KIRKLAND, WASHINGTON - Radiant Research Inc., one of the country's largest site management organizations (SMO), today announced the successful completion of $28 million in total financing. Led by ABS Capital Partners, the funding includes all previous investors including Mayfield, Oak Investment Partners and Salix Ventures as well as the company's senior lender, Heller Healthcare Finance.
The funding will enable Radiant to further its initiatives for improved operational speed and consistency across its nationwide network of wholly owned research clinics, and to support growth of the company's complementary services such as centralized subject recruitment and call center services.
"We think continuing to support Radiant with the commitment of additional capital is particularly attractive given Radiant's track record, current study demand, and historical and projected growth," said John Stobo, General Partner of ABS Capital Partners. This week Radiant was recognized as the 11th fastest-growing privately held company in Washington state.
"The increasing demand for our study conduct services reflects the expanding drug development pipeline," said Radiant CEO Michael Lester. "We're delighted with the return of our original investors and their confidence in our abilities and business model."
The investment is structured as equity from existing investors, Radiant physicians and management as well as a senior credit facility from Heller Healthcare Finance.
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About Radiant Research
Based near Seattle, Washington, Radiant Research (radiantresearch.com) is a comprehensive clinical research and development company serving the biopharmaceutical and medical device industry. Radiant is comprised of more than 30 wholly-owned premier clinical research centers nationwide, employing over 500 clinical research professionals exclusively focused on providing professional, high quality study conduct and drug development services. In the past four years, Radiant has conducted more than 8,000 clinical trials across 18 therapeutic specialties.
| Contact: |
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Michael K. Lester
Chief Executive Officer
RADIANT RESEARCH
(425) 468-6200 |
Pamela M. Spaniac
Chief Financial Officer
RADIANT RESEARCH
(425) 468-6200 |
