Molecular Imaging doubles revenues, hires 10

Molecular Imaging is turning its growth spurt into a growth streak in Ann Arbor, expaning its revenues by triple digits and more than doubling its staff since its acquisition nearly two years ago. The Ann Arbor-based company provides in vivo pre-clinical imaging services for pharmaceutical, biotechnology and medical devices industries. The 10-year-old firm was acquired nearly two years ago by a group of venture capital firms led by Farmington Hills-based Beringea. Since then, Molecular Imaging tripled its revenues in 2012 and expanded its staff from 13 employees to 28 employees today after hiring 10 people over the last year. "We're looking for roughly a doubling of the business this year over 2012," says Tom Ludlam, CEO of Molecular Imaging. Ludlam attributes the growth spike to a few factors. First, he points out that there is an underlining growing demand for the types of bio-tech imaging services his firm offers. He adds that Molecular Imaging has doubled down on its sales and marketing efforts, which is accelerating his firm's sales. Molecular Imaging has also expanded its service offerings. Two of those offerings include Fluorescence Molecular Tomography, which enables quantitative imaging of the fluorescent probe, or marker concentration to the picomolar level with no tissue depth limitation. It can be used as a discovery screening tool for assessing biologics biodistribution rapidly and cost effectively in the whole body. The other is Single Photon Emission Computed Tomography, a 3-D nuclear medicine imaging technique that provides qualitative and quantitative physiologic measurements. It is beneficial for earlier stage testing of pharmacokinetics, pharmacodynamics, disease/tissue targeting as well as later stage regulatory, biodistribution and drug metabolism studies.  Source: Tom Ludlam, CEO of Molecular Imaging Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.