Sagemark forms radiation therapy treatment initiative

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The New York City-based Sagemark Companies, an owner and operator of PET diagnostic imaging centers, has formed Premier Oncology, a wholly-owned subsidiary, to pursue a radiation therapy cancer treatment center initiative.

Premier Oncology’s first venture is Premier Oncology Management of Nassau, a 5,000 square foot out patient cancer treatment facility in Great Neck, N.Y., which will feature a TomoTherapy Hi-Art system, according to Sagemark.

Sagemark said it anticipates an opening in first quarter of 2008.

To fund the project, Premier Oncology Management of Nassau has secured a $4.5 million commitment in equipment lease and line of credit financing. In exchange for a 24.5 percent equity interest in Premier Oncology Management of Nassau, Premier Oncology said it has completed a $1 million private placement for the anticipated working capital needs of the radiation therapy center.