GE Launches $250 Million Healthymagination Fund
New equity investment fund to invest in high potential healthcare technology companies; Supports GE's global Healthymagination initiative, focusing on cost, access and quality.
FAIRFIELD, Conn.--Wednesday, October 21, 2009-- GE (NYSE: GE) announced today the formation of the "GE Healthymagination Fund", a new equity fund that will make investments in highly promising healthcare technology companies. The fund will invest in companies globally that have innovative diagnostic, IT, and life sciences technologies aligned with the strategic objectives of GE's Healthymagination initiative. The fund will also support healthcare companies developing innovative and unique business models and services.
The formation of the fund is part of GE's $6 billion Healthymagination initiative, a global commitment to deliver better healthcare to more people at lower cost. The fund will target three broad areas for investment:
Broad-based Diagnostics, including imaging, home health, patient monitoring, molecular diagnostics, pathology, novel imaging agents and other technologies for disease diagnosis.
Healthcare Information Technology, including electronic medical records, clinical information systems, healthcare information exchanges and value-added data services.
Life Sciences, including tools for research and development in biopharmaceuticals and stem cells, and technologies for manufacturing of biopharmaceuticals and vaccines.
The fund will draw on capabilities from across GE Healthcare, GE Capital and GE Global Research, and will have a global footprint.
"The creation of the GE Healthymagination Fund reaffirms our commitment to innovation in healthcare to bring better health to more people," GE Chairman and CEO Jeffrey Immelt said. "As GE works on solutions to healthcare's biggest challenges, it is vitally important that we support the development of companies with promising technologies or business models that are aligned with our strategy and have the potential to shape the future of healthcare. This includes smarter processes and technologies that measurably increase access to healthcare, reduce the cost of delivery and improve quality. The Healthymagination Fund gives us an opportunity to work with emerging companies to support their development, as well as provide them access to our technology base and our global presence."
"GE is able to offer a unique proposition to promising healthcare companies," Immelt said. "In addition to providing growth capital and investment expertise, through this fund we offer entrepreneurs the opportunity to work directly with a global leader in healthcare technology in areas of mutual interest."
For further information about the fund, visit www.healthymaginationfund.com.
About GE Healthcare
GE Healthcare provides transformational medical technologies and services that are shaping a new age of patient care. Our broad expertise in medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, biopharmaceutical manufacturing technologies, performance improvement and performance solutions services help our customers to deliver better care to more people around the world at a lower cost. In addition, we partner with healthcare leaders, striving to leverage the global policy change necessary to implement a successful shift to sustainable healthcare systems. Our "healthymagination" vision for the future invites the world to join us on our journey as we continuously develop innovations focused on reducing costs, increasing access and improving quality and efficiency around the world. Headquartered in the United Kingdom, GE Healthcare is a $17 billion unit of General Electric Company (NYSE: GE). Worldwide, GE Healthcare employs more than 46,000 people committed to serving healthcare professionals and their patients in more than 100 countries. For more information about GE Healthcare, visit our website www.gehealthcare.com.
About GE Global Research
GE Global Research is one of the world's most diversified industrial research organizations, providing innovative technology for all of GE's businesses. Global Research has been the cornerstone of GE technology for more than 100 years, and is now focused on developing breakthrough innovations in areas such as molecular medicine, energy conversion, nanotechnology, advanced propulsion and security technologies. GE Global Research is headquartered in Niskayuna, New York and has facilities in Bangalore, India; Shanghai, China; and Munich, Germany. Visit GE Global Research at www.ge.com/research.
About GE Capital
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit the company's Web site at www.ge.com.