Photogen to Focus on Cardiovascular Imaging

NEW HOPE, Pa., Aug. 13 -- Photogen Technologies Inc. announced it will use $16.25 million in new equity capital to implement its restructuring plan, which will focus the company's resources on cardiovascular imaging and lymphography.

Photogen has agreed to split off its photodynamic therapy and laser device business to five founding shareholders in exchange for all their common stock, which represents 52.9 percent of the company's outstanding shares. Photogen will focus its resources on developing PH-50, a cardiovascular imaging agent designed to improve images of the heart and vasculature obtained with computed tomography (CT) machines and N-1177 for use in lymphography.

The company has also signed a financing agreement to sell $16.25 million of common stock to a group of venture capital funds led by Mi3 LP of Wellesley, Mass., and including Oxford Biosciences and New England Partners.