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PRESS RELEASE: Beringea invests $2.5 million in Ann Arbor-based Molecular Imaging, Inc.
Company becomes 26th portfolio company in InvestMichigan! Growth Capital fund
February 24, 2012
FARMINGTON HILLS, Mich. — Beringea, Michigan’s largest and most active venture and expansion-stage capital investor, has invested $2.5 million in Ann Arbor-based Molecular Imaging, Inc. The funding was part of the company’s over-subscribed $9.9 million Series A financing round, shared with existing investors Baird Venture Partners, Arcus Ventures and Invest Detroit. Molecular Imaging is the 26th new investment made by the InvestMichigan! Growth Capital Fund since its inception in 2008.
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. 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 for 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, LLC provides equity and/or mezzanine debt to small- and-middle market companies. The Firm, which includes Michigan-based Beringea, LLC and its London, UK office Beringea LLP, invests in portfolio companies operating in a range of sectors, including health care, clean technology, manufacturing, media, Internet technologies and specialized consumer products.
With flexible capital solutions, extensive investing experience and offices in the U.S. and UK, Beringea’s team offers its portfolio companies the resources to grow their businesses and create value for shareholders. For more information, visit www.beringea.com.
In the United States of America, Beringea operates as an SEC-registered investment advisor, Beringea, LLC. In the United Kingdom, this document is issued by Beringea LLP, a firm authorized and regulated by the Financial Conduct Authority. Beringea LLP is a limited liability partnership registered in England and Wales with company number OC342919, and its registered office is at 39 Earlham Street, London, WC2H 9LT, UK. This document is intended solely to provide information regarding Beringea’s potential financing capabilities for prospective portfolio companies.
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.
For additional information, contact:
Tom Ludlam Jr.
Molecular Imaging, Inc.
Molecular Imaging, Inc.