January 12, 2007 09:00 AM | Press Release
Boston, MA — January 12, 2007 — Covington Associates LLC announced today that it acted as the exclusive sell-side advisor to Advanced Molecular Imaging, Inc. (“AMI”), a provider of pre-clinical imaging products, in its sale to Gamma Medica-Ideas, Inc. (“GM-I”), a leading provider of next-generation medical imaging devices.
Based in Sherbrooke, Canada, AMI’s core technology, a fully digital APD PET product for pre-clinical imaging, provides a unique cost-effective solution to molecular imaging with unprecedented performance. The unique technology combines two traditional forms of imaging—CT and PET scanning. Combined with Gamma Medica-Ideas, the new entity emerges as the world’s first and only company with a complete range of digital imaging technologies, as well as the most advanced range of multiple modality imaging systems for drug discovery and medical research.
According to Dr. Lemconte, CTO of AMI, “The new entity is the ideal vehicle for bringing semiconductor detector technology and advanced digital signal processing to the molecular imaging market, by leveraging over 20 years of combined experience in those fields.”
David Anderson, a Vice President at Covington Associates and lead advisor to AMI on the transaction, was quoted as saying “Gamma-Medica Ideas have exhibited industry leadership and prudent long-term strategic planning by incorporating the next generation technology developed by the team at AMI. The acquisition positions the joint company at the forefront of imaging.”
About Advanced Molecular Imaging, Inc.
Advanced Molecular Imaging (AMI) develops medical devices and techniques to support molecular imaging of living subjects. AMI designs, manufactures and markets advanced imaging devices targeted at the pharmaceutical pre-clinical research and clinical diagnostic markets. AMI holds a portfolio of proprietary technologies whose primary focus is in Positron Emission Tomography (PET) imaging based on the original, field-proven Avalanche PhotoDiode (APD) detector technology developed in collaboration with the Université de Sherbrooke. To learn more about Advanced Molecular Imaging, please visit www.advanced-mi.com.
About Gamma Medica-Ideas, Inc.
Based in Oslo, Norway and Los Angeles, Gamma Medica-Ideas (GM-I) develops novel technologies to improve patient health through early diagnosis of disease, improved patient treatment and by enabling new drug discovery. GM-I is dedicated to leading medical imaging into a new digital era with its unique sensor readout systems. The company’s core digital imaging technologies also hold great promise for a new class of solutions for the safety and security markets. GM-I’s imaging systems are used by some of the world’s leading medical institutions, including Harvard University, Mayo Clinic, the M.D. Anderson Cancer Center at the University of Texas, Switzerland’s Center for Radiopharmaceutical Science, Yale University and many others. To learn more, please visit www.gm-ideas.com.
About Covington Associates LLC
Covington Associates is a specialty investment banking firm founded in 1991 serving business service, consumer, industrial, healthcare and technology companies throughout the country. Focused on mergers and acquisitions, debt and equity capital raising, debt and equity restructuring, and strategic advisory assignments for middle market companies, Covington Associates has completed transactions ranging in value from $10 million to over $1 billion for both private and publicly traded companies. To learn more about Covington Associates, visit www.covingtonassociates.com.
AMI ACQUIRED BY GAMMA