PET vendor Positron has received $500,000 (U.S.) from privately held Canadian PET center developer IMAGIN Diagnostic Centres of Toronto.
The current funding completes a $700,000 purchase of 10% convertible secured notes and the first phase of a $1.3 million loan agreement between the firms. IMAGIN has a further commitment to fund Positron an additional $1.1 million, according to the Houston-based firm.
When the financing is completed and if all conversion rights are exercised, IMAGIN will control approximately half of Positron's common stock, according to the company.
By AuntMinnie.com staff writersJuly 16, 2004
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