Bellevue, Wash. Radiant Research Inc., a comprehensive clinical research company that provides phase I-IV clinical drug development services to the biopharmaceutical industry today announced the successful completion of $26 million in new financing. Led by ABS Capital, the equity portion of the financing includes Oak Investment Partners, Salix Ventures, Mayfield Fund and Caltius Capital Partners. Caltius also provided mezzanine debt to the Company.
As previously announced, Radiant completed 2003 with record revenues of $73.5 million. In addition to continuing to grow the core Phase II-IV study conduct services business across its 50+ wholly-owned premier clinical research sites, the Company is also expanding its six existing early-phase units both physically and therapeutically plus adding 24-36 bed phase I and IIA capabilities at four of its existing phase II-IV clinical research sites. The Company also plans to open a 100-bed state-of-the-art early-phase research unit early next year. Ultimately, the Company intends to have 10 early-phase units by the end of next year with approximately 500 beds, each having access to special patient populations and the therapeutic expertise of their experienced clinical investigators.
"We no longer think of ourselves as just a site management organization [SMO]," stated Michael Lester, chief executive officer of Radiant Research. "In response to our biopharmaceutical customers' requests, we are now providing program development, data management, data analysis and reporting services for early-phase clinical programs. We are expanding our services to become a comprehensive clinical research company providing phase I-IV clinical drug development services to the biopharmaceutical industry across our 50+ wholly-owned clinical research facilities. This funding will enable Radiant Research to support our continued rapid growth into early-phase clinical research services ultimately assisting our biopharmaceutical customers in collecting vital data so that together, we can bring life changing drugs to the patients who need them."
"We are very pleased with our association with the industry leader of the clinical trials study conduct services business and a past winner of the Inc. 500 Magazine fastest-growing privately-held companies" said John Stobo, General Partner of ABS Capital. "Radiant Research is the perfect platform to expand into the rapidly growing early-phase clinical research space and we look forward to continuing our partnership as the Company expands its services."
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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.
