Breast ultrasound developer Advanced Imaging Technologies has filed for Chapter 11 bankruptcy protection and is selling its assets. The Preston, WA, company was forced to shut down after it was unable to secure financing to continue operations, according to Denis O’Connor, the company’s chief executive.
AIT debuted at the 2001 RSNA meeting with a novel technology that used diffractive energy imaging (DEI) to image the breasts. AIT’s system, called Avera, transmitted ultrasound waves through the breast and to a circular detector that collected data and converted it into dynamic images.
AIT had hoped to begin commercializing Avera shortly after its RSNA debut, but the company found itself hampered by the sluggish investment climate, which made it difficult to attract capital. The company had hoped to close $7 million in financing in February, but the deal fell through due to uncertainty over the economy and the looming war in Iraq.
With no funding available, AIT laid off the last of its remaining 20 employees in late February, and filed Chapter 11 on March 26, said O’Connor, who is the only AIT employee remaining on the payroll. O’Connor has one pending offer for AIT’s assets from a private investment firm, but is soliciting additional bids from other companies, he told AuntMinnie.com.
By AuntMinnie.com staff writersApril 25, 2003
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Advanced Diagnostic changes name, March 28, 2002
New ultrasonic approach focuses on breast imaging, November 27, 2001
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