Canadian computer-aided detection (CAD) software developer Medipattern has made a private placement of company stock valued at $2.5 million ($2.2 million U.S.).
The Toronto-based firm placed the stock with Sprott Asset Management and Sebago Partners Offshore Limited. Proceeds from the placement will be used for continued development of the company's B-CAD ultrasound software, to accelerate development of B-CAD MRI, and to expand into other indications such as prostate screening and diagnosis.
In other Medipattern news, the company announced an expansion of its relationship with Orison of Johnson City, TN. Orison is modifying B-CAD for use on an ultrasound-based 3D breast tomography scanner it is developing, and has agreed to pay Medipattern an additional $150,000 (U.S.) on top of the $300,000 (U.S.) involved in the original contract, first announced in December 2005.
By AuntMinnie.com staff writers
March 31, 2006
Related Reading
Medipattern posts first revenue, February 16, 2006
Medipattern inks deal with Orison, December 22, 2005
Medipattern gets Canadian clearance, December 6, 2005
Medipattern unveils CAD for breast MRI at RSNA show, November 28, 2005
Cedara, Medipattern team up, August 17, 2004
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