Thermogenic Imaging spins out from GSK and FLIR

MARCH 4--Thermogenic Imaging (Billerica, MA; www.thermogenicimaging.com) has completed a concurrent spin-out and $6.5 million venture financing.

Mar 4th, 2002

MARCH 4--Thermogenic Imaging (Billerica, MA; www.thermogenicimaging.com) has completed a concurrent spin-out and $6.5 million venture financing. The company has also appointed its initial board of directors.

Thermogenic Imaging was formed in late 2000 to commercialize a new technology for drug discovery developed by GlaxoSmithKline and FLIR Systems Inc. The technology, Thermal Signature Analysis, uses noninvasive ultrasensitive thermal imaging to measure unique thermal signatures in cells and animals that are indicative of disease, genetic variations, or drug function. The company's technology is currently under evaluation at GSK, Millennium Pharmaceuticals, The Jackson Laboratory, Deltagen, and other sites.

In return for the contribution of intellectual property, assets, and collaboration commitments, GSK and FLIR will share ownership with new investors Rock Maple Ventures, Applied Genomic Technology Capital Funds, MIT Hub Angels, and others. "With beta instruments in the field at prestigious sites, a supportive investor group, and first-year revenues of more than $1 million, Thermogenic Imaging is prepared to maximize the benefit of this new technology both to scientists performing basic research and to pharmaceutical companies developing new drugs," stated Jay Teich, CEO of Thermogenic Imaging.

With the completion of its initial financing, Thermogenic Imaging has appointed the following new members of its board of directors: Amos Fleisher, representing Rock Maple Ventures; David Stone, representing AGTC Funds; Earl Lewis, representing FLIR Systems; and Paul Domanico, representing GlaxoSmithKline. About Rock Maple Ventures, L.P.

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