Gamma Medica closes $18M Series A round | Wall Street Beat

July 19, 2013 by Brad Perriello

Gamma Medica says it's closed an $18 million Series A funding round for its molecular breast imaging device. Wall Street Beat

Gamma Medica said it's closed a $16 million Series A round from Psilos Group Managers.

The Northridge, Calif.-based company said it plans to use the cash to expand the commercial footprint of its LumaGen molecular breast imaging device and the LumaGuide biopsy model.

"This funding enables Gamma Medica to provide leading-edge technology designed to aid breast radiologists in diagnosing difficult cases, particularly in women with dense breast tissue, and provides the financial capability to drive market expansion of MBI. We value our relationship with Psilos and are committed in the fight against breast cancer through early diagnosis," president & CEO Jim Calandra said in prepared remarks.

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Last week the company revealed $3 million of the round in a regulatory filing.

Gamma Medica earlier this year filed for Chapter 11 bankruptcy, offloading its molecular breast imaging and preclinical imaging businesses to separate buyers.