Financial Advisor

New York, NY

ProCure Treatment Centers (“ProCure”) ProCure brings a comprehensive and state-of-the-art proton therapy approach to patients. ProCure was the first to open free standing for-profit proton centers in the United States and it is the largest provider of proton therapy in the world.

Significant upfront cost of construction, long ramp up time, and need to drive significant volume to cover high fixed operating costs. Difficult reimbursement/insurance environment due lack of independent peer-reviewed clinical trials across a broad platform of disease types.

Key Challenges
Complex Capital Structure
Low Liquidity
Reimbursement / Payor Challenges
Unproven Technology

Engagement Highlights

  • Provides restructuring and consulting services to the Senior Lenders, including a review of ProCure’s business plan, financial projections and future liquidity.
  • Phase I:  Operational and financial assessment of the Company’s initial center, developing an understanding of its cash flows, patient mix, and provider contracts in order to identify the timeline needed for the Center to be viable.
  • Phase II: Developed a consolidated model to evaluate the cash flow requirements of the entire ProCure organization which served as the basis for developing a restructure of each of the Centers construction financing to allow time for the facilities to reach sufficient volumes to cover debt service.
  • Phase III: Assisted the Senior Lenders in negotiating an acceptable restructure of the construction financing that facilitated the sale of a Center to a Clinical Partner, which ultimately lead to the construction financing being repaid in full.
  • Phase IV: Continue to advise the lender as each of the other centers continue to strive to reach patient volumes sufficient to service existing debt.

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