Gamma Medica's LumaGEM, a molecular imaging system to detect breast cancer, has been acquired through a Chapter 11 sale by Imaging Acquisition Inc., an entity controlled by the health care investment firm Psilos Group Managers.

"Psilos growth capital will provide us with the funding needed to expand on our commercialization strategy," said acting Gamma Medica CEO Jim Calandra, in a statement. Psilos has been an investor in Gamma Medica since 2009.

Gamma Medica's MBI system has been installed in roughly 20 clinical research sites worldwide (15 of those in the U.S.). The California-based company said the acquisition by Psilos will help them meet the growing demand for LumaGEM.

Gamma Medica also makes pre-clinical imaging systems for small animal research.

Gamma Medica filed a voluntary petition for Chapter 11 protection in August 2012. Two months later, a California bankruptcy judge approved a $1.5 million debtor-in-possession financing plan as part of its Chapter 11 proceedings, which helped them buy time to restructure.

"Our dedicated employees have been working hard through this transition period and we're ready to move forward to spread the use of MBI," said Calandra.

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