$690,000 unregistered debt financing and first close reported by ABT Molecular Imaging

ABT Molecular ImagingABT Molecular Imaging disclosed details on its $690,000 debt issuance. Apparently 73% or $500,000 have already been subscribed by three investors. The non-brokered placement started a week ago. According to the offering’s structure the company may raise an additional $190,000 until February 2015. The company closed six previous unregistered private placements which raised an estimated $20.27 million. Institutional investors include: River Cities Capital Funds (via Fund IV), Mountain Group Capital (via Limestone Fund), Council & Enhanced Tennessee Fund (co-managed by Council Capital and Enhanced Capital Partners), and Intersouth Partners.

The company’s technology produces doses of molecular imaging drugs for positron emission tomography (PET scanning) at the point of use. PET scanners map the body by means of injectable radioactive drugs that allow PET machines to highlight areas of abnormal metabolic function indicative of disease (such as cancer, Alzheimer’s disease, cardiac abnormalities, etc.).  ABT’s Biomarker Generator enables rapid, safe and local production of PET imaging agents in a way that is more convenient, versatile and significantly less expensive than current methods available. It is currently deployed to several research and clinical sites with installations in the U.S., Europe and South America.

The company is headquartered in Louisville TN. ABT Molecular Imaging disclosed having revenues on or below $1 million. The executive team includes Michael Templin and Peter Kingma. The board of directors includes Dennis Dougherty, Rik Vandevenne and Ronald Nutt.

The company has raised an estimated total of $20.77 million via private unregistered security offerings. Random Research had reported in September 2013 a $400,000 financing by radioisotope manufacturer NorthwestMedical Isotopes.

Offering recap
Status: First close
Company: ABT Molecular Imaging
Industry: Biotechnology
Amount offered: $690,000
Amount placed: $500,000
First sale: 2014-02-18


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