A Diagnostics and Imaging Week

TechniScan Medical Systems (Salt Lake City), a developer of ultrasound technology for breast imaging, reported completion of its Series D financing of $6.4 million. The recent funding is now added to a $2.8 million Small Business Innovation Research (SBIR) Program grant from the National Cancer Institute of the National Institutes of Health, awarded in late 2006.

TechniScan’s UltraSound CT (USCT) technology provides diagnostic information that could help distinguish between cancers and benign conditions. Additionally, the technology uses a breast cancer exam that is not painful or uncomfortable, according to TMS.

The company said this new imaging system is intended to aid physicians in diagnosing breast cancer in conjunction with traditional mammography by providing information about the anatomy and tissue properties of the breast not previously possible and provide more effective management.

Founded in 1984, TMS uses an ultrasound technology called inverse scattering, which makes use of the entire spectrum of information available from the ultrasound signal. The resulting diagnostic information includes ultrasound transmission tomography images in a format similar to that provided by MRI and CT imaging, according to the company.

In other financing activity:

• Quick Study Radiology (QSR; St. Louis), a company bringing to smaller community hospitals the radiology services typically available to large hospitals, reported that it has closed a $3.3 million Series D financing round led by Advantage Capital Partners. Fletcher Spaght Ventures, Eagle River and Mantic Investments also participated in the funding round.

The company said the funds will be used for working capital needs as it continues to increase its share of the radiology information systems market.

The company provides hospitals, imaging centers and physician groups in several states an integrated solution for storing, viewing and tracking digital radiology images.

• Precision Optics (Gardner, Massachusetts), reported completing a private placement of its common stock, raising $2.5 million. The company issued 10 million shares at 25 cents a share and warrants to purchase 10 million shares of common stock at 32 cents a share.

The company said the sale proceeds will be used for working capital and general corporate purposes, including capital for growth of new market initiatives, working capital for product development and the its recently reported receipt of initial production orders for an advanced surgical visualization system.

• Del Global Technologies (Franklin Park, Illinois) reported that the registration statement for its previously disclosed common stock rights offering was declared effective on Tuesday by the SEC.

The company will distribute non-transferable subscription rights to purchase up to an aggregate of 11,660,524 shares of the company’s common stock, par value 10 cents per share to persons who own shares of the common stock as of the close of business on Feb. 5, the record date for the rights offering.

Each holder of record will receive one subscription right for each share of the common stock owned that will entitle the holder to purchase one share of common stock for $1.05 a share. The company’s stockholders who exercise their basic subscription privilege in full will also be entitled to purchase additional shares pursuant to an over-subscription privilege.

Del Global Technologies makes high performance diagnostic imaging systems for medical, dental and veterinary applications through the Del Medical Systems Group.

• Sontra Medical (Franklin, Massachusetts) reported that it closed a $660,000 common stock and warrant financing with Sherbrooke Partners, other accredited investors and members of Sontra’s board of directors and management.

Sontra said that the financing was originally expected to be for $600,000; however, as a result of increased investor interest, it was increased by $60,000.

The company issued 6.6 million shares of common stock for 10 cents a share and two-year warrants to purchase 1.65 million shares of common stock at 21 cents a share in the financing.

Certain members of Sontra’s board and management team invested $120,000 in the financing, as required by the investors as a closing condition to the transaction.

Sontra has been developing a non-invasive, continuous transdermal glucose monitor for principal use in the intensive care market. In addition, the company owns a platform technology, the SonoPrep permeation system, and other technology for transdermal delivery of large molecule drugs and vaccines.