Intersouth leads $9M round in Tennessee-based medical imaging firm
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DURHAM, N.C. – Intersouth Partners is venturing into Tennessee for its latest deal, leading a $9 million Series A round in ABT Molecular Imaging.
The company’s founders also participated in the round.
As part of the deal, Intersouth’s Dennis Dougherty joins the ABT board.
ABT is focused development of a drug production platform for small doses of molecular imaging drugs used in positron emission tomography (PET) scans. The highly detailed cans map the body through use of radioactive, injectable drugs.
The company has developed what it calls a “Biomarker Generator” for “rapid, safe and local production of PET imaging agents.”
ABT believes its technology can help health care providers produce their own drugs for PET scans without current larger, more expensive facilities. The company also believes the platform will lower PET costs and help providers make use of drugs that have a short life.
The financing is the first outside funding for ABT. The funds will be used for product development and launching of the firm’s sales strategy.
Ronald Nutt, founder of CTI Molecular Imaging that went public and later was acquired by Siemens Medical Solutions, is the founder of ABT and serves as chairman.
“We’re excited about working with ABT,” Dougherty said in a statement. “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.”
Nutt launched the company in 2006.
“This investment in ABT is a tremendous endorsement of the market opportunity our technology provides,” he said. “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.”
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