Date: Oct 22, 2014 Author: Gamma Medica, Inc. Source: Business Wire (
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SALEM, N.H.--(BUSINESS WIRE)--Gamma Medica, a developer of advanced digital molecular imaging technologies, announced today a $6.5 million growth capital financing facility from leading specialty finance company Hercules Technology Growth Capital (NYSE: HTGC) and $5.0 million from existing investor Psilos Group.
"We value our relationship with Psilos Group and Hercules Technology Growth Capital in helping us drive this continued growth and market acceptance"
The new investment will power Gamma Medica's increased sales and marketing efforts and help grow adoption of Molecular Breast Imaging (MBI) on a global scale.
"Gamma Medica is dedicated to supporting the advancement in early breast cancer detection and treatment through the commercialization of our award-winning LumaGEM MBI system worldwide," said Jim Calandra, President and CEO, Gamma Medica. "We value our relationship with Psilos Group and Hercules Technology Growth Capital in helping us drive this continued growth and market acceptance," Calandra added.
Gamma Medica's flagship product, the FDA-approved, fully digital LumaGEM MBI system, is intended for women with complex breast anatomy, such as dense breast tissue, where screening mammogram and ultrasound miss many early cancers. Molecular Breast Imaging detects lesions as small as five millimeters and has demonstrated sensitivity and specificity equivalent to that of MRI at a fraction of the cost.
LumaGEM MBI is currently in use at premier hospitals and breast centers throughout the U.S. The market-leading technology recently won the 2014 Frost and Sullivan Award for Product Leadership and the 2014 Medical Design Excellence Award.
"We believe Gamma Medica has developed the best cancer detection technology that exists today for women with dense breast tissue, and their success to date in establishing MBI as an important tool in the battle against breast cancer is impressive," said David Eichler of Psilos. "Psilos' continued investment reflects our enthusiasm about the market opportunity for molecular breast imaging, and our confidence that Gamma Medica will continue to further LumaGEM's clinical adoption and technology leadership."
About Gamma Medica
Gamma Medica, Inc. is dedicated to the development of advanced digital imaging technologies that address the growing importance of overcoming the critical shortcomings of mammography and other screening modalities in the early detection of breast cancer. The company's LumaGEM® Digital MBI system is the first commercially available, dual head, fully solid-state digital imaging system utilizing cadmium zinc telluride (CZT) technology for molecular breast imaging. LumaGEM MBI is currently in use at premier hospitals and breast centers throughout the U.S. For more information, visit www.gammamedica.com.
About Psilos Group
Psilos Group Managers, LLC ("Psilos") is a healthcare investment firm focused on providing venture and growth capital to companies operating in the healthcare economy. Founded in 1998, Psilos has $600 million under management and invests across three healthcare sectors: healthcare services, healthcare information technology, and medical technology. Funds managed by Psilos have invested in companies such as ActiveHealth, AngioScore, Definity Health, Extend Health, HealthEdge, PatientSafe Solutions, and SeeChange Health, among many others, which have played, and continue to play, key roles in the transformation of the U.S. healthcare economy.
www.psilos.com
About Hercules Technology Growth Capital
Hercules Technology Growth Capital, Inc. (NYSE:HTGC) ("Hercules") is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science, and energy & renewable technology industries, at all stages of development. Since its founding in 2003, Hercules has committed more than $4.4 billion to more than 290 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing.
Hercules' common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol "HTGC". In addition, Hercules has three outstanding bond issuances of 7.00% Senior Notes due April 2019, 7.00% Senior Notes due September 2019, and 6.25% Notes due July 2024, which trade on the NYSE under the symbols "HTGZ," "HTGY," and "HTGX," respectively.
