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iPhysicianNet SECURES MORE THAN $11 MILLION

Scottsdale, AZ, March 4, 2002

iPhysicianNet is pleased to announce the successful completion of an additional round of private (venture) financing. More than $11 million was recently secured from existing investors in a deal led by Veron International and BioAsia. This brings total funding to nearly $80 million since the company was started in 1996.

Commenting on the successful financing, Peter Moriarty, iPhysicianNet's Chairman and CEO, stated, "The company is gratified by the financial support provided by our existing investors. Their continued confidence in the iPhysicianNet business model and management's ability to build a substantial and profitable enterprise is very encouraging, and particularly so when this was achieved in an extremely difficult capital markets environment. Obviously, we are also very pleased by the positive feedback provided to our investors by our existing clients who number among the world's leading pharmaceutical companies. It is apparent that building an inside video sales force is taking firm root in most of the major companies."

iPhysicianNet has contracts with the U.S. subsidiaries of nine of the top twelve pharmaceutical companies in the world. Dedicated sales representatives of those companies use the iPhysicianNet real-time, face-to-face video conferencing system to detail/sell products to targeted physicians who have contracted to participate in our primary care network. Most of those clients have now moved from an evaluation phase to full roll-out contracts, and those clients are experiencing average sales call lengths in excess of 8 minutes, with each sales representative completing 13 - 25 video detailing/selling sessions per day, and covering an average of 2.6 products per detailing session.

iPhysicianNet created the e-detailing space, and is unique in providing live, face-to-face video detailing. The system utilizes a network of video conferencing equipped personal computers operating through high-speed telecommunications lines to provide physicians with access to live interactions with pharmaceutical companies, the Internet, e-mail, medical news and references, and continuing medical education resources. The company, formed in 1996, is headquartered in Scottsdale, Ariz. For more information, visit www.iPhysicianNet.com.


KBL Healthcare Ventures
757 Third Avenue, 21st Floor
New York, NY 10017
(212) 319-5555


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