The Oncology Institute repays $86M note via OrbiMed refinancing

The Oncology Institute, Inc. (NASDAQ: TOI) has repaid its $86 million senior secured convertible note with Deerfield Partners through a debt refinancing with OrbiMed, according to a press release issued July 7, 2026.

Under the new financing arrangement, TOI repaid the outstanding balance using a new $75 million term loan from OrbiMed, maturing in 2031, combined with approximately $11 million in cash from its balance sheet. The company stated no additional equity was raised as part of the transaction.

Daniel Virnich, MD, CEO of TOI, said the transaction "significantly extends debt maturities and establishes committed funding from two leading healthcare financing institutions." He added that the company was able to complete the refinancing "without diluting our important existing shareholders."

Matthew Rizzo of OrbiMed said the firm is "pleased to support TOI in its next phase of growth."

TOI, based in Cerritos, California, operates more than 100 clinic and network locations across five states and employs over 400 clinicians.

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