has issued

Series A Preferred Stock

to an investor group led by

Monarch Capital Partners


PDN is a provider of Internet-
based fraud and compliance
monitoring software.

The undersigned acted as financial advisor to PDN in this Transaction

Physicians Data Network

Description

Physicians Data Network is a provider of web-enabled proprietary information management software and services designed to enable healthcare providers and payors to effectively monitor fraud and abuse regulatory compliance and measure productivity.

Situation

PDN was in its very early stages of growth, with a finished product, several hundred customers and modest revenue. The Company needed capital to build out its infrastructure and fund sales and marketing efforts. Croft & Bender was hired to draft the offering memorandum, market the Company to interested parties and to analyze, structure and negotiate a transaction that would raise the necessary capital.

Result

Croft & Bender successfully raised capital for the Company, with Monarch Capital Partners acting as the lead investor.