Chronicity Raises $1.5M for Working Capital

January 9, 2011

Chrysalis Ventures Backs Texas Health-Care Service Provider

By citybizlist Staff

HOUSTON – Chronicity Inc. has raised $1.5 million of a $9 million share offering, according to an SEC filing.

The Addison, Texas-headquartered company provides health-care services for people with learning disabilities, attention-deficit hyperactivity disorder, chronic fatigue and fibromyalgia.

Principals named in the filing include Chairman and CEO Robert Baurys; Susan Hrim, who is COO and chief clinical officer; CFO Francis Chow; and fellow executive officer Roy McKinley.

Also named in the filing are the following directors: Chrysalis Ventures‘ Managing Director Koleman Karleski and Operating Partner Richard Vance; John Prior, formerly of Nashua, N.H.-based Critical Care Systems; Wilson Orr of Memphis, Tenn.-based SSM Partners; and Jan Bruce. Chrysalis, which is headquartered in Louisville, Ky., has offices Houston and Pittsburgh.

Chronicity said it would use the proceeds for working capital.

Last year, Chronicity raised a total of $3.75 million in two rounds. Besides Chrysalis and SSM Partners, the company’s backers include Chicago’s Crobern Partners and Reservoir Venture Partners of Columbus, Ohio.

Reg D filing: http://tinyurl.com/33dgg48

 

Bios from Chronicity’s website:

Robert S. Baurys II
Chairman of the Board and Chief Executive Officer

Mr. Baurys, a serial entrepreneur, has been involved in both the technology and health care industries in various business adventures over the past 20 years; including becoming the CEO of an incubator that launched companies for FedEx and others around the nation. Prior to joining Chronicity, Inc., Bob, with his clinical partner Sue Hrim, RN, built several companies including Fibromyalgia & Fatigue Centers, ADD Health & Wellness Centers, Triad Medical, and several other health care companies.

As CEO of Chronicity’s health care facilities, Bob will direct the company’s continued growth and development of new opportunities within the consumer-directed health care industry.

From 1981 to 1985 Bob attended College Misericordia in Pennsylvania earning degrees in Finance and Marketing.

Susan Hrim
Chief Clinical Officer and Chief Operating Officer

Ms. Hrim is responsible for the clinical development, implementation, and quality assurance initiatives for Chronicity, Inc. Sue has been a principal of several health care organizations, a clinical legal consultant, and long-term care industry consultant. Licensed in New York and Pennsylvania, she obtained her RN from Mohawk Valley and continued with the New York State Regents College. A Registered Nurse with over 20 years experience in healthcare management, Sue brings executive leadership, strategic planning and implementation with a proven history of success to Chronicity’s health care facilities.

Francis Chow
Chief Financial Officer

Mr. Chow graduated from Southern Methodist University and began his career as a Supervising Senior Accountant. After four years, he and his family moved to Orlando where he became the Director of Finance at Triton. Eventually finding his way back to Dallas, Texas, Francis moved into the role of Vice President of Finance for Timera, tripling their valuation in 3 years. In 2004, he became an Individual Consultant for initial stage and growth companies, wearing a plethora of hats for each. Francis joins Chronicity, Inc. with over 13 years experience in finance and oversees the company’s financials aspects of their health care facilities.
Francis, a Certified Public Accountant, earned a Bachelors of Business Administration, majoring in Accounting and Organizational Behavior and Business Policy, and minoring in Economics.

Bios from Chrysalis’ site:

Koleman Karleski
Managing Director, Chrysalis Ventures

Koleman joined Chrysalis in 1997 and is currently a Managing Director. His focus is on investment opportunities in healthcare. At Chrysalis, Koleman has worked with HealthMedia (sold to Johnson & Johnson), MedServe (sold to Stericycle, Inc.), Aperture Credentialing (sold to a subsidiary of UnitedHealth Group), Manorhouse Assisted Living (sold to LifeTrust Assisted Living), Primis (sold to LandAmerica Financial Group) and TechRepublic (sold to Gartner Group, Inc.). He currently serves on the Board of AfterBOT, Cervilenz, Chronicity, Foundation Radiology Group, HealthTeacher and NextImage Medical. He also spearheads Chrysalis’ fundraising efforts.

Prior to Chrysalis, Koleman worked for Providian Corporation’s Capital Management business unit where he focused on strategic planning and business development.
A native of Pittsburgh, Koleman earned a BSE from Princeton University where he concentrated on operations research and financial engineering.

Richard Vance
Operating Partner, Chrysalis Ventures

Richard joined Chrysalis in 2007, initially as Executive-in-Residence and six months later as Operating Partner. As part of Chrysalis’ hand on approach, he brings operational expertise and assists current portfolio companies within the healthcare and technology sectors.

Richard has over 20 years of experience in healthcare analytics and modeling, health services research, product development and healthcare IT, and has published more than 80 articles in national and industry publications. He was CEO and President of CorSolutions from 2001 to 2005, the nation’s second largest disease management company, until it was acquired by Matria Healthcare. In 2004, he was recognized as one of the top 10 disease management executives by Managed Healthcare Magazine. Prior to CorSolutions, Richard was Vice President for Population Health Improvement at Humana Inc., an internal consulting function which oversaw disease management program development and investments. Previously, he led Wake Forest University Medical Center’s Resource Utilization and Outcomes Management Department in the development of programs to improve efficiency for integrated delivery systems while also serving as Associate Professor of Pathology and as Associate Director of the Health Services Research Center.
Richard has a BA from Wake Forest University, an MA from University of Chicago and an MD from Wake Forest University.

Bio from SSM Partners:

Wilson Orr
Managing Partner

Mr. Orr joined SSM in 1988 and has been significantly engaged in all aspects of the Firm’s activities. Together with Mr. Witherington, he was instrumental in SSM’s transition into principal investing in 1990. Mr. Orr has worked with companies in a wide variety of industries and currently focuses on business services companies and any consumer services transactions considered by the firm.

Prior to joining SSM, Mr. Orr worked at JP Morgan in New York and Dallas concentrating on leveraged finance transactions. He received his bachelor’s degree in Economics and Business Administration from Vanderbilt University. In addition to his service with other local organizations, Mr. Orr recently served as Board Chairman for Presbyterian Day School in Memphis