Molecular Imaging Closes Series A Financing Round Over-Subscribed at $9.9 million
Ann Arbor-based Molecular Imaging, Inc. announced today that it has closed its Series A financing round, originally targeted for $8.5 million, at $9.9 million. The company is pleased to announce that it has secured a $2.5 million investment from Beringea through the $185 million InvestMichigan! Growth Capital Fund plus another $350,000 from existing shareholders Baird Venture Partners (BVP) and Invest Detroit. Combined with $7.05 million previously provided by BVP, Arcus Ventures and Invest Detroit, Molecular Imaging’s Series A round was over-subscribed by nearly $1.5 million.
Molecular Imaging is a specialty contract research organization (CRO) providing in vivo preclinical imaging services to the pharmaceutical and biotechnology industries to enhance early-stage R&D decision-making. Molecular Imaging has a proven track record of imaging and discovery expertise in oncology and inflammation and is extending its imaging efforts into other therapeutic areas. The company’s imaging modalities include MRI, micro-PET, bioluminescence, fluorescence (two- and three-dimensional with fluorescence molecular tomography) and micro-CT. Molecular Imaging has performed nearly 400 imaging studies since its founding in 2003, supporting the needs of more than 100 customers.
Michael Gross, managing director for Beringea and now a director of Molecular Imaging said, “Beringea is excited to make this investment in Molecular Imaging – it’s the 26th company in the InvestMichigan! Growth Capital fund portfolio. We believe that the early application of imaging in drug discovery can make a significant difference in the efficiency and effectiveness of a company’s R&D investment. The growing use of multi-modality imaging is enhancing anatomical and functional assessments of diseases and treatments and is a very powerful tool in helping select compounds or biologics with the greatest clinical potential. We look forward to Molecular Imaging leading the way in this important area.”
“We are very pleased to have Beringea as part of the Molecular Imaging team,” said Tom Ludlam, president and CEO of Molecular Imaging. “With their investment, we look forward to further advancing our efforts to grow and diversify both the imaging modalities and the range of disease models we offer to our customers. Our recent agreement with Dana Farber Cancer Institute, which gave us access to a broad line of luciferase-enabled cell lines, is just one example of the kinds of opportunities this investment from Beringea affords us the opportunity to pursue.”
Beringea offers advice, guidance and capital to support growing businesses. With capital, experience and offices in the U.S. and UK, Beringea’s award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, solve problems and build value in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the co-manager of the InvestMichigan! Growth Capital and Mezzanine Funds in the U.S., as well as the ProVen VCT family of funds in the UK, among others. For more information, visit www.beringea.com.
About Baird Venture Partners
Baird Venture Partners, the U.S.-based venture capital fund of Baird Private Equity, makes venture capital investments in early and expansion stage business services and life sciences companies. Baird Venture Partners leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies. For more information, visit www.bairdventurepartners.com.
Baird Private Equity, the global private equity group of Robert W. Baird & Co. (Baird), makes venture capital, growth equity and buyout investments in smaller, high potential companies in the United States through Baird Venture Partners and Baird Capital Partners, in China through Baird Capital Partners Asia, and in Europe through Baird Capital Partners Europe. Baird Private Equity has a global team of investment and operations professionals across the United States, Europe and Asia, including a team of operating professionals in Asia. Baird Private Equity and its affiliates have raised and managed over $2.7 billion in capital and invested in more than 245 companies since the 1980s. For more information, visit www.bairdprivateequity.com.
About Arcus Ventures
Arcus Ventures (AV) was founded in 2007 and is located in New York City. AV consists of a team of medical oncologists with experience in clinical and academic medicine, drug development, and hospital management, healthcare industry consulting and private equity. AV is dedicated to investing in oncology focused companies with innovative biopharmaceuticals, device and diagnostic companies, and service companies. For more information, visit www.arcusventures.com.
About Invest Detroit
Invest Detroit’s First Step Fund provides capital to emerging and newly-formed businesses in southeastern Michigan. Invest Detroit serves as a platform to meet a broad range of financing needs to support business growth, expansion and development, the creation and retention of jobs, and the revitalization of distressed areas. For more information, please visit www.investdetroit.com.
About Molecular Imaging, Inc.
Molecular Imaging, Inc. is a specialty contract research organization (CRO) located in Ann Arbor, Michigan. Molecular Imaging employs a wide array of imaging technologies, including MRI, micro-CT, micro-PET and optical (two-dimensional and molecular fluorescence tomography) to quantitatively measure response to therapy at anatomical, functional and molecular levels. Molecular Imaging also conducts applications research to develop and optimize the use of imaging and actively seeks collaborations to further advance imaging in the field of drug discovery. For more information, please visit us at www.molecularimaging.com.