OneOncology Inc., a privately-held company that is uniting the oncology community, closed its Series B round of financing in December 2007. Placements in the latest round were secured from both Series A investors and several new investors; placement terms and amounts were not disclosed.
The new round of funding will be used to facilitate the company’s future electronic-negotiation event cycles through 2008, continue to expand the depth of its leadership team and fund several new initiatives that support the strengthening of independent community oncology practices.
OneOncology publicly launched its services in May 2007. In the eight months since creating the new market, the company secured more than $1.7 billion in annualized oncology drug purchasing commitments from community oncologists across the country. The company expects distributors to begin shipping product in March.
“We are extremely pleased with the results and progress OneOncology was able to make in 2007 in uniting the oncology community to ensure the survival of community cancer care in the United States,” said Steven Kirchof, president and CEO of OneOncology. “This second round of funding promises we will advance that mission in 2008 and beyond as we work through subsequent event cycles to realign the oncology drug distribution marketplace and help practices obtain better pricing for oncology drugs. We are grateful to the investment community, manufacturers, new distributor entrants and GPO’s, and practices who are supporting our efforts to unite the oncology community.”
OneOncology is an unbiased electronic trading hub that aggregates individual drug orders from oncology practices across the country and allows drug distributors to bid to fill those orders at the best possible price. The process provides complete transparency on the drug purchasing process, allows new highly qualified U.S. distributors to compete for business in the growing oncology arena and enables oncologists to build healthier practices and reduce costs.
About OneOncology
OneOncology Inc. is a privately held corporation dedicated to uniting the oncology market to ensure that community cancer care survives. Through its electronic negotiation technology, the company simplifies the oncology drug supply chain, maximizes efficiency and minimizes costs for oncology practices, manufacturers, distributors and GPO’s. Based in Orlando, Fla., OneOncology is led by an experienced and skilled management team with deep backgrounds in community oncology. For more information, visit www.OneOncology.com.