Saturday, April 12, 2014

MedHab in Midst of Fourth Capital Raise

SEC filings indicate MedHab is in its fourth capital raise.  Founder Johnny Ross sought nearly $1.1 million in investment with over $770,000 in the bag.  The filing came nearly two years to the day after San Angelo's City Council approved a $3.6 million economic development package for up to 227 jobs.  At the time I wrote:

The City of San Angelo approved a substantial investment in MedHab through job incentive money, paying for renovations, helping with capital equipment costs, paying a portion of a building lease, 100% tax abatement, dirt cheap space and refunding a portion of code compliance fees.
To date MedHab has only used city owned office space for $1 per year.  That could soon change.  The Development Corporation planning meeting mentioned a business incubator tenant moving out in the next six months.  MedHab's website has a different look, one a bit more promising of future developments.

I imagine the City's economic support has been a great selling point in Medhab's last two capital raises.  After missing many milestones MedHab could be closer to the rosy scenario painted on January 3, 2012. 

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