A Medical Device Daily
Vantage Oncology (Manhattan Beach, California) reported that it has closed on a $100 million term loan facility, with Ares Capital acting as the lead arranger. The facility is structured as a delayed-draw term loan to support future acquisitions.
Vantage acquires, joint ventures, develops and operates radiation oncology centers. The company's 31 centers currently provide more than 200,000 patient treatments annually, including conventional, IMRT, IGRT, SRS and brachytherapy treatments.
The company also provides medical physics services to its own centers as well as independent hospital and physician clients through its subsidiary, Vantage Oncology Physics, and provides billing services through its Vantage Medical Management Services unit.
Vantage's equity investors include New Enterprise Associates, CCP Equity Partners, Versant Ventures, Salix Ventures and Camden Partners.
Bio-Reference Laboratories (BRL; Elmwood Park, New Jersey) reported that its board has approved a stock repurchase program authorizing the repurchase of up to 1 million shares of its common stock on the over-the-counter market at prevailing market prices through Oct. 31, 2010. The board said it believes that BRL's common stock is currently undervalued and that a repurchase program of this nature constitutes an appropriate investment that will benefit BRL's stockholders.
BRL is the third-largest full-service clinical laboratory in the U.S. and the largest independent laboratory in the Northeastern market, primarily a clinical testing lab servicing physician offices with concentrations in the focused markets of esoteric testing, molecular diagnostic, anatomical pathology and correctional healthcare.