PRINCETON, N.J., March 1 /PRNewswire/ -- RadPharm, Inc., a leading provider of centralized medical imaging and review services for global clinical trials, announced that the Company has raised $8 million in equity financing from Adams Street Partners, Tang Capital Partners and individual investors. This follows an earlier investment by Ampersand Ventures, and positions RadPharm to continue expanding its core lab service offering.
RadPharm's CEO, Ronald A. Berg, stated, "We are pleased to welcome these additional, experienced health care investors to RadPharm. Having just completed another record year characterized by strong revenue growth and significant new contract awards, everyone at RadPharm is excited about our recent success and future growth opportunities."
In recent years, centralized image review has become an important component of drug development, as pharmaceutical and biotechnology companies seek biomarkers that can enable the more rapid development of breakthrough treatments for cancer and other diseases. Since its formation in 1998, RadPharm has provided image review services for over 160 clinical trials on behalf of pharmaceutical, biotechnology and medical device customers. The Company currently has over 180 employees in its Princeton, NJ headquarters.
In connection with this financing, Kevin C. Tang, Managing Director of Tang Capital Management, has been appointed to RadPharm's Board of Directors. Mr. Tang is an experienced heath care investor and serves or has served as a director of several public and private companies. Prior to forming Tang Capital Management, Mr. Tang was a Managing Director at Deutsche Banc Alex Brown, where he led the Life Sciences equity research group.
In addition to Mr. Tang, RadPharm's Board of Directors includes Ronald Berg, President and CEO; Dr. Donald Rosen, Founder and Chief Strategy Officer; and Ampersand General Partners Herbert Hooper and Marc Dulude.
About RadPharm, Inc.
RadPharm integrates expertise in medical imaging and drug development to enable the more rapid development of breakthrough treatments for cancer and other diseases. RadPharm provides the broadest range of image review and medical services for oncology drug development including central radiology review, radiation therapy QA services, oncology clinical reviews, medical photography reviews, and regulatory submission services. For more information, visit http://www.radpharm.com
Media contact: Caroline Grossman
Company contact: Ronald Berg