Southridge Capital Management LLC Managed Funds To Provide Up To $15 Million In Financing To Imaging Diagnostic Systems
RIDGEFIELD, Conn. and NEW YORK, March 23 /PRNewswire/ -- Southridge Capital Management LLC ("Southridge"), a registered investment adviser providing investment capital to global public issuers across diverse industries, is pleased to announce an equity financing facility of up to $15 million between the funds it advises and Imaging Diagnostic Systems, Inc. .
Imaging Diagnostic Systems, Inc. ("IDSI") is a revolutionary medical technology company located in Plantation, Florida, which has developed a new imaging device to aid in the detection and management of breast cancer. The Computed Tomography Laser Mammography (CTLM(R)) system is designed to detect breast abnormalities in a non-invasive procedure. Since the establishment of the Company in December 1993, IDSI has been engaged in the development and testing of the system. Currently seeking United States FDA approval, IDSI has commercialized the CTLM(R) system in certain international markets.
Tim Hansen, Chief Executive Officer of IDSI, stated, "We are pleased to have partnered with Southridge for eight fruitful years in financing the growth of Imaging Diagnostic Systems. The financing we have received is an extraordinarily valuable tool to us; it has allowed us to develop the CTLM(R) system and to continue to market it internationally."
Stephen Hicks, Founding Principal at Southridge added, "We have been of financial assistance to IDSI for eight years and greatly appreciate the long-term relationship we've forged with the IDSI. We share the common goal of moving through the FDA and into the marketplace."
About Southridge:
Since its founding in 1996, Southridge advised funds have provided approximately $1 billion in growth capital to portfolio companies globally. Southridge is committed to funding companies with growth business models both domestically and internationally.
Southridge Capital Management LLCCONTACT: Gabrielle E. Guttman, Vice President, Business Development &Marketing of Southridge Capital Management LLC, +1-203-431-8300,gguttman@southridgecapital.com
Web site: http://www.southridgecapital.com/