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Imalux Completes $3.5 Million Financing
Sep 2003
CLEVELAND, Sept. 24 -- Imalux Corp., a developer of medical imaging systems based on optical coherence tomography (OCT) technology, announced yesterday it has closed its Series A financing, raising a total of $3.5 million. The latest round, totalling $1.95 million, was led by investments from Early Stage Partners, Reservoir Venture Partners, Biomec and Symark LLC.

The funds will be used to prepare and submit the company's imaging platform for clearance to market by the US Food and Drug Administration, for additional clinical studies and to lay the groundwork for manufacturing and marketing the device, according to J. Lloyd Breedlove, president and CEO of Imalux.

OCT uses near-infrared light to create high-spatial-resolution, real-time medical images. It can detect, in vivo, structural disruptions in soft tissues, enabling earlier and more accurate diagnoses and more precise surgical excisions of diseased tissues. Imalux said its imaging device has the potential to create a large new segment of the medical imaging industry.

The company said it will deploy the technology as a diagnostic tool and as an adjunct to guided surgery. The device is currently being tested by physicians in a variety of specialty areas at The Cleveland Clinic Foundation, George Washington University Medical Center and other medical institutions.

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