Operator of Radiation Centers Reels in Partners

By DEBORAH CROWE, Los Angeles Business Journal Staff

7/21/2008

 

Vantage Oncology Inc. announced that it has completed seven new partnerships involving 10 cancer treatment facilities around the country, and secured a $100 million credit facility that will support the company’s growth.

Manhattan Beach-based Vantage, backed by five venture or private equity firms, now operates 31 high-tech radiation treatment centers in 11 states. Chief Executive Michael Fiore said that should grow to 40 by the end of the year.

One of the latest facilities is Glendale Radiation Oncology in Glendale, a new center opened in partnership with Valley Radiotherapy Associates. It becomes the company’s fourth facility in the San Fernando Valley. Locally, Vantage also has four centers in the Riverside-San Bernardino area.

“What makes us attractive is that we have a partnership model with hospitals and radiation oncologists, and our focus on offering the latest technology,” said Fiore, who co-founded the company in 2002. Vantage does not release financials, but Fiore said revenues have doubled in the last 12 months.

The credit facility was provided by Los Angeles-based Ares Capital Corp. on what Fiore called “very favorable” terms given the economic climate. “I think that’s because we’re a company that’s done well and we’re in a sector, health care services, that’s still attractive.”

Vantage’s financial backers are New Enterprise Associates, CCP Equity Partners, Versant Ventures, Salix Ventures and Camden Partners.