By Lisa Kerner
Erie, Pa., March 1 - RadPharm, Inc. said it has raised $8 million in equity financing.
Proceeds will be used to expand the company's core lab service offering.
Investors included Adams Street Partners, Tang Capital Partners and individual investors.
"We are pleased to welcome these additional, experienced health care investors to RadPharm," chief executive officer Ronald A. Berg said in a company news release.
"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."
Kevin C. Tang, managing director of Tang Capital Management, will join RadPharm's board of directors.
Located in Princeton, N.J., RadPharm integrates medical imaging and drug development to enable the more rapid development of breakthrough treatments for cancer and other diseases.
| Issuer: | RadPharm, Inc.
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| Issue: | Equity financing
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| Amount: | $8 million
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| Investors: | Adams Street Partners, Tang Capital Partners, individual investors
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| Announcement date: | March 1
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