The Oncology Institute Announces $16.5 million Private Placement
Summary
CERRITOS, Calif., March 24, 2025 (GLOBE NEWSWIRE) -- The Oncology Institute, Inc. (NASDAQ: TOI) (TOI or the Company), one of the largest value-based community oncology groups in the United States, today announced it has entered into a securities purchase agreement (the Securities Purchase Agreement) with accredited investors for a private placement that is expected to result in gross proceeds of approximately $16.5 million, before deducting placement agent fees and offering expenses (the Private Placement). In connection with the Private Placement, investment funds affiliated with Deerfield Management Company, L.P. (Deerfield), an investment firm committed to advancing healthcare and an existing investor in the Company, has entered into an exchange agreement pursuant to which Deerfield has agreed to exchange approximately $4.1 million aggregate principal amount of the Companys senior secured convertible notes held by Deerfield in exchange for 37,232.83 shares of common-equivalent preferred stock (convertible into 3,723,283 shares of Common Stock) and warrants to purchase 1,861,642 shares of common stock at the same prices being paid by the investors in the Private Placement. TOI has agreed to file a resale registration statement with the U.S. Securities and Exchange Commission for purposes of registering the resale of the common stock issued or issuable in connection with the Private Placement and the exchange agreement.This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor are there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Forward-looking statements generally are accompanied by words such as preliminary, believe, may, will, estimate, continue, anticipate, intend, expect, should, would, plan, project, predict, potential, guidance, approximately, seem, seek, future, outlook, and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. In addition, forward-looking statements reflect TOIs plans or forecasts of future events and views as of the date of this press release.