A Diagnostics & Imaging Week
BioImagene (Cupertino, California), a provider of digital pathology solutions for cancer diagnosis and preclinical research, reported the closing of a $26 million Series D financing round led by Burrill & Co.
Ascension Health Ventures, National Healthcare Services and existing investors Artiman Ventures and ICCP Ventures also joined the round with strong support.
BioImagene CEO Mohan Uttarwar said, "Our goal is to become the dominant player in this space by 2010. We are within range of our target and this funding will help us scale operations to support the rapidly increasing demand for affordable, integrated digital pathology systems. "
Digital pathology is the process of converting entire glass microscope slides into high-resolution, whole-slide digital images that can be viewed, managed and analyzed with a computer instead of a microscope — along with digital pathology management systems that help interpret the information generated from the digitized glass slide.
Digital pathology applications utilizing digital slides are gaining momentum as pathologists can access slide specimens and related data from any location in the world, fostering more efficient laboratory workflow, physician communication, education and research at a reasonable cost.
In other financing news, American Bio Medica (ABM; Kinderhook, New York) reported that it has successfully completed its previously disclosed private placement of Series A debentures. ABM has accepted subscriptions representing a principal amount of $750,000 in Series A debentures (before deducting fees and expenses related to the placement).
The debentures will accrue interest at an annual rate of 10% and mature on Aug. 1, 2012. The payment of principal and interest on the debentures is subordinate and junior in right of payment to all senior obligations of ABM. The company said that the net proceeds received under this offering will be used for working capital.