Navigation Links
Diagnosoft(R) Secures $4 Million in Financing and Appoints a New President and CEO
Date:1/29/2009

MORRISVILLE, N.C. and PALO ALTO, Calif., Jan. 29 /PRNewswire/ -- Diagnosoft, Inc., an innovator in magnetic resonance (MR) image analysis software that assists in diagnosis, staging and therapeutic monitoring of cardiovascular disease, has announced the closing of $4 million in Series B financing led by Technology Development Fund (TDF) of Cairo, Egypt. The company intends to use the new capital to support further market expansion of Diagnosoft(R) HARP(TM), Diagnosoft(R) PLUS, and Diagnosoft(R) SENC. The capital infusion will also serve to further the development of other innovative MR image analysis technologies designed to increase physician productivity and accuracy, improve patient outcomes, and enhance research and drug development advances.

"When cardiologists and radiologists can make a decision about the condition of a patient's heart based on quantitative data obtained from cardiac MRI analysis, rather than just 'eyeballing' images," said Diagnosoft Co-Founder Dr. Matthias Stuber, "they can come to a faster conclusion that's substantiated, not subjective. When diagnosis and treatment is supported by the numerical data our software provides, it's stronger from a legal standpoint as well."

According to Dr. Jerry Prince, Diagnosoft co-founder and colleague of Dr. Stuber at Johns Hopkins University, "There are many techniques for analyzing the left ventricle of the heart -- ECHO, nuclear medicine, CT, and so -- but we are focused on the emerging technology of MRI for the cardiac market. We are kind of a one-stop shop for innovative analysis of the four magnetic resonance imaging techniques -- CINE, perfusion, delayed enhancement or viability, and function or strain. Diagnosoft is the only company directly looking at function, to see if the heart muscle is contracting properly; consequently, we are the only ones who can put all four imaging techniques together, and present it to the clinician in a single view."

This unique capability made investment in Diagnosoft an attractive endeavor for TDF. "It seems we are in the midst of a renaissance for cardiovascular MRI. It's amazing how much interest there is in the market -- it's a very good time to be in the market, and we believe Diagnosoft is clearly on the leading edge," said Ahmad Gomaa, fund manager for TDF.

As Dr. Stuber explained, "As cardiovascular medicine grows, it is moving away from being purely reactive -- in other words, once you have an infarct, you start treating it. I believe people with certain known risk factors will undergo cardiovascular testing earlier. Quantitative analysis of myocardial motion will be a crucial factor in being more proactive and informed in risk assessment and early management for heart disease."

To continue Diagnosoft's commitment to cardiovascular imaging advances, the company's board of directors has appointed Firas BenAchour president and CEO of Diagnosoft and a member of the board. With 20 years of healthcare information technology experience, BenAchour will work closely with the executive team to expand and solidify Diagnosoft's position in the marketplace. He started his career in business development, sales and marketing, and quickly moved into executive management. His carrier spans large, small as well as startup companies including HBOC and Per-Se Technologies (both acquired by McKesson), CareFusion (acquired by Cardinal Health), and CareSystems.

"I am delighted to be appointed president and CEO of Diagnosoft, and I am very excited about the opportunities and the growth potential of our company," BenAchour said. "Since joining Diagnosoft, my principal focus has been to establish our growth strategy for the benefit of our clients, employees and investors. We are currently focusing on organizing our client services efforts, establishing our sales and business development processes, solidifying our brand and continuing to make improvement to the quality, usability and reliability of our software solutions."

About Diagnosoft

Diagnosoft, Inc., based in North Carolina and California, is a privately held company specializing in image analysis software that assists in diagnosis, staging and therapeutic monitoring of cardiovascular disease. One of its products, Diagnosoft HARP(TM), is distinguished as the first FDA 510k- cleared software designed for the analysis of tagged magnetic resonance images. The company is focused on improving physician workflow, quantifying decision-making, and enhancing research and drug development advances.

Company founders Dr. Nael Osman and Dr. Jerry Prince, developed HARP technology at Johns Hopkins University (JHU), where they are faculty members. Dr. Matthias Stuber, a company founder who is also on the JHU faculty, brings additional insight and imaging expertise to Diagnosoft. More information about the company's three MRI analysis software products, Diagnosoft(R) HARP(TM), Diagnosoft(R) Plus and Diagnosoft(R) SENC, is available at http://www.diagnosoft.com.

