Crona del Mar, California (PRWEB) November 20, 2011
Integrated Oncology Network, LLC (“ION”) announced that it is partnering with, and has acquired equity interests in Prologics, LLC and Northern Ohio Regional Cancer Center, LLC (“Prologics”). Prologics through its subsidiaries and affiliates owns a radiation oncology center in Brook Park, Ohio, provides radiation oncology management and billing services to physicians, and has a brachytherapy business which includes physician proctoring and seed distribution services.
“We are excited by the opportunity to partner with the Prologics management team which is led by one of the top executives in the radiation oncology sector.” said Jeffrey Goffman, chairman and CEO. “This transaction coupled with our recent Affiliation with Philips Healthcare demonstrates our commitment to executing our strategy by giving clinicians and hospitals the support they need to align the business, financial, and management aspects of cancer care, so they can focus on quality patient care.”
Mark Cherney, chief executive officer of Prologics, stated, “We are very excited about working with Jeff and his talented management team. I have known and collaborated with Jeff since 2001 and consider him to be one of the best financial minds and well respected healthcare executives in the industry. The opportunity to work along side of ION as a partner at this stage of our companies’ growth will enable us to build a stronger footprint and strategic platform to meet the needs of our ever changing healthcare market. The combination of our talented teams will provide the market with a unique alternative to that of the existing competitive landscape.”
ION, headquartered in Corona del Mar, California, is a radiation oncology management, development, and advisory firm that provides oncology solutions and capital for physician practices and hospitals who seek strategic, financial, and management expertise. ION’s management team has expertise in assisting physicians with the formation of integrated oncology groups, which can enhance operational efficiencies and optimize utilization while continuing to focus on providing the best patient care. ION provides solutions for transactional services, project development for cancer centers, financing, and management services with expertise in radiation oncology operations, billing and collection, accounting, compliance, IT, M&A, physics and dosimetry, and other administrative services. ION provides liquidity for physician and hospital owners as it invests as a minority partner in radiation oncology centers with both physicians and hospitals. ION’s management team has over 50 years of combined health care expertise, including working with several of the most prestigious oncology groups in the country as a trusted resource.
ION is a privately held company whose shareholders include a small group of strategic investors, including Capricorn Investment Group and Comvest Group.
For more information on ION, please visit our web site at http://www.ion-llc.com.
About Capricorn Investment Group
Capricorn Investment Group is a private, independent investment firm designed to be an ideal partner for clients desiring a global portfolio driven by consistent returns and underpinned by a principled philosophy. Capricorn currently manages approximately $5 billion through various investment strategies, which cover a range of areas, from long term, diversified global growth investment strategies, venture capital and private equity, credit strategies, and “clean and green” growth capital. Capricorn’s investment philosophy is grounded in a strong fundamentals focused investment model, comprehensive research on long term, global mega-themes, such as
energy, agriculture, transportation, consumer, health and wellness, technology, and consideration of business smart sustainability principles.
About Comvest Group
The Comvest Group is a leading private investment firm focused on providing debt and equity capital to lower middle-market companies. Our firm includes seasoned, senior level operating executives at all levels who partner with managers and owners of companies to grow businesses and create long-term value. Since 1988, Comvest has invested more than $2 billion of capital in over 200 public and private companies. For more information, please visit http://www.comvest.com.
About Prologics, LLC and Northern Ohio Regional Cancer Center
Prologics is located in Franklin, Tenn., and was founded in 2005 by professionals with many years of expertise with physician practice management, urological care, radiation oncology management services experience. The original founders comprised of physicians and experienced healthcare executives. The company has grown and is currently providing services in Ohio, Maryland, Pennsylvania, North Dakota, and Texas. For more information visit http://www.prologics.net.
The Northern Ohio Regional Cancer Center has been operational since late 2007 and currently provides radiation therapy services on behalf of multiple physician groups in Northwest Ohio. NORCC operates two linear accelerators with state of the art IGRT technology. For more information visit http://www.norcc1.com.
Statements in this Press Release that are not historical facts constitute “forward-looking statements.” Any statements contained herein which are not historical facts or which contain the words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “should,” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current view of ION with respect to future events and are subject to certain risks, uncertainties and assumptions, including, but not limited to, the risk that ION may not be able to implement its growth strategy in the intended manner, including the ability to identify, finance, complete joint venture opportunities, risks regarding currently unforeseen competitive pressures and risks affecting ION’s industry, such as increased regulatory compliance and changes in regulatory requirements, changes in payor reimbursement levels. Should one or more of those risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.