ApolloMed Receives $5 Million Investment

Apollo Medical Holdings Inc. announced on Thursday that it has received a $5 million equity investment from health care management service Network Medical Management Inc. in Alhambra. As per the agreement, ApolloMed issued 555,555 preferred shares of stock to Network Medical at $9 per share with warrants to purchase an additional 555,555 shares at $10 per share. The Glendale health management company plans on using the money as working capital and to spur growth. Just six months ago, Network Medical made a $10 million equity investment in ApolloMed, as the two companies have been working together on various projects in population health management and hospitalist medicine. “We are pleased that Network Medical Management has chosen to increase its investment in ApolloMed,” Dr. Warren Hosseinion, chief executive of ApolloMed, said in a prepared statement. “The outcomes of our initiatives to date have been excellent, and we look forward to even more collaboration among the two companies.” ApolloMed closed Friday up $1.57 or 26 to 7.50 on the over-the-counter market.