NantCapital Completes Equity Investment in RadNet With Purchase of 1.1 Million Shares of RadNet, Inc. Common stock
October 03 2017 - 6:00AM
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 NANTCAPITALNantCapital 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
RadNet (NASDAQ:RDNT)
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