By E. Janene Geiss
Philadelphia, Nov. 28 - Naviscan PET Systems, Inc. said it completed a $6.5 million series B financing round.
Sanderling Ventures was the lead investor. The other investor was Mayo Medical Ventures.
The financing will be used to further clinically validate and commercialize Naviscan's patented high-resolution PET scanner.
In addition, the company said it also will use the proceeds to develop proprietary imaging agents, including several licensed from Mayo.
In conjunction with the financing, Naviscan has added Paul Grayson as the chairman of the company's board of directors. Grayson also is the newly appointed president and chief executive officer of Naviscan and a managing director of Sanderling Ventures, according to a company news release.
Other new board members include Timothy Mills, managing director at Sanderling Ventures and Jeffrey Torborg, new ventures manager with Mayo Medical Ventures.
San Diego-based Naviscan designs and develops compact, high-resolution positron emission tomography (PET) scanners that are intended to guide challenging radiological and surgical procedures and to guide minimally invasive therapy in the breast and prostate.
| Issuer: | Naviscan PET Systems, Inc.
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| Issue: | Series B financing
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| Amount: | $6.5 million
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| Investors: | Sanderling Ventures (lead), Mayo Medical Ventures
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| Announcement date: | Nov. 28
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