VentureBeat

Accelecare Wound Centers (no link), a Seattle provider of specialized medical care for difficult-to-treat wounds such as diabetic ulcers, raised $10 million of an anticipated $35 million first funding round, VentureWire reports (subscription required). SV Life Sciences and Bain Capital each contributed $5 million, and have together committed another $25 million to the company.

Accelecare is a sort of specialty medical-services company that provides particular forms of treatment to hospitals under contract. According to VentureWire, the company was formed by the acquisition of Amicus Hyperbaric Group, a provider of hyperbaric oxygen therapy — essentially the use of high atmospheric pressures to boost oxygen levels in ways that promote the healing of wounds.

Reading between the lines of the VentureWire story, it looks like this $10 million was used primarily to acquire Amicus, rename the company Accelecare, and relocate its headquarters to Seattle. The Amicus Web site is still up and running, but offers no indication that the company has been sold. Its most recent news involves Lubbock, Tex.-based Amicus agreeing to acquire another hyperbaric-treatment center (PDF) in Houston. VentureWire describes Accelecare as holding 12 contracts to operate wound-care centers for hospitals across Texas.

Accelecare plans to continue expanding by acquiring other wound-care companies, particularly in Texas, Arizona and southern states. This seems sort of an odd business to be running from Seattle, but I guess the Accelecare folks want to think big, partly because there already seems to be a fair bit of consolidation among wound-care companies. From VentureWire:

Another venture-backed company also working with hospitals on wound care and hyerbaric medicine, National Healing Corp., said in March that it acquired Medical Multiplex Inc. The acquisition brought the company’s contracts to 113, the company said at that time. National Healing is backed by Morgan Stanley Venture Partners and Scale Venture Partners, VentureWire records show. Another competitor, Diversified Clinical Services, was formed in April 2006 with the merger of Praxis Clinical Services and Diversified Therapy. That deal involved a $100 million equity commitment from Jordan Company LP, as well as backing from co-investors Bolder Capital and its Edgewater Funds. Diversified Clinical said it had 150 wound care centers at the time.

UPDATE: Out of curiosity, I checked back on the Amicus site a few weeks after this original item posted, and it still offers no indication that the company was bought out by Accelecare or anyone else. Accelecare, however, is now listed on the SV Life Sciences portfolio, and SVLS managing partner Eugene Hill is now listed as a director of the company. Accelecare itself still doesn’t seem to have a Web site, though.