ABT Molecular Imaging, a Knoxville, Tennessee-based medical imaging company selling a production platform to generate unit doses of molecular imaging drugs, has secured $6m in Series C funding.
The round was led by River Cities Capital Funds, with participation from new investors Mountain Group Capital and Council Capital, and existing investor Intersouth Partners.
In conjunction with the financing, Rik Vandevenne of River Cities Capital Funds has joined the ABT Board of Directors.
The company intends to use the capital to continue implementing its commercialization strategy, expanding its team and developing its technology to increase its efficiency and expand its flexibilty.
Founded in 2006 by Ronald Nutt, Ph.D., and led by Tom Welch, President and CEO, ABT Molecular Imaging markets its platform (Biomarker Generator) which produces unit doses of molecular imaging drugs for positron emission tomography (PET) at the point of use, eliminating the need for chemistry and physics expertise. It is currently deployed to several research and clinical sites with installations in the U.S., Europe and South America. , a leader in the molecular imaging industry.