Healthnostics invests in diabetes supplies market

Wednesday, April 30, 2008

NEW YORK - Healthnostics, a medical and biotech analytics information and technology company, has acquired a significant interest in GMD, a nationwide durable medical equipment provider that specializes in direct-to-consumer diabetes supplies, the companies announced April 1. GMD is currently forecasted to generate $10 million in revenue by the end of the fiscal year in June 2008. Alan Grofe, president of Healthnostics, will serve as CEO of GMD. The companies stated in a release: "This transaction will bring Healthnostics shareholders a marked increase in shareholder value by substantially increasing the company's net worth."