Business
UPDATE - The Oncology Institute Completes Business Combination with DFP Healthcare Acquisitions Corp. to Become Publicly-Traded Company
NEW YORK and LOS ANGELES, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The Oncology Institute (“TOI” or “The Company”), the U.S. market leader in value-based oncology
About this update from The Oncology Institute, Inc.
[{"type":"text","content":"NEW YORK and LOS ANGELES, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The Oncology Institute (“TOI” or “The Company”), the U.S. market leader in value-based oncology care, announced today that it has closed its previously announced business combination with DFP Healthcare Acquisitions Corp. (“DFPH”). The transaction was approved at a special meeting of DFP’s stockholders on November 12, 2021. The combined company was renamed “The Oncology Institute” and will be led by its existing management team. Its shares of common stock and warrants began trading today on NASDAQ under the new ticker symbols “TOI” and “TOIIW”. The transaction implies an enterprise value for TOI of $842 million. In connection with the transaction, TOI raised approximately $334 million of cash proceeds, which includes $275 million from a previously announced private placement of common stock (the “PIPE”). Of that $334 million, approximately $133 million will be retained on TOI’s balance sheet to fund growth initiatives, including de novo clinics and acquisitions. “Today is an incredibly proud moment for TOI and a key milestone for the industry at large,” said Brad Hively, CEO of The Oncology Institute. “We are leading the shift to value-based oncology care by deploying a scalable and replicable operating model to disrupt the $200 billion US oncology market. Since our founding in 2007, we have provided high-quality cancer care to more than 150,000 patients in 50 locations across California, Nevada, Arizona, and Florida. We would not have reached this important milestone were it not for the dedication and hard work of our teammates throughout the country. As a public company, we look forward to bringing our proven model of individualized care plans, evidence-based medicine, and great symptom control to more patients throughout the nation.” Richard Barasch, Chairman at DFP Healthcare Acquisitions, comments, “TOI is the leader of value-based oncology care. We were attracted to TOI for its high-touch, data-driven approach, strong leadership, and track record of patient satisfaction, which is disrupting the status quo in cancer care. We are excited to close this transaction, and I look forward to continuing to work alongside Brad and the management team to make high-quality, affordable cancer care a reality.” The Oncology Institute’s new board of directors will be comprised of...