Navigation Links
Diagnosoft(R) Secures $4 Million in Financing and Appoints a New President and CEO
Date:1/29/2009

MORRISVILLE, N.C. and PALO ALTO, Calif., Jan. 29 /PRNewswire/ -- Diagnosoft, Inc., an innovator in magnetic resonance (MR) image analysis software that assists in diagnosis, staging and therapeutic monitoring of cardiovascular disease, has announced the closing of $4 million in Series B financing led by Technology Development Fund (TDF) of Cairo, Egypt. The company intends to use the new capital to support further market expansion of Diagnosoft(R) HARP(TM), Diagnosoft(R) PLUS, and Diagnosoft(R) SENC. The capital infusion will also serve to further the development of other innovative MR image analysis technologies designed to increase physician productivity and accuracy, improve patient outcomes, and enhance research and drug development advances.

"When cardiologists and radiologists can make a decision about the condition of a patient's heart based on quantitative data obtained from cardiac MRI analysis, rather than just 'eyeballing' images," said Diagnosoft Co-Founder Dr. Matthias Stuber, "they can come to a faster conclusion that's substantiated, not subjective. When diagnosis and treatment is supported by the numerical data our software provides, it's stronger from a legal standpoint as well."

According to Dr. Jerry Prince, Diagnosoft co-founder and colleague of Dr. Stuber at Johns Hopkins University, "There are many techniques for analyzing the left ventricle of the heart -- ECHO, nuclear medicine, CT, and so -- but we are focused on the emerging technology of MRI for the cardiac market. We are kind of a one-stop shop for innovative analysis of the four magnetic resonance imaging techniques -- CINE, perfusion, delayed enhancement or viability, and function or strain. Diagnosoft is the only company directly looking at function, to see if the heart muscle is contracting properly; consequently, we are the only ones who can put all four imaging techniques together, and present it to the clinician in a single view."

This unique capability made investment in Diagnosoft an attractive endeavor for TDF. "It seems we are in the midst of a renaissance for cardiovascular MRI. It's amazing how much interest there is in the market -- it's a very good time to be in the market, and we believe Diagnosoft is clearly on the leading edge," said Ahmad Gomaa, fund manager for TDF.

As Dr. Stuber explained, "As cardiovascular medicine grows, it is moving away from being purely reactive -- in other words, once you have an infarct, you start treating it. I believe people with certain known risk factors will undergo cardiovascular testing earlier. Quantitative analysis of myocardial motion will be a crucial factor in being more proactive and informed in risk assessment and early management for heart disease."

To continue Diagnosoft's commitment to cardiovascular imaging advances, the company's board of directors has appointed Firas BenAchour president and CEO of Diagnosoft and a member of the board. With 20 years of healthcare information technology experience, BenAchour will work closely with the executive team to expand and solidify Diagnosoft's position in the marketplace. He started his career in business development, sales and marketing, and quickly moved into executive management. His carrier spans large, small as well as startup companies including HBOC and Per-Se Technologies (both acquired by McKesson), CareFusion (acquired by Cardinal Health), and CareSystems.

"I am delighted to be appointed president and CEO of Diagnosoft, and I am very excited about the opportunities and the growth potential of our company," BenAchour said. "Since joining Diagnosoft, my principal focus has been to establish our growth strategy for the benefit of our clients, employees and investors. We are currently focusing on organizing our client services efforts, establishing our sales and business development processes, solidifying our brand and continuing to make improvement to the quality, usability and reliability of our software solutions."

About Diagnosoft

Diagnosoft, Inc., based in North Carolina and California, is a privately held company specializing in image analysis software that assists in diagnosis, staging and therapeutic monitoring of cardiovascular disease. One of its products, Diagnosoft HARP(TM), is distinguished as the first FDA 510k- cleared software designed for the analysis of tagged magnetic resonance images. The company is focused on improving physician workflow, quantifying decision-making, and enhancing research and drug development advances.

Company founders Dr. Nael Osman and Dr. Jerry Prince, developed HARP technology at Johns Hopkins University (JHU), where they are faculty members. Dr. Matthias Stuber, a company founder who is also on the JHU faculty, brings additional insight and imaging expertise to Diagnosoft. More information about the company's three MRI analysis software products, Diagnosoft(R) HARP(TM), Diagnosoft(R) Plus and Diagnosoft(R) SENC, is available at http://www.diagnosoft.com.

