Phoenix, Ariz. -- Alliance Medical Corporation, a leading reprocessor of medical devices, announced today that it has received $7.3 million in new funding, positioning the company for continued growth. The Series E financing was secured from a syndicate composed of Merrill Lynch Investment Managers, which invested $5 million and venture capital firms involved in previous rounds of financing with Alliance, including Affinity Capital, Coral Ventures, Delphi Ventures, Apax Partners and Valley Ventures.
Alliance Medical, which now has agreements with almost all major healthcare group purchasing organization and many of the nation's leading independent deliver networks (IDNs), has raised $35.6 million since July 1999.
"Hospitals seeking new cost-cutting initiatives now realize the impressive savings they can generate by reprocessing with Alliance, and this has resulted in significant revenue growth over the past two years, states Alliance CEO Rick Ferreira. "This new round of funding will increase the savings we can offer our customers by allowing us to expand the array of devices Alliance can reprocess and enhancing our customer service arm. Our financial partners have demonstrated their confidence in our ability to solidify our industry position and in the company's potential for future growth."
The $7.3 million in new funding will support Alliance's strategic growth initiatives, including an increase in the number of devices Alliance can reprocess by developing and submitting additional 510(k)s to the Food and Drug Administration (FDA) and the expansion of the company's sales and service infrastructure.
Alliance Medical Corporation is a leading reprocessor of specific single-use medical devices. The company's FDA-cleared services focus on reducing supply costs of hospitals and surgery centers suffering from shrinking reimbursements and increasing costs. Alliance's unique AIM (Assessment, Implementation and Management) program uses clinical implementation teams to provide facilities with the tools needed to maximize their savings from reprocessing.