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Gamma Medica’s LumaGEM business acquired by Psilos Group: Will continue and expand molecular breast imaging operation

Awardee Story Gamma Medica’s LumaGEM business acquired by Psilos Group: Will continue and expand molecular breast imaging operation
Date: Mar 03, 2013

Source: Company Data ( click here to go to the source)

Gamma Medica’s LumaGEM business acquired by Psilos Group: Will continue and expand molecular breast imaging operation

NORTHRIDGE, CA—The LumaGEM® Molecular Breast Imaging (MBI) business of Gamma Medica, Inc. has been acquired through a chapter 11 sale by Imaging Acquisition Inc., an entity controlled by healthcare growth equity firm Psilos Group Managers, LLC. Molecular breast imaging is an adjunct technology to mammography which radiologists use to help diagnose cancerous lesions in women with dense breast tissue. Already used in 15 prestigious medical institutions and clinical practices throughout the U.S., the acquisition and investment by Psilos will enable the more focused company to meet the rapidly growing demand for LumaGEM®.

The company continued its operations during the reorganization period and is moving forward with its core team of industry experts, customers and strategic business relationships intact. “Psilos’ growth capital will provide us with the funding needed to expand on our commercialization strategy,” said acting Gamma Medica CEO Jim Calandra. “Our dedicated employees have been working hard through this transition period and we’re ready to move forward to spread the use of MBI.”

“We are very impressed with the progress this team has made over the past 12-18 months in expanding LumaGEM’s customer base and making key product improvements,” said David A. Eichler, Managing Member at Psilos. “The growing body of clinical evidence for molecular breast imaging shows this technology’s importance in overcoming the critical shortcomings of mammography and other screening modalities in detection of cancer in dense breast tissue. We are excited about the great opportunities that lie ahead.”

Psilos, which has approximately $600 million under its management, has been an investor in Gamma Medica since 2009. Eichler and Psilos Senior Managing Member Albert S. Waxman, PhD. will serve on the Gamma Medica board of directors.

LumaGEM® is embraced by clinicians because it clearly highlights tumors, even those obscured by dense breast tissue. LumaGEM®’s 91% sensitivity and 93% specificity when used in conjunction with mammography allows physicians to detect cancer earlier, especially in the approximately 40% of women who have dense breasts, where fibrous tissue can obscure the view of mammography.\
About Gamma Medica, Inc.
Gamma Medica, Inc. (www.gammamedica.com) is dedicated to leading medical imaging into a new digital era. The company designs, builds and services the LumaGEM® Molecular Breast Imaging (MBI) System, the first commercially available, FDA-cleared, planar, dual head, fully solid-state digital imaging system utilizing cadmium zinc telluride (CZT) technology for breast imaging.

About Psilos Group

Psilos Group Managers, LLC (“Psilos”) is a healthcare investment firm focused on providing venture and growth capital to companies operating in the healthcare economy. The firm believes that successful healthcare innovation must reduce cost, improve quality and align incentives across payers, providers and patients. Founded in 1998, Psilos has nearly $600 million under management and invests across three core healthcare sectors: healthcare services, healthcare information technology and medical technology. Funds managed by Psilos have invested in companies such as ActiveHealth, AngioScore, Definity Health, Extend Health, HealthEdge, OmniGuide, and SeeChange Health, among many others, which have played, and continue to play, key roles in the transformation of the U.S. healthcare economy.

Contact information

Innovation Development Institute, LLC

   45 Beach Bluff Avenue, Suite 300
     Swampscott,  MA 01907-1542

  Tel:  (781) 595-2920