Ideal Option Secures Minority Investment by BlueCross BlueShield Venture Partners

NEW YORK–(BUSINESS WIRE)–Ideal Option, a leading provider of Medication-Assisted Treatment (MAT)
and behavioral counseling services for individuals suffering from Opioid
Use Disorder (OUD), announced today a strategic minority investment by
BlueCross BlueShield Venture Partners (“BCBSVP”). BCBSVP invests on
behalf of 33 BlueCross BlueShield entities in healthcare companies of
strategic relevance to BlueCross BlueShield Plans.

“The team at Ideal Option has expanded access to MAT to some of the most
underserved communities in the country,” said Binoy Bhansali, Vice
President Healthcare, Sandbox Industries, on behalf of BlueCross
BlueShield Venture Partners, and Ideal Option Board Member. “The mission
of the Company is aligned to the mission of many of our Blue Plan
partners. BCBS Venture Partners is excited to partner with Varsity
Health Partners to amplify the reach of Ideal Option and create a
national, high-quality network of treatment providers focused on
addressing the opioid crisis.”

In September 2018, Ideal Option received a growth investment from
Varsity Healthcare Partners to expand Ideal Option’s commitment of
increasing affordable and evidence-based treatment access to communities
impacted by the national opioid epidemic. The strategic investment by
BCBSVP underlines the importance of Ideal Option to all constituents –
patients, providers, payors and communities across the country.

About Ideal Option

Headquartered in Kennewick, Washington, Ideal Option has delivered
personalized medicine to over 20,000 patients through a network of 60
urban and rural office-based opioid treatment (“OBOT”) clinics across 10
states. Ideal Option emphasizes individualized treatment programs for
patients consisting of MAT and behavioral counseling services to drive
superior outcomes. The Company extensively utilizes telemedicine
technology to reach secondary and tertiary markets where access to
treatment is limited or non-existent. Ideal Option and its team of over
90 medical providers are dedicated to delivering excellent patient care
with integrity and empathy. For more information please visit: www.idealoption.net.

About Varsity Healthcare Partners

Varsity Healthcare Partners (VHP) is a lower middle-market private
equity investment firm focused on partnering with founders,
entrepreneurs and management teams to build leading healthcare services
companies. VHP has been successful in developing and executing a
tailored value-creation plan, in partnership with the leadership of each
company, that typically emphasizes an appropriate investment in
infrastructure followed by an aggressive organic and acquisition growth
strategy. VHP draws upon its extensive healthcare industry experience
and relationships, as well as its hands-on partnership approach, to
effectively drive growth and maximize value. For more information please
visit: www.varsityhealthcarepartners.com.

About BlueCross BlueShield Venture Partners

BlueCross BlueShield Venture Partners (BCBSVP) is a corporate venture
fund licensed by the BlueCross and BlueShield Association, an
association of independent BlueCross and BlueShield companies. The fund
invests in promising emerging companies of strategic relevance to
BlueCross and BlueShield Plans. Sandbox Industries is the exclusive
provider of investment management services to BlueCross BlueShield
Venture Partners. For more information, visit www.bcbsvp.com.

Contacts

Mickey Mandelbaum or Nick Rust
Prosek Partners
(212) 279-3115
mmandelbaum@prosek.com
/ nrust@prosek.com