Alliance Stock Raises $18 Million
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LA PALMA — Alliance Imaging Inc., which provides hospitals with magnetic resonance imaging services, said it has raised $18 million in an initial public stock offering.
The La Palma company’s stock began trading Nov. 8 on the National Assn. of Securities Dealers Automated Quotation system under the symbol SCAN. The company sold 2.4 million shares at $8.50 a share.
The stock closed Thursday at $8.875, up 25 cents.
The company said it plans to use proceeds from the offering to reduce its debt and thus increase its ability to finance new equipment purchases.
Alliance Imaging operates 51 magnetic resonance and eight computerized tomography X-ray units nationwide. Magnetic resonance uses weak radio waves to look inside the body to detect such things as tumors, joint disease, infections and bone damage.
The company provides mobile, shared-user services as well as full-time service to single customers.
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