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Molecular Imaging Research receives $7M in seed funding, plans 7-10 jobs in Ann Arbor
Friday, May 20, 2011
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Molecular Imaging Research has raised $7 million in seed capital and plans to use that cash to expand its presence in Ann Arbor.
The Ann Arbor-based company got its start in 2003 and was acquired by
Charles River Laboratories
in 2008. It recently became independent again through a $7 million round of venture financing led by
Baird Venture Partners
and
Arcus Ventures
.
"It created the perfect opportunity for two other investors to come in and relaunch the company," says Tom Ludlam, president & CEO of
Molecular Imaging Research
.
Molecular Imaging Research, commonly referred to by its acronym MIR, has 14 employees developing
in vivo
preclinical imaging of small animals -- technology used by pharmaceutical, biotechnology and medical devices companies. Ludlam expects MIR to hit between $2 million and $2.5 million in revenue within the next year, along with hiring another 7-10 people.
"The company will be investing and expanding on the tools it uses and the tools it plans to use," Ludlam says.
Source: Tom Ludlam, president & CEO of Molecular Imaging Research
Writer: Jon Zemke
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