Radiation therapy firm TomoTherapy of Madison, WI, has reached an agreement with an investor group that settles a disagreement between the firms.
TomoTherapy said it reached a deal with Avalon Capital that calls for the investment firm to place two members on TomoTherapy's board of directors. In November, Avalon urged TomoTherapy to find a buyer as a means of boosting shareholder value, and the company had nominated its own slate of directors for election to the board.
With the deal, Avalon has withdrawn its nominees for the board and agreed to vote all of its TomoTherapy shares for re-election of the company's director nominees. Avalon owned 4% of TomoTherapy as of last year.
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