PHILADELPHIA - CTI Molecular Imaging has launched CTI Molecular Technologies (MTI), a new business unit that will serve as the hub of the firm's biomarker R&D activities.
In addition to seeking to discover new molecular biomarkers of disease and to develop novel molecular synthesis and biological screening platforms, MTI will augment its own initiatives through research collaborations with institutions such as UCLA, Caltech, and the Institute for Systems Biology, as well as with major pharmaceutical companies, according to CTI of Knoxville, TN.
Via these collaborations, MTI will broaden its technology initiatives in nanotechnologies, microfluidics, and systems biology of disease to base its biomarker development on the knowledge of how cells are reprogrammed to gain the properties of disease, CTI said.
In other company news, CTI has inked a definitive agreement to acquire Concorde Microsystems, also of Knoxville, which provides small-animal PET systems for imaging laboratory animals used in medical research. CTI said that the acquisition would increase its capabilities to serve the research and pharmaceutical markets, according to the vendor.
CTI said it also intends to use Concorde, along with its PETNet radiopharmacy network, to accelerate the discovery of new molecular imaging biomarkers for the clinical market.
CTI will pay $41 million in cash and unregistered shares of its common stock for Concorde, plus potential incentive payments that are contingent upon future financial performance. The deal is expected to close on June 30, and is anticipated to be dilutive to earnings in the fiscal fourth quarter of 2004, and neutral to earnings in fiscal 2005.
By AuntMinnie.com staff writers
June 21, 2004
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