KIRKLAND, WASHINGTON - April 5, 1999 - Radiant
Research, a company of premier clinical research sites, today announced it
has raised $14.2 million in its second round of financing. The lead
investor in this round was ABS Capital Partners, a private equity fund
with approximately $850 million of capital under management. ABS Capital
Partners was joined by all of the original investors including Mayfield
Fund, Oak Investment Partners and Salix Ventures.
"We are extremely pleased to be an investor in the clinical trials
marketplace, and more specifically with Radiant Research," commented
John Stobo, General Partner of ABS Capital Partners. "As more and
more pharmaceutical products come down the R&D pipeline, the
bottleneck will be around finding patients to test the drugs. Radiant's
rapid growth and their extensive research experience put them in a great
position to help pharmaceutical and biotechnology companies solve this
issue. We are very impressed with the Leadership Team and the significant
progress they have made over the past year. We are particularly impressed
with the premium brand they have built through the quality of their
acquisitions."
"We are very happy to have ABS Capital Partners as part of our
investor group," said Michael Lester, president and CEO of Radiant
Research. "Their commitment to Radiant and to the clinical trials
marketplace will support Radiant's growth and allow us to continue to
build our organization. The relationship with ABS Capital Partners is also
important for us, given their extensive experience in the health care
industry and the capital markets."
The Company, headquartered in Kirkland, Washington, now has 11 research
sites in Arizona, California, Hawaii, Florida, Kansas, New Jersey, and
Pennsylvania. The Company has plans to double its investigative team in
the next year.
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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: |
|
Michael K. Lester
Chief Executive Officer
RADIANT RESEARCH
(425) 468-6200 |
Pamela M. Spaniac
Chief Financial Officer
RADIANT RESEARCH
(425) 468-6200 |
