MARS Bioimaging to Position Itself for Series A Fundraising
February 25, 2014
MARS Bioimaging Raises over $500,000 to Position Itself for Series A Fundraising
Christchurch, February 25, 2014 — MARS Bioimaging raises more than NZ$500,000 in a capital financing led by Powerhouse Ventures (powerHouse).
MARS Bioimaging (MBI) intends to utilise the investment to strengthen the management and development teams prior to Series A fundraising later in 2014.
Originally spun out from the University of Canterbury in 2007, MBI is now releasing its first commercial grade xray scanners after successfully validating the groundbreaking technology with high profile medical research institutes.
The Director of Research & Innovation at the University of Canterbury, Dr Nigel Johnson, said “It is exciting to see worldleading physics and biomedical research culminating in a sophisticated medical instrument. This additional capital will help MBI’s machines contribute to health improvements globally while delivering economic benefits to New Zealand.”
MBI provides in vivo colour xray imaging, using spectral computed tomography (CT) technology developed by the CERNbased Medipix3 Collaboration and University of Canterbury researchers. University of Otago, Christchurch is a key partner.
Spectral CT can provide images of bone, soft tissue, calcifications and injected contrast agents. This decomposition ability has many advantages for detection, diagnosis and treatment of major diseases such as cancer and heart diseases.
MBI CEO, Professor Phil Butler, notes “MBI’s objective is to become the preclinical imaging company of choice for research organisations and drug development companies, and a key component supplier to the clinical human imaging market.”
The preclinical imaging market is estimated at US$1.7 billion and the human imaging market at US$28 billion.
MARS Bioimaging won the Canterbury Regional Deloitte Fast 50 Rising Star award in 2013.
powerHouse’s Managing Partner Stephen Hampson, said “We are delighted to announce the successful capital raise that will allow MBI to accelerate its entry into this exciting high growth sector.”
powerHouse develops intellectual property based businesses from innovations sourced mainly from its university partners and research institutes. powerHouse offers more than traditional seed and startup capital, with ongoing access to business incubation, HR recruitment and networks.