BioImagene Raises $26 M in Expansio...( BioImagene t...),Health

BioImagene, the leading provider of affordable digital pathology solutions for cancer diagnosis and preclinical research, today announced the closing of a $26 million series D financing round led by Burrill & Company. Ascension Health Ventures, National Healthcare Services and existing investors Artiman Ventures and ICCP Ventures also joined the round with strong support.

CUPERTINO, Calif. (Business Wire EON) August 19, 2008 -- Mr. Yatin Mundkur, Artiman Ventures Partner and BioImagene board member noted "This follow-on investment reaffirms our commitment to the BioImagene team and their innovative products, and reinforces our belief in the enormous growth potential of digital pathology. We are very happy to guide the company through their next phase of future growth."

BioImagene CEO Mohan Uttarwar commented, "This latest infusion of capital from leading investors is a strong vote of confidence in our team, products and strategy. Our goal is to become the dominant player in this space by 2010. We are within range of our target and this funding will help us scale operations to support the rapidly increasing demand for affordable, integrated digital pathology systems. "

Digital pathology is the process of converting entire glass microscope slides into high-resolution, whole-slide digital images that can be viewed, managed and analyzed with a computer instead of a microscope—along with digital pathology management systems that help interpret the information generated from the digitized glass slide.

Digital pathology applications utilizing digital slides are gaining momentum as pathologists can access slide specimens and related data from any location in the world, fostering more efficient laboratory workflow, physician communication, education and research at a reasonable cost.

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