RALEIGH, N.C., May 15, 2018 (GLOBE NEWSWIRE) -- Carolina Complete Health Network, Inc. (CCHN), a company formed to build and support a patient-focused, physician-led Medicaid health network, today announced that in the first quarter of 2018 it raised approximately $1.1 million in a private placement transaction with the North Carolina Community Health Center Association (NCCHCA) and certain Community Health Centers (CHCs) throughout the State of North Carolina.

Since CCHN’s formation, the NCCHCA has served as an integral collaborator with CCHN, and the NCCHCA will continue to inform and guide CCHN’s efforts in creating a healthcare option for Medicaid beneficiaries in North Carolina.

CHCs are key providers of primary care services to Medicaid beneficiaries, and with its investment, the CHCs can actively support CCHN as it pursues this unique opportunity to help lead the Medicaid reform process in North Carolina.

Under the private placement, CCHN agreed to issue in aggregate to both NCCHCA and CHCs 1,505 shares of Class P Common Stock at a price per share of $750.00. CCHN expects to use 55 percent of the private placement proceeds for general working capital purposes and the remaining 45 percent of the proceeds to help fund its portion of the initial capitalization to the joint venture company with Centene Corporation, a diversified, multi-national healthcare enterprise, to create Carolina Complete Health, a health plan with a patient-focused approach to Medicaid under the reform plan enacted in the State of North Carolina.

The Class P Common Stock sold in the private placement has not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Carolina Complete Health Network, Inc. (CCHN)
CCHN is a subsidiary of the North Carolina Medical Society (NCMS) formed for the purpose of establishing, building and maintaining a physician-led network of providers to serve Medicaid beneficiaries in North Carolina. CCHN will furnish provider network services to a new, NC-based health plan, Carolina Complete Health, to serve Medicaid beneficiaries with value-based models-of-care. This new health plan is the result of a collaboration of NCMS, the North Carolina Community Health Center Association, and Centene Corporation to provide a patient-focused approach to Medicaid under the reform plan enacted in the State of North Carolina.

About the North Carolina Community Health Center Association (NCCHCA)

The NCCHCA is a private, non-profit membership association that represents federally-qualified health centers and aspiring health centers across North Carolina. The NCCHCA’s mission is to promote and support these patient-governed community health care organizations and the populations they serve.