|For Immediate Release
Salix Ventures Announces
Investment in Prism Education Group
ANDOVER, MASSACHUSETTS (March 2, 2004) -- Salix
Ventures announced today a $3.0 million investment as part of a $6.175 million Series A Preferred Stock financing
in Prism Education Group of Boston, Massachusetts. HLM Venture Partners and management also participated in the
financing. As a result of this investment, Chris Grant, a General Partner of Salix Ventures, Mark Donovan, a Principal
of Salix Ventures, and Ed Cahill, a Managing Partner of HLM Venture Partners, will join Prism Education Group's
Board of Directors.
Prism Education Group is a provider of postsecondary allied health education programs. The Company's services address
the critical shortage of allied health professionals by improving access to career-oriented education and vocational
training. Prism is developing a network of schools offering postsecondary education at the diploma, associate and
baccalaureate level for students seeking healthcare as a first career as well as for existing healthcare workers
seeking advancement from their current positions
Allied health and health science education programs accounted for $6.1 billion of 2003 tuition revenue. In addition,
allied health and health science education programs have over one million students enrolled, or more than 5% of
all enrollments in the U.S. higher education system. Due to the huge shortages of nurses and allied health professionally,
allied health education programs are the fastest growing segments within the postsecondary education industry.
Steve Garfinkle is CEO of Prism Education Group and co-founded the Company with COO Tom Dixon in November 2003.
Steve and Tom served as CEO and COO, respectively, of Prism Health Group from 1992-1998. Prism Health Group managed
sub-acute rehabilitation programs in long term care facilities and sold to Mariner Health Group (Nasdaq: MRNR)
. Before Prism Health Group, Steve and Tom worked at The Mediplex Group. Mediplex was a $250 million national provider
and developer of nursing home, psychiatric hospital, substance abuse and rehabilitation hospitals.
"We believe that Prism is extremely well positioned to address the acute shortage of allied health professionals
in the United States," stated Chris Grant. "These shortages are projected to become worse as the general
population ages and as the current pool of allied health professionals, which is generally an older pool of workers,
leaves the workforce."
About Salix Ventures
Salix Ventures manages two venture capital partnerships with approximately $180 million in capital commitments
from limited partners. Salix invests primarily in early-stage healthcare services and healthcare information technology
companies. With offices in Andover, Nashville and San Francisco, Salix Ventures assists companies across the country
through all stages of development.