Physician Computer Network, a Morris Plains, N.J.-based vendor of medical practice management software, said it completed a private placement of securities worth $27.3 million. Cash from the transaction is expected to be used as part of the company's continuing acquisition strategy.
In September, PCN acquired its sixth medical information systems company, increasing its market access to a total of 80,000 office-based physicians.
The private placement includes 1.9 million shares of common stock and 18,500 shares of convertible preferred stock.
PCN also reported record results for the third quarter and first nine months of 1995 ended Sept. 30. For the quarter, net income increased 200% to $2.4 million, or 6 cents per share, compared with net income of $800,000, or 2 cents per share, in the year-ago quarter. Revenues rose 81% to $9.6 million.
For the nine months, net income soared to $4.8 million, or 12 cents a share, compared with $79,000, or break-even on a per-share basis, in the year-ago period. Revenues rose 67% to $24.5 million.