KNOXVILLE, Tenn., Nov. 8 /PRNewswire-FirstCall/ -- CTI Molecular Imaging, Inc. , a leading provider of positron emission tomography (PET) equipment, molecular imaging biomarkers and services, today announced that it had acquired ImTek, Inc., a leading provider of micro-CT systems for imaging laboratory animals used in medical research.
ImTek designs and manufactures the MicroCAT(TM) brand of scanners, which are widely recognized as the standard in small animal CT imaging. The acquisition price for ImTek was $3.75 million, plus the potential for incentive payments that are contingent upon the future financial performance and milestone achievements of ImTek. The acquisition augments CTI Molecular Imaging's expanding capabilities to serve the research and pharmaceutical markets, particularly as the leading provider of small animal imaging systems.
"This acquisition of ImTek builds on our strength in small animal imaging and broadens the capabilities that we can offer medical and pharmaceutical research organizations. Almost half of ImTek's customer base also owns at least one microPET(R) system manufactured by our business unit, CTI Concorde. We see opportunities to market a higher number of small animal CT's and PET's to this customer base by leveraging one combined sales initiative," said Robert Nutt, President of CTI Concorde.
"CTI Molecular Imaging and CTI Concorde are the recognized leaders in clinical and preclinical molecular imaging with PET. We are very pleased that they see value in what our MicroCAT(TM) system can add to their preclinical product offering, and we are extremely excited about our participation in defining the future of preclinical multimodality imaging," said Mike Paulus, President and cofounder of ImTek.
The acquisition has been structured as a cash transaction and it will close before the end of November 2004. CTI does not anticipate a significant charge for in-process research and development expenses at ImTek, and the transaction will have an immaterial effect on CTI Molecular Imaging's earnings results for fiscal 2005. CTI will provide financial guidance for fiscal 2005 on its fourth quarter conference call scheduled for November 16, 2004.
About CTI Molecular Imaging:
CTI Molecular Imaging, Inc. is a leading supplier of products and services for positron emission tomography (PET), a diagnostic imaging technology used in the detection and treatment of cancer, cardiac disease and neurological disorders. Additional information is available at: http://www.ctimi.com/ .
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as "believe," "assume," "expect," "anticipate," "intend," "estimate" or similar expressions, and include any statements that necessarily depend on future events, such as the impact of the ImTek acquisition on CTI's financial results. Forward-looking statements involve a number of risks and uncertainties and there can be no assurance that any forward-looking statements will prove to be accurate. Various factors could cause actual results to differ materially from those anticipated in the forward-looking statements. For example, the impact of the ImTek acquisition on CTI's financial results will depend upon a number of uncertain events, such as the successful integration of the two businesses and CTI's ability to achieve certain anticipated efficiencies associated with combining business operations. CTI undertakes no obligation to update or revise any forward- looking statements. Further information regarding risks, uncertainties and other factors that could adversely affect CTI or cause actual results to differ materially from those anticipated in forward-looking statements are included in CTI's Annual Report on Form 10-K for the fiscal year ended September 30, 2003 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2004.
CTI Molecular Imaging, Inc.