Jennifer Whitney01.11.06
Advanced BioPhotonics Inc. of Bohemia, NY has announced an agreement with four accredited and institutional investors for a combined $4 million of funding for commercialization of the company’s BioScanIR System, a medical imaging model that provides a quick, non-invasive and radiation-free method of detecting diseases that effect blood perfusion.
According to the agreement, $1 million will be immediately available to the company, $1 million will be paid upon filing of a registration statement with the SEC and the remaining $2 million will be paid at the time the registration statement is declared effective by the SEC.
"We believe that this financing gives us the working capital necessary to complete clinical testing at leading medical institutions within North America and Europe in exciting and important applications such as cancer therapy monitoring and reconstructive surgery," said Denis O'Connor, CEO of Advanced BioPhotonics. "We believe that this clinical validation by key medical luminaries will fuel market adoption and revenue opportunities for our BioScanIR product within these geographic markets."
Advanced BioPhotonics Inc. is develops infrared-based medical imaging applications for the measurement of photonic activity within skin tissue.