutional investor.
About SIGMA International General Medical Apparatus, LLC
SIGMA, Based in Medina, NY, designs and manufactures smart infusion pumps for hospitals and professional care settings throughout the United States. SIGMA smart pumps provide information and offer a design vital to drug error avoidance in the intravenous administration of drugs. For additional information about SIGMA and the SIGMA Spectrum smart infusion pumps, visit www.sigmapumps.com or call 1-800-356-3454.
About Lovett Miller & Co.
Lovett Miller & Co., co-headquartered in Jacksonville and Tampa, Florida, provides growth capital and shareholder liquidity for rapidly growing, privately held companies throughout the United States with a particular emphasis on investments in the healthcare field as well as for technology-enhanced, recurring revenue service companies. The Firm invests in a range of financings including (1) growth capital, (2) minority shareholder liquidity transactions, and (3) growth buyouts. Lovett Miller & Co. typically invests $3 to $10 million in equity per company, although it is willing to consider both smaller and larger equity investments. For more information on Lovett Miller, visit www.lovettmiller.com.