OREM, Utah--(BUSINESS WIRE)--Turner Imaging Systems, developer of the Smart-C battery-powered mini C-arm, announced today the successful closing of its seed funding round. The round was completed by Radnet Management, Inc., the principal operating subsidiary of RadNet, Inc. (NASDAQ:RDNT or “RadNet”), with additional participation by Cavendish Impact Capital and private investors.
“We are extremely pleased to complete our funding with RadNet, which is a national leader in providing high-quality, fixed-site outpatient diagnostic imaging services,” said Dr. D. Clark Turner, PhD, President & CEO of Turner Imaging Systems. “These funds will allow completion of our Smart-C technology, which brings operating-room quality imaging into field-portable configuration. This technology will improve imaging capabilities world-wide, particularly in underserved regions without access to state-of-the-art equipment.”
Additionally, Turner has announced that John V. Crues, III MD, Vice President and Medical Director of RadNet, has joined the Board of Directors. “As a world renowned radiologist, he will provide us with broad perspectives on both the medical and business aspects of medical imaging,” stated Turner. Dr. Crues received his M.D. at Harvard University, completed his internship at the University of Southern California in Internal Medicine and completed a residency at Cedars-Sinai in Internal Medicine and Radiology. Dr. Crues has authored numerous publications while continuing to actively participate in radiological societies such as the Radiological Society of North America, American College of Radiology, California Radiological Society, International Society for Magnetic Resonance Medicine and the International Skeletal Society. Dr. Crues also manages RadNet’s radiology fellowship program.
“Medical imaging continues to be a dynamic area of rapid advancements in medicine. Turner Imaging Systems has developed the first significant new technology in the acquisition of skeletal x-rays and fluoroscopy in many decades with the new Smart-C battery-powered mini C-arm. I am very excited to join the Board of this inventive company as it moves forward in revolutionizing the implementation of x-rays throughout the medical industry,” stated Dr. Crues upon joining the Board of Directors.
Turner Imaging Systems will use the proceeds from this funding round to finance operations, continue development efforts related to its innovative technology, and commercialization of the Smart-C Portable C-Arm upon regulatory approval from the US Food and Drug Administration.
About Turner Imaging
Turner Imaging Systems develops and markets X-ray imaging systems that give the user the ability to acquire X-ray images wherever and whenever they are needed. These products expand the reach of medical imaging to the underserved and humanitarian efforts around the world. The company is a spin-out from Turner Innovations, LC, a developer of novel medical technologies, and is headquartered in Orem, Utah with distribution partners in Europe and Asia. (www.turnerimagingsys.com)
About RadNet, Inc.
RadNet, Inc. is the leading national provider of free-standing, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 298 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey and New York. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 7,300 employees. For more information, visit www.radnet.com.
