Esaote and TechniScan enter technology and financial partnership
17 December 2007
Italian medical imaging company Esaote Group and US
ultrasound developer TechniScan Medical Systems (TMS) Inc. have entered an
agreement to share technologies and intellectual property, collaborate in
the development of TechniScan’s UltraSound CTTM, and to co-operate in
marketing. Esaote will also take up to a 20% equity stake in TMS — about
The agreement allows TMS to incorporate Esaote’s products and
technologies in the products developed by TMS while the TMS technology will
be used in future Esaote ultrasound systems. Furthermore, the Companies will
execute an exclusive distribution agreement for the European market and a
commercial cooperation for the American market.
“These are significant
agreements that will bring great strategic benefits for both companies.
TechniScan’s innovative approach to breast imaging has the potential to
completely change the way breast disease is diagnosed and treated in the
United States and around the world,” said Esaote Group Managing Director and
General Manager Fabrizio Landi. “We expect that this partnership will create
new diagnostic solutions as well as fresh opportunities for both companies
in the medical-scientific and industrial sectors.”
“This new relationship brings TechniScan so much more than investment. It
validates our development approach and clinical applications strategy, and
provides us with worldwide expertise in systems development, marketing and
sales,” noted TMS CEO David C. Robinson.
TMS has raised more than $16 million in equity financing and $4 million in
federal grant funding from the National Institutes of Health (NIH) and the
National Cancer Institute (NCI) over the last 5 years. Along with these
agreements, TechniScan will close its Series E Preferred financing, with
commitments of $9 million from Esaote and more than $3 million already
committed from TMS board and current shareholders bringing the total raised
to more than $32 million.
Esaote Group operates wholly owned subsidiaries in Holland, France, Germany,
Spain, USA, Argentine, Brazil, China and India, and had a 2007 consolidated
turnover of about $370 million (USD).
TMS is a private company that grew out of the University of Utah Department
of Bioengineering. The company develops innovative 3D ultrasound imaging
technology using both reflection and transmission ultrasound to create
tomographic images of the female breast.
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