Rcadia Closes $3.3 Million Investment Led by BioVentures Investors
Published: Dec 15, 2008
BOSTON, Dec. 15 /PRNewswire/ -- Rcadia Medical Imaging, Ltd., developer of the COR Analyzer(TM) software for the automated analysis of coronary CT angiography (CCTA) studies, has closed a $3.3M investment round led by BioVentures Investors of Cambridge, MA, Rcadia announced today. Existing investors, including 20/20 HealthCare Partners, also participated in the financing.
Developed by leading Israeli image processing scientists, the COR Analyzer(TM) enables rapid and effective triage of chest pain patients. Immediately after a Coronary CTA study, the COR Analayzer(TM) identifies patients who need further evaluation for severe coronary artery disease, versus those who can be safely discharged. While improving emergency department (ED) workflow, the Rcadia application also can lead to more rapid diagnosis, enabling appropriate treatments and avoiding unnecessary delays for patients without coronary artery disease.
Shai Levanon, Rcadia President and CEO, said that the proceeds of the financing will fund the full commercial launch of the COR Analyzer(TM) and the establishment of a U.S. office to support North American sales and marketing.
"We are extremely pleased to be partnering with BioVentures Investors in this financing round," commented Hillel Bachrach, Executive Chairman of the Board of Directors and Managing Partner at 20/20 HealthCare Partners. "BioVentures has unique expertise in the commercial development of advanced technology in the life sciences." (www.bioventuresinvestors.com)
Simultaneous with the financing, Peter Feinstein, General Partner, BioVentures Investors, and Alex Norbash, M.D., Chairman of Radiology, Boston University Medical Campus, have joined Rcadia's board of directors.
About Rcadia Medical Imaging
Rcadia Medical Imaging is the principal developer of automatic image processing software products for blood vessel analysis. The company's FDA cleared COR Analyzer(TM) performs analysis of Coronary CT angiography (CCTA) studies and automatically without human intervention identifies severe lesions in the main coronaries. The COR Analyzer(TM) is aimed at triaging patients in the ED, improving workflow in the radiology and cardiology departments and serving as 'second eye reader' to prevent miss-reading of severe lesions in CCTA studies. (www.rcadia.com)
About BioVentures Investors
BioVentures Investors, based in Cambridge, Massachusetts, has three venture funds focused on the commercial development of advanced technology in life sciences and healthcare. The three general partners have all been CEOs of companies active in the life sciences and healthcare industry. BioVentures currently has over $145 million under management. (www.bioventuresinvestors.com)
About 20/20 HealthCare Partners
20/20 HealthCare Partners LLC (20/20HCP) is a Boston-based partnership providing management services and equity financing for medical device companies with promising growth potential. 20/20HCP's unique focus is on diagnostic imaging and diagnostic image enhancement applications as well as on the evolution of diagnostic imaging in personalized medicine. 20/20HCP establishes a structure and strategic partnerships for the early identification of opportunities, as well as expedites opportunity development through nimble management and short product development cycles. (www.2020hcp.com)
CONTACT: Maayan Wenderow for Rcadia Medical Imaging, Ltd., +1-617-244-9050
Ext. 101, email@example.com
Web site: http://www.bioventuresinvestors.com/