Esaote and TechniScan enter technology and financial partnership

17 December 2007

Italian medical imaging company Esaote Group and US ultrasound developer TechniScan Medical Systems (TMS) Inc. have entered an agreement to share technologies and intellectual property, collaborate in the development of TechniScan’s UltraSound CTTM, and to co-operate in marketing. Esaote will also take up to a 20% equity stake in TMS — about US$9m.

The agreement allows TMS to incorporate Esaote’s products and technologies in the products developed by TMS while the TMS technology will be used in future Esaote ultrasound systems. Furthermore, the Companies will execute an exclusive distribution agreement for the European market and a commercial cooperation for the American market.

“These are significant agreements that will bring great strategic benefits for both companies. TechniScan’s innovative approach to breast imaging has the potential to completely change the way breast disease is diagnosed and treated in the United States and around the world,” said Esaote Group Managing Director and General Manager Fabrizio Landi. “We expect that this partnership will create new diagnostic solutions as well as fresh opportunities for both companies in the medical-scientific and industrial sectors.”

“This new relationship brings TechniScan so much more than investment. It validates our development approach and clinical applications strategy, and provides us with worldwide expertise in systems development, marketing and sales,” noted TMS CEO David C. Robinson.

TMS has raised more than $16 million in equity financing and $4 million in federal grant funding from the National Institutes of Health (NIH) and the National Cancer Institute (NCI) over the last 5 years. Along with these agreements, TechniScan will close its Series E Preferred financing, with commitments of $9 million from Esaote and more than $3 million already committed from TMS board and current shareholders bringing the total raised to more than $32 million.

Esaote Group operates wholly owned subsidiaries in Holland, France, Germany, Spain, USA, Argentine, Brazil, China and India, and had a 2007 consolidated turnover of about $370 million (USD).

TMS is a private company that grew out of the University of Utah Department of Bioengineering. The company develops innovative 3D ultrasound imaging technology using both reflection and transmission ultrasound to create tomographic images of the female breast.

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