A Diagnostics & Imaging Week

Aurora Imaging Technology (North Andover, Massachusetts) reported completing a $3 million Series B preferred stock offering and concurrently converting about $7.7 million of existing debt into Series A preferred stock and common stock resulting in an increase in equity of around $10.7 million. The equity funding and debt conversion were led by existing shareholders.

"Breast MRI continues to gain acceptance as an invaluable tool in the detection, diagnosis and management of breast disease, and Aurora, as the developer and manufacturer of the only MRI system commercially available that is designed specifically and only for breast imaging, is continually building its installed base and attracting a growing list of prospective users," said Olivia Cheng, CEO and president.

She said the funds would be used to increase the company's marketing and sales efforts, along with expanding manufacturing capacity, adding, "We expect that funds from this equity offering will carry us through to sustained profitability."

VirtualScopics (Rochester, New York), a developer of image-related biomarkers as well as a provider of imaging solutions using biomarkers for pharmaceutical development, reported that an affiliate of Loeb Partners exercised 100% of the warrants received in an initial investment in VirtualScopics, raising $1.4 million dollars.

VirtualScopics said the proceeds would go to support sales and marketing and continue development of additional products. The new funds brought the company's cash position at year-end 2004 to about $3.5 million.

VirtualScopics employs a suite of image analysis algorithms to analyze specific biological structures from medical image data, such as computed tomography (CT) or MRI scans. It says that its computer-assisted analysis "enables faster and more reliable detection of disease progression or therapeutic benefit, accelerating the clinical trial process, and providing a basis for future diagnostic applications."

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