The Maryland Proton Treatment Center has raised more than $277 million in new funding, slashing its debt by about 35 percent as the facility struggles to gain financial footing since opening in early 2016.

The center raised the capital through the sale of tax-free municipal bonds as part of a deal backed by the Public Finance Authority of Wisconsin.

Located at the University of Maryland BioPark, the 110,000-square-foot cancer treatment facility has faced challenges in drawing enough patients to reach profitability.

Jason Pappas, former acting CEO and current board chairman, said the bond deal puts the proton center on "more stable footing" financially, so it can better focus on bolstering its clinical care efforts and increasing patient volumes. The center had been considering several options to reduce debt, including potentially becoming a nonprofit, but Pappas said municipal bonds ultimately offered the best long-term outlook.

Under the new financing deal, parent company Maryland Proton Treatment Holdings LLC has agreed to lease the assets of the treatment center to the Public Finance Authority, a public bond-issuing agency that aims to help streamline economic development projects. Essentially, that means the Public Finance Authority now owns the Maryland Proton Treatment Center's building, the land it sits on and all the equipment and fixtures inside it.

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