The newly independent Molecular Imaging is gearing up to significantly scale its business, thanks in large part to a $9.9 million round of venture capital.
Molecular Imaging has been hiring almost as fast as it has been raising seed capital. The Ann Arbor-based business has hired eight people since last spring, expanding its workforce to 22 employees. The company's five-year plan calls for it to employ more than 200 people.
"Our plan by the end of this year is to be in the neighborhood of 40 employees," says
Tom Ludlam, president & CEO of
Molecular Imaging.
Molecular Imaging provides in vivo pre-clinical imaging services for pharmaceutical, biotechnology and medical devices industries. It was founded in Ann Arbor in 2003, acquired in 2008, and then spun back out last April thanks to a $7 million venture capital investment. This venture capital round has been capped off by a $2.5 million investment from Farmington Hills-based
Beringea, which is co-managing the $185 million
InvestMichigan! Growth Capital Fund.
"By the end of 2011, early 2012 we had the business back up to the same volume as it was when negotiations began," Ludlam says. "We hope to have the business at 50 percent above that baseline this year."
Source: Tom Ludlam, president & CEO of Molecular Imaging
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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