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.
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."
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
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
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.|
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