Ann Arbor-based MIR Acquisition, Inc, d/b/a Molecular Imaging Research, Inc (MIR), announced that it has raised $7.0 million in Series A financing co-led by Baird Venture Partners and Arcus Ventures. The funding will support the expansion and commercialization of MIR’s in vivo preclinical imaging capabilities.
MIR is a contract research organization (CRO) that specializes in the in vivo preclinical imaging of small animals to enhance the decision-making of pharmaceutical, biotechnology and medical devices companies. MIR has a proven track record of expertise in oncology and is extending its imaging efforts to other therapeutic areas. The Company’s imaging modalities include bioluminescence, fluorescence, µCT, MRI and µPET. The company has performed over 250 imaging studies since 2003. In the last 12 months MIR provided imaging services to 23 pharmaceutical and biotechnology companies, including eight ‘top 20’ companies. The Series A financing occurred concurrent with the acquisition of certain Ann Arbor-based assets from Charles River Laboratories International, Inc.
As part of the financing, Tom Ludlam, Jr. has joined MIR as President and CEO. Previously, Ludlam served as President and CEO of Prologue Research International, an oncology-focused contract research organization, which was acquired in mid-2010 by Novella Clinical.
“We are excited about this partnership with Baird Venture Partners and Arcus Ventures and re-launching MIR as a privately owned in vivo preclinical imaging business based in Ann Arbor,” said Ludlam. “We appreciate Charles River’s support of the acquisition and we look forward to further collaboration between our two organizations.”
“A key advantage of preclinical imaging is that it facilitates a more timely and cost-effective drug discovery process,” said Pete Shagory, Partner at Baird Venture Partners. “Biotech and pharmaceutical companies are looking for tools that can accelerate and improve their drug discovery decision making process and MIR’s imaging services have a strong reputation within this market. We are excited to partner with the Company and its leadership in building another successful Michigan-based company.”
“MIR delivers cutting-edge services that integrate biodynamic imaging with contemporary models for drug discovery and development. MIR’s expertise in this field, coupled with a visionary perspective of future applications, creates a very exciting prospect for significant contributions to therapeutic advances,” said Jim Dougherty of Arcus Ventures.
As part of the transaction, Shagory and James Dougherty, MD of Arcus Ventures will join MIR’s Board of Directors.
On May 11, Ludlam will present on behalf of MIR at the Michigan Growth Capital Symposium.
About Molecular Imaging Research, Inc. Molecular Imaging Research, Inc. (MIR) is a specialty contract research organization (CRO) located in Ann Arbor, Michigan. MIR employs a wide array of imaging technologies including preclinical MRI, CT (µCT), high resolution PET (µPET), bioluminescence and fluorescence imaging to measure response to therapy at anatomical, functional, and molecular levels. MIR also performs basic research to develop these technologies and actively seeks collaborations to further imaging in the field of drug discovery. For more information, please visit www.molecularimaging.com.
About Baird Venture Partners Baird Venture Partners, the U.S.-based venture capital fund of Baird Private Equity, makes venture capital investments in early and expansion stage business services and life sciences companies. Baird Venture Partners leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies. For more information, please visit www.bairdventurepartners.com.
Baird Private Equity, the global private equity group of Robert W. Baird & Co. (Baird), makes venture capital, growth equity and buyout investments in smaller, high potential companies in the United States through Baird Venture Partners and Baird Capital Partners, in China through Baird Capital Partners Asia, and in Europe through Baird Capital Partners Europe. Baird Private Equity has a global team of investment and operations professionals across the United States, Europe and Asia, including a team of operating professionals in Asia. Baird Private Equity and its affiliates have raised and managed over $2.7 billion in capital and invested in more than 245 companies since the 1980s. For more information, please visit www.bairdprivateequity.com.
About Arcus Ventures Arcus Ventures (AV) was founded in 2007 and is located in New York City. AV consists of a team of medical oncologists with experience in clinical and academic medicine, drug development, and hospital management, healthcare industry consulting and private equity. AV is dedicated to investing in oncology focused companies with innovative biopharmaceuticals, device and diagnostic companies, and service companies. For more information, please visit www.arcusventures.com
