Universal Healthcare in turn has agreed to buy Precision Healthcare Inc. from Standard Management for $4.2 million. Standard bought the Nashville, Tenn.-based company in July 2005.
Neither the identity of the investors nor the amount they invested in Universal Healthcare was disclosed, but a statement said it was formed to protect the new investors from future losses.
Indianapolis-based Standard Management lost $10.8 million in the third quarter, nearly tripling the $3.8 million loss sustained a year earlier. The company also saw revenue decline 10 percent, to $4.9 million.
Since June, the pharmaceutical provider defaulted on a loan to buy a Seattle-based pharmacy, borrowed $3.3 million from
Standard Management also agreed to buy another pharmacy, but the deal hasn't closed, despite an expected closing date of Oct. 13. The company delisted itself from NASDAQ in May.