RadPharm Receives Private Equity Financing from Ampersand Ventures
Investment to Support Continued Expansion of Services by Leading Imaging Core Lab
RadPharm, Inc., a leading provider of centralized oncology and medical imaging review services for global clinical trials, announced a significant investment by Ampersand Ventures. As a result of this investment, Ampersand has become RadPharm’s majority shareholder. RadPharm has doubled revenues in each of the last two years, and this investment will provide additional funds for technology investments and working capital to support RadPharm’s plans for continued growth.
Due to a combination of regulatory and market considerations, centralized image review has become an increasingly important component of clinical trials, particularly for experimental oncology drugs. RadPharm was founded in 1998 by radiologists Dr. Robert Ford and Dr. Donald Rosen to address this emerging medical market need. Since its formation, RadPharm has established itself as the leading imaging core lab for oncology clinical trials, providing centralized radiology services to a wide range of pharmaceutical and biotechnology clients. RadPharm’s success has been based on a strong core business and extensive medical experience. The company’s experienced and dedicated management team and employee base will remain in place.
In conjunction with this investment, Herbert Hooper and Marc Dulude, both general partners at Ampersand Ventures, have joined RadPharm’s Board of Directors.
RadPharm’s CEO, Ronald Berg, commented, “We are delighted to partner with Ampersand to build on our past success. This investment will enable RadPharm to strengthen our sales and marketing efforts, and expand our service and technology offerings.”
Co-founder and Chief Medical Officer Dr. Robert Ford added, “Don and I believe that our initial strategy to focus on the medical aspect of the core lab business is largely responsible for RadPharm’s emergence as the leader in the oncology therapeutic area. From this solid foundation, and with the benefit of Ampersand’s investment, RadPharm is well positioned to expand into new therapeutic areas.”