Granby, September 26, 2012 – In keeping with its commitment to foster industrial innovation in Québec, the Fonds de solidarité FTQ, through Fonds de solidarité FTQ Investissements technologiques (FSIT), today announced a $333,333 investment in Cadens Imaging, a rapidly growing company that develops, manufactures and markets computer-assisted medical imaging solutions to enhance diagnostic confidence. Gestion Allard et Dubé, a private investment firm and FSIT's partner, will invest $166,667.
Created earlier this year by the Fonds de solidarité FTQ, FSIT is a partnership which has adopted a new approach of co-investing dedicated to financing the industrial innovations of Québec technology firms at the marketing or growth stage.
Founded in 2007, Granby-based Cadens Imaging has developed an innovative technology, protected by strong patents. Its core product, Cadens Colon, supports non-invasive colorectal cancer screening with a CT scanner, facilitating detection and diagnosis. The software is already used in Canada, Europe and Asia, and several distribution agreements are under negotiation.
“Now that we’ve launched our first clinical virtual colonoscopy application, which has been favourably received by radiologists, we are looking for ways to diversify our platform across other clinical applications and continue to invest in R&D in order to hold onto our technological edge,” said Florent Chandelier, co-founder and vice-president of R&D and regulatory affairs at Cadens Imaging.
“Cadens Imaging, which has carved itself a place in a highly competitive market with its innovative products, is just the kind of company FSIT is looking to back,” said Alain Denis, Senior Vice-President, New Economy at the Fonds de solidarité FTQ and president of FSIT. “This new round of financing will allow the company to continue its marketing efforts and build a distribution network on its target markets.”
“The strategy employed by Cadens Imaging will ensure revenue growth and allow the company to establish the credibility of its products and technology,” remarked Alain Allard of Gestion Allard et Dubé. “Given that health establishments are avidly seeking a cost-effective and accurate screening solution, this company’s product is extremely promising.”
“No one else has this kind of technology, which gives us a big competitive edge,” acknowledged Jean-Pierre Robert, President and CEO Cadens Imaging. “Cadens Colon cuts the preparation time before the clinical exam, optimizes the use of contrast agents to reduce incorrect readings due to improper patient preparation, and when used as a second reader, speeds up review time to support the final diagnosis. All these advantages are appreciated by both the medical community and patients.”
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $8.5 billion as of May 31, 2012, the Fonds is a development capital investment fund that channels the savings of Quebecers into investments in all sectors of the economy to help further Québec's economic growth. Its investments, in all sectors of the economy, contribute to the creation and maintenance of businesses and development in Quebec. The Fonds is a partner, either directly or through its network members, in 2,239 companies. With its 594,287 owner-shareholders, it has helped, on its own or with other financial partners, to create, maintain and protect 168,577 jobs. For more information, visit www.fondsftq.com.
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