About Technology Development Fund

The Technology Development Fund, http://www.techdevfund.com, is the first technology venture capital fund in the ME. Established in 2004, its current capital base is $50 million. The Fund aims to propel the growth of innovative, startup and early stage companies in the field of information technology. The Fund is managed by one of the leading investment banks in the MENA region, Efg-Hermes, http://www.efg-hermes.com, through its subsidiary Ideavelopers, http://www.ideavelopers.com.

Diagnosoft(R) is a registered trademark of Diagnosoft, Inc. HARP(R) is a registered trademark of Johns Hopkins University. Diagnosoft, Inc. disclaims any proprietary interest in the marks and names of others.

Except for the historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties.

     Contact:
     Firas BenAchour
     1-919-388-9492

'/>"/>
SOURCE Diagnosoft, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. BDSI secures US commercial partnership for BEMA Fentanyl with Meda AB
2. Simplex Diabetic Supply, Inc. Secures $50 Million in Growth Equity from New Enterprise Associates
3. UI licensee Optherion secures $37 million in financing
4. IPS Secures National Contract to Deliver FOCUS Healthcare Provider Network Access to Pain Management Specialists
5. Piedmont Pharmaceuticals Secures $8.5 Million Investment
6. NuView Radiopharmaceuticals, Inc. Secures Exclusive Rights From Thomas Jefferson University for a Tumor-Specific Imaging Agent for the Diagnosis of Breast and Prostate Cancers
7. Alexza Secures $50 Million Committed Equity Financing Facility With Azimuth Opportunity, Ltd.
8. Senetek PLC Announces North American Partner for Invicorp(R) Secures Financing for Advancement of Marketing and Development Efforts
9. SpectraScience Secures Distribution for WavSTAT(R) System in Czech Republic
10. InterCure Secures Nationwide Distribution Agreement With Lloyds Pharmacy Group
11. Asoyia Secures Venture Capital Funding
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... Colorado (PRWEB) , ... February 11, 2016 , ... Colorado ... Review as one of 334 spine surgeons to know in 2016 . The ... in the field of spine surgery. , Dr. Corenman understands the importance of ...
(Date:2/11/2016)... ... February 11, 2016 , ... The annual list showcases the 20 Most Promising ... team dedication and commitment to the SharePoint ecosystem. A panel of experts and ... goal is to recognize and promote technology entrepreneurship. , The survey was made ...
(Date:2/11/2016)... ... February 11, 2016 , ... Husted Kicking ... San Diego, CA, on February 6th & 7th, 2016 according to kicking coach Michael ... were not invited to the NFL’s combine in Indianapolis,” says Husted. “The NFL uses ...
(Date:2/10/2016)... ... , ... President Obama’s budget proposal yesterday enables the HHS ... via telehealth, estimated to generate more than $160 million in savings over 10 ... Although there is more to be done, this represents an important victory ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... , a full-service health care communications company offering education, research and medical ... for practitioners and specialists working in infectious diseases. , As the all-inclusive ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... NEW YORK , Feb. 11, 2016 /PRNewswire/ ... a foot-focused suite of products designed to support ... ExoSOLS™, are custom orthotic insoles that combine years ... 1,000 partners in the podiatric field with cutting ... align, and propel . It is supported by ...
(Date:2/10/2016)... DUBLIN , February 11, 2016 /PRNewswire/ ... the addition of the "Molecular Diagnostics ... --> http://www.researchandmarkets.com/research/rp4pg8/molecular ) has announced ... Reports Bundle" report to their offering. ... http://www.researchandmarkets.com/research/rp4pg8/molecular ) has announced the addition of ...
(Date:2/10/2016)... och PITTSBURGH , ... lämnas inte, och detta pressmeddelande får inte ... eller till, och inga anmälningssedlar kommer att ... i, något land där Erbjudandet, distribution av ... Erbjudandet skulle strida mot tillämpliga lagar eller ...
Breaking Medicine Technology: