Zecotek Photonics raises $3.5M

Zecotek Photonics Inc. of Vancouver, British Columbia, Canada, has sold more than 5.9 million shares of company stock at a price of 58 cents a share to raise approximately $3.5 million.

The sale increases the nonbrokered private placement the company announced in August by an additional $260,000 to a total of $3,460,824. Zecotek said it will use the funds to complete the transfer of technology for commercialization, strengthen its IP portfolio, and finance purchase orders and general working capital needs. In June, the company announced that it had raised $2.4 million.

Founded in 2004, Zecotek Photonics develops scintillation crystals, photodetectors, positron emission tomography scanning technologies, 3-D autostereoscopic displays, and lasers for medical, high-tech and industrial applications under three divisions: Imaging Systems, Laser Systems and 3-D Display Systems.

In other Zecotek news, Hamamatsu Photonics of Tokyo has placed a $500,000 order with Zecotek for scintillation crystals to be used in third-party positron emission tomography (PET) scanners. This is the first order since July’s announcement of a joint collaboration agreement between Singapore-based subsidiary Zecotek Imaging Systems Pte Ltd. and optoelectronic components supplier Hamamatsu Photonics KK.