Pharmiweb ChannelsAll | PharmaCo | Clinical Research | R&D/BioTech | Sales/Mktg | Healthcare | Recruitment | Pharmacy | Medical Comms

Pharmiweb.com RSS Feed Pharmiweb.com RSS Feeds

Advertising

Press Release

NantCapital Completes Equity Investment in RadNet With Purchase of 1.1 Million Shares of RadNet, Inc. Common stock


Posted on: 03 Oct 17

LOS ANGELES, Oct. 03, 2017 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ:RDNT), a national leader in providing high-quality, cost-effective, fixed-site outpatient diagnostic imaging services today reported that entities affiliated with NantWorks founder, Patrick Soon-Shiong, M.D. purchased 1.1 million shares of RadNet, Inc. Common Shares in a private sale with HFB Heirs’ Family Trust.  The purchase price was determined by a modified formula of the 30 trading days’ closing price of RadNet shares and was affected in a private sale with a trust for the benefit of the heirs of Dr. Howard Berger.

RadNet and the entities affiliated with Dr. Soon-Shiong, including Verity Health System and NantWorks, recently announced strategic relationships related to breast cancer, clinical trials, high speed fiber optics and artificial intelligence.

Dr. Howard Berger, Chairman and Chief Executive Officer of RadNet, noted, “I am extremely excited to have someone as sophisticated and knowledgeable as Dr. Soon-Shiong as a significant shareholder of RadNet.  Dr. Soon-Shiong is a healthcare visionary and is leading the movement towards innovative approaches focused on treating cancer and other chronic diseases.  It is a privilege to have Dr. Soon-Shiong as a stakeholder in RadNet’s future impact on the delivery of healthcare in this country.”

Dr. Patrick Soon-Shiong, noted, “Dr. Berger and his team of executives have built one of the leading imaging infrastructure platforms scaling the country with close to 300 sites. The opportunity to advance diagnosis and treatment on so many fronts including accessing our artificial intelligence engine and our novel immunotherapy platforms, is very exciting. Together with RadNet we could transform the diagnosis and delivery of next generation care. I'm proud to be associated with a high-quality organization such as RadNet and now to be a shareholder to contribute our insights."

ABOUT RADNET, INC.
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 298 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey and New York. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry.  Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 7,300 employees. For more information, visit http://www.radnet.com.

ABOUT DR. PATRICK SOON-SHIONG 
Over the course of his career, a surgeon, scientist, philanthropist and healthcare executive, Dr. Patrick Soon-Shiong invented and developed the revolutionary drug Abraxane, which has received FDA approval for the treatment of metastatic breast cancer, lung cancer and advanced pancreatic cancer. He has pioneered novel therapies for both diabetes and cancer, published over 100 scientific papers, and has been granted over 230 patents worldwide for groundbreaking advancements spanning myriad fields of technology and medicine.

In the early 1990’s, Dr. Soon-Shiong pursued the science of stem cell, microencapsulation and nanotechnology at NASA, performing experiments as part of the STS-95 Space Shuttle program. Soon-Shiong’s path to cancer research began while doing research for NASA that involved harnessing stem cells to make insulin.  In 1991, he founded a biotechnology company to develop a novel nanoparticle anti-cancer drug with the concept of using “the tumors biology against itself”. 

As part of his commitment to improve healthcare, Dr. Soon-Shiong formed NantWorks, an umbrella organization that oversees multiple companies and breakthrough technology platforms looking to integrate cloud computing, genomic analysis and targeted drug development to turn cancer into a manageable disease. He also announced the formation of Cancer Breakthroughs 2020, a comprehensive collaboration of researchers, insurers and pharmaceutical companies that seeks to accelerate the potential of combined immunotherapy in the treatment of cancer.

The Friends of the National Library of Medicine has honored him with their Distinguished Medical Science Award and in April 2016, Dr. Soon-Shiong received the Franklin Institute Award for his visionary leadership and commitment to advancing medical and scientific research and bringing new treatment options to cancer patients. Dr. Soon-Shiong was also honored at the Vatican in April 2016 and received the 2016 Pontifical Key Visionary Award. The award recognizes “medical innovators who change the course of history and reduce suffering on a global scale by blending visionary thinking with real action”. In June 2017, the Smithsonian Institute honored his work by placing Abraxane in the permanent exhibit at Smithsonian’s National Museum of American History.

ABOUT NANTCAPITAL
NantCapital LLC, a member of the NantWorks ecosystem of companies, is an investment firm founded in 2012 by Dr. Patrick Soon-Shiong and its principals with the goal of investing in the sports, media, technology and healthcare sectors.  Dr. Soon-Shiong is the founder and former CEO of two NASDAQ-listed, multi-billion dollar pharmaceutical companies and the founder and current CEO of NantWorks LLC, a portfolio of companies operating principally in the areas of healthcare and mobile technology.  For more information on Dr. Soon-Shiong and NantWorks please refer to http://www.nantworks.com.

CONTACTS:

RadNet, Inc. 
Mark Stolper, 310-445-2800 
Executive Vice President and Chief Financial Officer 

GlobeNewswire
globenewswire.com

Last updated on: 03/10/2017

Advertising
Site Map | Privacy & Security | Cookies | Terms and Conditions

PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.