Supertron raises $3.5 million in Series C Financing

Supertron Technologies Inc. ( www.supertron.com), a leading developer of next-generation solutions for high-performance preclinical and clinical Magnetic Resonance Imaging (MRI) coils and probes announced today successfully financing $3.5 million with Amphion Innovations PLC. Supertron is based in the Enterprise Development Center (EDC) (www.njit-edc.org) at New Jersey Institute of Technology (NJIT) (www.njit.edu).

The financing round was supposed to close at $3 million, but the financing increased to $3.5 million due to overwhelming investor demand. "We are excited by the market response to our offering and the validation of the strategic direction for our product and technology set," said C. Richard Hullihen, Supertron CEO.

Supertron's products significantly improve the imaging capabilities of MRI scanners. The cryogenically cooled products enhance image resolution, reduce scan time and lower cost through faster image acquisition. These factors ultimately result in earlier disease detection, faster drug development, and integrated and/or guided therapeutics. Its solutions are applicable in both high and low-field clinical and preclinical research environments imaging objects from molecules to man.

Supertron is also targeting emerging MRI research applications in the fields of molecular imaging, x-nuclei applications, functional MRI, image-guided therapeutics, and orthopedics imaging.

Earlier financing for Supertron included a per-reviewed $2 million grant from the Advanced Technology Program (ATP) at the National Institute of Standards and Technology (2003). The New Jersey Economic Development Authority (EDA) has also awarded the company $500,000 in springboard grants.

"We're indebted to our institutional ATP grant research partners at Brigham & Women's Hospital of Harvard Medical School and our ho

Contact: Sheryl Weinstein
New Jersey Institute of Technology

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