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Business Observer Friday, Jun. 25, 2021 1 year ago

Health care group closes on $85M financing deal

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American Oncology Network was founded in 2018.

FORT MYERS — American Oncology Network has closed on an $85 million financing deal with PNC Bank.

The funds, according to a statement, will support the Fort Myers-based company’s expansion, in locations and technology offerings for patients, according to a statement. “Our credit facility with PNC Bank is an important part of our effort to ensure that we remain well-positioned to execute on our strategic imperatives and continue providing exceptional cancer care to our communities,” AON CEO Todd Schonherz says in the statement. “We appreciate the leadership and commitment of PNC and our own finance, accounting and legal teams for the countless hours spent over the past few months to get this agreement closed.”

The funds, the statement adds, will go toward several strategic imperatives including:

  • Investing in state-of-the-art IT platforms and resources dedicated to providing services and support to its national footprint of 60 plus clinics;
  • Expanding AON’s ability to benefit from strategic pharmaceutical purchasing opportunities;
  • Increasing the organization’s capacity to strategically grow its national practice and preserve its position as one of the fastest growing oncology networks in the United States; and
  • Exploring new service offerings to facilitate ongoing diversification of AON services, ensuring patients continue to have access to the latest advances in care in the community setting.

“There is a correlation between the health of individuals and the economic health and vibrancy of a region,” Chris Whitis, PNC Bank executive vice president and co-head of Corporate Banking for Texas and the Southeast, says in the statement.

Founded in 2018, American Oncology Network currently represents 102 physicians and 65 nurse practitioners and physician assistants practicing across 17 states.

 

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