Physician Reliance Network is going to market to raise $43.4 million, just five months after its initial public offering, which brought $48.8 million.
The Dallas-based company manages the practices of 146 physicians at 30 offices and 10 cancer centers, mostly in Texas. Its goal is to provide integrated outpatient cancer care.
Most proceeds of the sale of 2 million shares of common stock will go to building and equipping cancer centers. About $9.8 million will be used to repay outstanding debt under the company's revolving credit facility.
Shares were trading at about $24 last week, up from an initial offering price of $14.