Photo Diagnostics rises out of Photo Detection Systems' ashes

August 24, 2010 by MassDevice staff

Retired Analogic Corp. founder and CEO Bernard Gordon starts up Photo Diagnostic Systems Inc. with a $5 million investment.

Photo Detection Systems logo

Photo Diagnostic Systems Inc. took off with a little seed money from Analogic Corp. (NSDQ:ALOG) founder Bernard Gordon.

The Danvers, Mass.-based medical imaging start-up, which was incorporated in 2009, brought in a $5 million equity investment from a single investor in February, according to a Securities & Exchange Commission filing.

According to Mass High Tech, the financing came from Gordon through his Gordon Charitable Remainder Trust. He established the company in the shell of defunct Boxborough, Mass.-based Photo Detection Systems, of which Gordon was a board member.

Fifteen-person Photo Diagnostic Systems is working on a portable version of a positron emission tomography, or PET, scanner, according to the MHT article.

Gordon, 81, resigned from Analogic's board in July of 2009. He is still on the board of Neurologica, another medical imaging company that he founded.