XR Ventures Invests in Online Research Group, Will Examine Other Opportunities
Press release from the issuing company
Grandville, MI, March 6, 2001 - X-Rite, Incorporated (NASDAQ/NMS: XRIT), a leading global provider of technology solutions that measure color, light and shape, announced that its strategic venture capital group, XR Ventures, LLC, has invested in MedPanel, Inc., an Internet-based provider of online medical research and marketing services located in Cambridge, Massachusetts.
MedPanel provides medically related industries with qualitative primary research, high-impact targeted marketing methodologies, and in-depth medical market trend analysis. MedPanel’s competitive edge results from the use of its proprietary, Internet-based technology and its relationship with exclusively contracted physicians from leading academic medical centers worldwide.
“MedPanel offers a powerful and timely tool for an industry that is experiencing extraordinary changes every day,” said James Knister, Partner, XR Ventures LLC. “Their ability to deliver cost effective technology in a fast, efficient manner is impressive, and has great potential to impact the way research is conducted and shared in the future. The MedPanel management team is strong, and I am confident they will lead the company on to great success in the future.”
XR Ventures looks for early stage investment opportunities, including defensible intellectual property. The investments will typically fall within the areas of telecommunications; microsystems in the areas of optical communications and biomedical analysis; web infrastructure; and other emerging technologies.
Partners in XR Ventures include X-Rite, Dr. Peter M. Banks, and James A. Knister. Banks and Knister have extensive experience in small company start-ups, technology management, and investing. Both have had careers as executives in technology companies and have participated extensively in new technology initiatives. In addition to seeking out new technology opportunities and intellectual properties, XR Ventures will help in the development and success of its acquisitions and investments.
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