March 25, 2013 — The LumaGEM Molecular Breast Imaging (MBI) business of Gamma Medica Inc. has been acquired through a chapter 11 sale by Imaging Acquisition Inc., an entity controlled by healthcare growth equity firm Psilos Group Managers LLC. Molecular breast imaging is an adjunct technology to mammography which radiologists use to help diagnose cancerous lesions in women with dense breast tissue. Already used in 15 prestigious medical institutions and clinical practices throughout the United States, the acquisition and investment by Psilos will enable the more focused company to meet the rapidly growing demand for LumaGEM.
The company continued its operations during the reorganization period and is moving forward with its core team of industry experts, customers and strategic business relationships intact. “Psilos’ growth capital will provide us with the funding needed to expand on our commercialization strategy,” said acting Gamma Medica CEO Jim Calandra. “Our dedicated employees have been working hard through this transition period and we’re ready to move forward to spread the use of MBI.”
“We are very impressed with the progress this team has made over the past 12-18 months in expanding LumaGEM’s customer base and making key product improvements,” said David A. Eichler, managing member at Psilos. “The growing body of clinical evidence for molecular breast imaging shows this technology’s importance in overcoming the critical shortcomings of mammography and other screening modalities in detection of cancer in dense breast tissue. We are excited about the great opportunities that lie ahead.”
Psilos, which has approximately $600 million under its management, has been an investor in Gamma Medica since 2009. Eichler and Psilos Senior Managing Member Albert S. Waxman, Ph.D., will serve on the Gamma Medica board of directors.
LumaGEM is embraced by clinicians because it clearly highlights tumors, even those obscured by dense breast tissue. LumaGEM’s 91 percent sensitivity and 93 percent specificity when used in conjunction with mammography allows physicians to detect cancer earlier, especially in the approximately 40 percent of women who have dense breasts, where fibrous tissue can obscure the view of mammography
For more information: www.gammamedica