About Technology Development Fund

The Technology Development Fund, http://www.techdevfund.com, is the first technology venture capital fund in the ME. Established in 2004, its current capital base is $50 million. The Fund aims to propel the growth of innovative, startup and early stage companies in the field of information technology. The Fund is managed by one of the leading investment banks in the MENA region, Efg-Hermes, http://www.efg-hermes.com, through its subsidiary Ideavelopers, http://www.ideavelopers.com.

Diagnosoft(R) is a registered trademark of Diagnosoft, Inc. HARP(R) is a registered trademark of Johns Hopkins University. Diagnosoft, Inc. disclaims any proprietary interest in the marks and names of others.

Except for the historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties.

     Contact:
     Firas BenAchour
     1-919-388-9492

'/>"/>
SOURCE Diagnosoft, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. BDSI secures US commercial partnership for BEMA Fentanyl with Meda AB
2. Simplex Diabetic Supply, Inc. Secures $50 Million in Growth Equity from New Enterprise Associates
3. UI licensee Optherion secures $37 million in financing
4. IPS Secures National Contract to Deliver FOCUS Healthcare Provider Network Access to Pain Management Specialists
5. Piedmont Pharmaceuticals Secures $8.5 Million Investment
6. NuView Radiopharmaceuticals, Inc. Secures Exclusive Rights From Thomas Jefferson University for a Tumor-Specific Imaging Agent for the Diagnosis of Breast and Prostate Cancers
7. Alexza Secures $50 Million Committed Equity Financing Facility With Azimuth Opportunity, Ltd.
8. Senetek PLC Announces North American Partner for Invicorp(R) Secures Financing for Advancement of Marketing and Development Efforts
9. SpectraScience Secures Distribution for WavSTAT(R) System in Czech Republic
10. InterCure Secures Nationwide Distribution Agreement With Lloyds Pharmacy Group
11. Asoyia Secures Venture Capital Funding
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/25/2016)... ... ... CloudLIMS, joins an elite number of companies that have earned a spot on ... CIOReview. , In a deliberate session with the honorary industrial experts, a list of ... with. The positioning is based on evaluation of CloudLIMS’ specialties in Automated Sample Management ...
(Date:5/25/2016)... ... 25, 2016 , ... DKT International, one of the largest ... pleased to release their 2015 global impact data. In 2015, DKT served over ... deaths and 3.8 million unsafe abortions across 21 countries worldwide. , “We ...
(Date:5/25/2016)... Mexico (PRWEB) , ... May 25, 2016 , ... Casa ... the restorative properties of precious stones to complement its new wellness suites . ... two floors and feature a plethora of special services and insuite amenities, from a ...
(Date:5/25/2016)... ... ... more than fifty years, we've suffered whiplash as each new scientific study seemed to contradict ... nutritional advice – advice that was supposed to keep us healthy and slim. And what ... are considered to be overweight and more than 1 in 3 adults are considered to ...
(Date:5/25/2016)... ... 25, 2016 , ... Researchers from SUNY State College of Optometry won the ... visual evoked potential and human attention. The article, VEP and Human Attention: Translation ... ERG and VEP Vision Testing System (Diopsys, Inc., Pine Brook, NJ) to record ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)...   , Study met both ... in , Excellent plus Good ... of the ascending colon   ,      ... announced new positive data from the phase III MORA study for ... litre PEG with ascorbate. The study met both primary endpoints showing ...
(Date:5/24/2016)... 2016 ARANZ Medical  Ltd a ... sector, has been named the Coretex Hi-Tech Emerging Company of ... Dr Bruce Davey , CEO of ARANZ Medical ... really good to be recognised for the work we are ... used in 35 countries around the world from Sub-Saharan Africa ...
(Date:5/24/2016)... 2016 Celsion Corporation (NASDAQ: ... provided an update on its ongoing OVATION study, ... GEN-1, the Company,s DNA-based immunotherapy, with the standard ... with advanced ovarian cancer who will undergo neoadjuvant ... an IL-12 DNA plasmid vector formulated as a ...
Breaking Medicine Technology: