CTI Molecular Imaging, Inc. Announces Acquisition of ImTek, Inc.
08 Noviembre 2004 - 8:40AM
PR Newswire (US)
CTI Molecular Imaging, Inc. Announces Acquisition of ImTek, Inc.
Acquisition Will Build on CTI's Existing Competencies in Small
Animal Imaging KNOXVILLE, Tenn., Nov. 8 /PRNewswire-FirstCall/ --
CTI Molecular Imaging, Inc. (NASDAQ:CTMI), a leading provider of
positron emission tomography (PET) equipment, molecular imaging
biomarkers and services, today announced that it had acquired
ImTek, Inc., a leading provider of micro-CT systems for imaging
laboratory animals used in medical research. ImTek designs and
manufactures the MicroCAT(TM) brand of scanners, which are widely
recognized as the standard in small animal CT imaging. The
acquisition price for ImTek was $3.75 million, plus the potential
for incentive payments that are contingent upon the future
financial performance and milestone achievements of ImTek. The
acquisition augments CTI Molecular Imaging's expanding capabilities
to serve the research and pharmaceutical markets, particularly as
the leading provider of small animal imaging systems. "This
acquisition of ImTek builds on our strength in small animal imaging
and broadens the capabilities that we can offer medical and
pharmaceutical research organizations. Almost half of ImTek's
customer base also owns at least one microPET(R) system
manufactured by our business unit, CTI Concorde. We see
opportunities to market a higher number of small animal CT's and
PET's to this customer base by leveraging one combined sales
initiative," said Robert Nutt, President of CTI Concorde. "CTI
Molecular Imaging and CTI Concorde are the recognized leaders in
clinical and preclinical molecular imaging with PET. We are very
pleased that they see value in what our MicroCAT(TM) system can add
to their preclinical product offering, and we are extremely excited
about our participation in defining the future of preclinical
multimodality imaging," said Mike Paulus, President and cofounder
of ImTek. The acquisition has been structured as a cash transaction
and it will close before the end of November 2004. CTI does not
anticipate a significant charge for in-process research and
development expenses at ImTek, and the transaction will have an
immaterial effect on CTI Molecular Imaging's earnings results for
fiscal 2005. CTI will provide financial guidance for fiscal 2005 on
its fourth quarter conference call scheduled for November 16, 2004.
About CTI Molecular Imaging: CTI Molecular Imaging, Inc. is a
leading supplier of products and services for positron emission
tomography (PET), a diagnostic imaging technology used in the
detection and treatment of cancer, cardiac disease and neurological
disorders. Additional information is available at:
http://www.ctimi.com/ . Certain matters discussed in this press
release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may be identified by words such as
"believe," "assume," "expect," "anticipate," "intend," "estimate"
or similar expressions, and include any statements that necessarily
depend on future events, such as the impact of the ImTek
acquisition on CTI's financial results. Forward-looking statements
involve a number of risks and uncertainties and there can be no
assurance that any forward-looking statements will prove to be
accurate. Various factors could cause actual results to differ
materially from those anticipated in the forward-looking
statements. For example, the impact of the ImTek acquisition on
CTI's financial results will depend upon a number of uncertain
events, such as the successful integration of the two businesses
and CTI's ability to achieve certain anticipated efficiencies
associated with combining business operations. CTI undertakes no
obligation to update or revise any forward- looking statements.
Further information regarding risks, uncertainties and other
factors that could adversely affect CTI or cause actual results to
differ materially from those anticipated in forward-looking
statements are included in CTI's Annual Report on Form 10-K for the
fiscal year ended September 30, 2003 and the Quarterly Report on
Form 10-Q for the quarter ended June 30, 2004. DATASOURCE: CTI
Molecular Imaging, Inc. CONTACT: Michael A. Lawless of CTI
Molecular Imaging, Inc. +1-865-218-2000 Web site:
http://www.ctimi.com/
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