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VANTAGE GETS LINE OF CREDIT ONCOLOGY: FIRM PLANS TO DOUBLE SIZE OF ITS OPERATION.

Byline: Muhammed El-Hasan

Staff Writer

The Southland-based operator of a nationwide network of oncology centers has secured a $100 million line of credit that will allow it to double the size of its operation, company officials say.

Vantage Oncology Inc., based in Manhattan Beach, said it has already added 10 centers to its network. It now operates 31 facilities in 11 states, including centers in West Hills, Sherman Oaks and Valencia.

"I think doubling our reach, colloquially, is a pretty reasonable estimate," said Marshal Salomon, the company's chief financial officer. "It really depends on the size of the center, and the profitability of any given center."

The 6-year-old company secured the credit line from Ares Capital Corp.

"Raising money in the capital markets is very difficult today," Vantage CEO Michael Fiore said. "The fact that we were able to do that with a sum that's as large as this for a company of our size is a very positive step for us."

Vantage Oncology specializes in radiation treatments, which can help treat about 60 percent of cancer cases including breast and prostate, Fiore said.

When Vantage assumes management of a new center, Fiore said, it looks to upgrade the medical equipment and improve business functions, such as billing and marketing.

"People want to partner with us both for our expertise in efficiently running centers and also our access to capital," Fiore said. "As these facilities become more complex to run and more expensive, they're looking for partners to do it more efficiently and more effectively."

muhammed.el-hasan@dailybreeze.com

310-543-6175
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Date:Jul 10, 2008
Words:260
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