SAN DIEGO, April 24, 2012 /PRNewswire/ -- RT Oncology Services Corporation (RainTree Oncology), a privately-held provider of oral oncology drug acquisition and management services, today announced the successful closure of $11.1 million in second round financing from a group of investors, including an investment partnership in which Robert M. Bass is the lead investor. RainTree Oncology's management and Advisory Board members also participated in the financing.
The financing brings the Company's total funding to $22.5 million to date. In exchange for the funds, investors have received traditional Series A Preferred Stock in the Company. The Company said that the new funds will be used for staff operations, data system development, working capital and general corporate purposes.
Mike Martin, president and chief executive officer of RainTree Oncology, said: "This second round financing will enable us to continue growing our core business, which provides community oncology practices a unique suite of products and services that improve quality of care and practice performance. Consistent with our strategic plan, we will remain particularly focused on continued growth in oral oncology drug applications. With the strength of our financial position and our broadening national membership, this is a very exciting time for our Company."
RainTree Oncology's network includes 549 leading community oncologists across the United States. The Company aims to improve efficiency within community oncology practices in several ways, including providing its members with a turnkey system for purchasing oral drugs, managing inventories, tracking prescriptions and monitoring patient adherence. For some practices, this includes helping to establish and operate on-site pharmacies that provide added convenience for patients and an important source of revenue for physicians. The Company also offers technology to automate oral drug prescription tracking and fulfillment in order to better ensure patient adherence to prescribed therapeutics.
About RainTree Oncology Services
RainTree Oncology Services provides leading-edge oral drug acquisition and management services that make a difference in the lives of cancer patients by helping community oncology practices expand services and improve patient care, enhancing the economic model of community oncology practices and pioneering an integrated information network between physicians, payors and manufacturers to advance state of the art in oral oncology. RainTree Oncology is physician centric, patient focused and community minded. For more information about RainTree Oncology Services: www.raintreeoncology.com.
President & CEO
SOURCE RainTree Oncology Services