By E. Janene Geiss
Philadelphia, Nov. 8 - ONI Medical Systems, Inc. said it raised $7 million in a series B financing round.
Galen Partners was the lead investor. Other investors included Ivy Healthcare Capital and the Hospital for Special Surgery Fund.
The financing will be used to expand sales and marketing activities and additional product development, officials said in a company news release.
In conjunction with the financing, Zubeen Shroff, a Galen general partner, and Rusty Warren, an Ivy partner, will join ONI's board of directors, officials said.
"ONI continues to address a large and growing market demand from the medical community for a better and more cost-effective MRI technology," Shroff said in the release. "We are convinced that ONI is poised for significant future growth."
Wilmington, Mass.-based ONI was founded in 1997 to develop and market a family of dedicated-purpose MRI systems that offer high-field performance at a low cost. The first product, the OrthOne, is a high-field, hospital-quality, dedicated-purpose MRI system for extremity imaging.
| Issuer: | ONI Medical Systems, Inc.
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| Issue: | Series B financing
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| Amount: | $7 million
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| Investors: | Galen Partners (lead), Ivy Healthcare Capital, the Hospital for Special Surgery Fund
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| Announcement date: | Nov. 8
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