KNOXVILLE, TN – October 6, 2009 – ABT Molecular Imaging, a medical imaging company developing a production platform to generate unit doses of molecular imaging drugs, announced today it has secured a $9 million round of financing.
Venture capital firm Intersouth Partners led the $9 million Series A financing, with company founders participating. The round, which will be used to complete product development and execute an initial sales strategy, is the company’s first outside financing.
ABT’s technology proposes to make doses of molecular imaging drugs for positron emission tomography (PET scanning) at the point of use. PET scanners map the body by means of injectable radioactive drugs that allow PET machines to highlight areas of abnormal metabolic function indicative of disease. This imaging drug production currently requires massive and expensive machinery, generally limiting its use to large academic medical centers and large pharmaceutical manufacturers in certain geographies.
ABT’s Biomarker Generator will enable rapid, safe and local production of PET imaging agents in a way that is more convenient, versatile and significantly less expensive than current methods available. The company was founded by industry veteran Ronald Nutt, Ph.D., a leader in the molecular imaging industry.
“We’re excited about working with ABT,” said Dennis Dougherty of Intersouth Partners. “Dr. Nutt’s expertise in this industry, coupled with the company’s innovative technology and ability to make a real impact in the delivery of diagnostic services make this a very interesting opportunity.”
“This investment in ABT is a tremendous endorsement of the market opportunity our technology provides,” said Ronald Nutt, Ph.D., Founder and Chairman of ABT Molecular Imaging. “Having grown the company over the last three years, this infusion of capital will allow us to accelerate that growth, enabling our ability to bring this innovative technology to market.”
About ABT Molecular Imaging
ABT Molecular Imaging is a medical imaging company developing a production platform to generate unit doses of molecular imaging drugs for positron emission tomography at the point of use. The company was founded in 2006 by industry experts in the molecular imaging industry.
ABT Molecular Imaging