by John R. Fischer
, Senior Reporter | May 17, 2018
Singapore-based fund East Ocean Ventures and China’s Tianjin Dazhen Asset Management have announced their agreement to acquire RADLogics, a manufacturer of medical imaging workflow solutions.
The two organizations have committed to purchase a 100 percent stake in the California-based enterprise with plans to ramp up research and development of its clinical workflow enhancement platform, its Virtual Resident cloud-based solution.
“We provided a mature, clinically-tested solution that could relatively quickly be deployed in emerging Asian markets, while also expanding our marketing and sales efforts in the U.S.,” Moshe Becker, CEO and co-founder of RADLogics, told HCB News.
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Designed to import DICOM-compatible studies directly from modalities or PACS systems, the vendor- and modality-agnostic software solution offers APIs for image analysis algorithms to compile a preliminary report that includes search, measurement and other findings, within the radiologist’s existing PACS and reporting system.
The product can support applications that analyze CT, X-ray, MR and ultrasound scans; carries substantial proof points in clinical settings; and is equipped with a unique IP that provides user experience advantages, compared to other products.
Such features are what attracted East Ocean Ventures and Tianjin Dazhen Asset Management to RADLogics in the first place, with both seeking to make the product available to major healthcare providers and distribution channels in Asia.
Doing so, according to Becker, would provide RADLogics with access to some of the most lucrative markets in Asia as well as resources from the funds to raise product development.
“The proceeds to all major investors in RADLogics represent a substantial ROI,” he said. “Furthermore, the funds intend to invest additional tens of millions of dollars to finance the go-to-market plan as well as substantially boost product development.”
The move follows a recent warning issued by the FDA over claims made by RADLogics on its website about its AlphaPoint Imaging Software solution. The federal agency deemed the remarks made as "adulterated" and "misbranded." Becker stresses that any issues have been resolved and have nothing to do with the company’s decision to sell, which was completed months prior to the FDA’s warning.
Financial details and specific markets were not disclosed.