Three-dimensional-software developer TeraRecon has purchased a 35.9% equity position in Acrorad, an Okinawa, Japan-based producer of cadmium-telluride (CdTe) detectors used for direct conversion x-ray as well as gamma-ray detectors. Acrorad's CdTe detectors are utilized for both flat-panel area detectors and for the firm's Mini Gamma Camera, which recently received Food and Drug Administration clearance.
The investment also gives TeraRecon exclusive rights to resell CdTe-based area detectors from Acrorad for medical applications, as well as preferential resale rights for other applications. In addition, TeraRecon will cooperatively develop a turnkey flat-panel detector system for resale to OEM's, and will deploy the detector system in its own 3D CT scanner, according to the company.
The company has also secured exclusive North American rights to resell the Mini Gamma Camera, a handheld gamma camera system used preoperatively and interoperatively for the localization of sentinel nodes and other applications involving the detection of radionuclide tracers. TeraRecon said it would enhance its existing North American sales presence to support the distribution effort, and would collaborate with Acrorad on development of a next-generation handheld gamma camera.
TeraRecon management personnel are assuming both board and management positions with Acrorad. TeraRecon CEO Dr. Motoaki Saito has been appointed to the part-time post of chairman of Acrorad's board. In addition, TeraRecon's Dr. Kimiaki Saito has assumed the full-time position of executive vice president and director with Acrorad.
TeraRecon spent approximately $6.8 million for the equity stake, which consisted of the acquisition of 2,454 shares of previously issued common stock and the exercise of a warrant for a further 1400 shares of newly issued common stock.
By AuntMinnie.com staff writersJune 8, 2004
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