Bioptics, Inc. and Faxitron X-Ray, LLC Merge to Create World Leader in Digital Specimen Radiography

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Bioptics, an innovator in the breast specimen radiography market, and Faxitron, the number one brand in cabinet x-ray systems, merge to create a powerful yet agile market leader.

Faxitron has set the standard and is the leading brand in the cabinet x-ray market...Bioptics, with its proprietary digital camera x-ray technology, is an emerging force in cabinet x-ray. It really is a perfect fit.

Bioptics, Inc, a pioneer in cutting edge digital x-ray camera technology and a leader in breast specimen radiography devices, privately controlled by Eugene Murtagh & his family, today announced it has completed a merger with Chicago-based Faxitron X-Ray, LLC, the premier brand in cabinet x-ray systems, in an all stock transaction. The combined company, to be headquartered in Tucson, AZ, will continue to maintain a substantial presence in Chicago.

Faxitron X-Ray, LLC, once a part of Hewlett Packard Company, was acquired by Inverness Graham Investments in 2007. The company has over a 30 year history operating in the medical, NDT (non-destructive testing) and pre-clinical research arenas across several different imaging and irradiation applications.

The combined company will operate as Faxitron Bioptics, LLC. Faxitron Bioptics has an installed base of over 6,000 systems worldwide. While all three business segments will see increased investment post merger, its fast-growing medical division will see a substantial ramp up in activity. Both companies have pioneered the use of sophisticated digital cabinet x-ray systems in the treatment of breast cancer. Commenting on the merger, Paul Murtagh, Chairman & CEO of Faxitron Bioptics, says,“Both companies are very excited about what we bring to each other. Faxitron has set the standard and is the leading brand in the cabinet x-ray market. Faxitron is the generic term for cabinet x-ray which is something of immense value. Bioptics, with its proprietary digital camera x-ray technology, is an emerging force in cabinet x-ray. It really is a perfect fit.”

The combination of both organizations creates a stronger, more agile company with a significantly improved ability to accelerate the market adoption of its devices in both breast cancer surgery and radiology environments. Bob Dockendorff, President of Faxitron Bioptics, comments, “We play a very important role in the critical ‘standard of care’ chain enabling radiologists to diagnose and surgeons to operate on breast cancer more efficiently. This motivates all our employees every single day who, like every one of us, have been touched in some way by this terrible disease.”

Scott Kehoe, Managing Principal of Inverness Graham Investments, says, “Every woman deserves the best breast cancer treatment available. Our overriding goal is to bring our technology into every breast cancer surgery and radiology department around the world. Together we can and will accelerate adoption dramatically.”

In connection with the transaction, Cleary & Oxford Associates acted as financial advisor to Carraig Capital Limited. KPMG (Ireland) acted as financial advisor to Bioptics Inc. Preti Flaherty Beliveau & Pachios LLP acted as Bioptics’ legal advisor. Drinker Biddle acted as the legal advisor to Faxitron X-Ray, LLC and RSM McGladrey provided due diligence services to Faxitron X-Ray, LLC.

About Faxitron
Faxitron X-Ray LLC is the global leader in cabinet x-ray systems for specimen radiography, research, and NDT applications. With an installed base of over 6,000 systems in medical facilities and scientific and industrial laboratories around the world, Faxitron is the industry standard in cabinet x-ray. For more than 30 years, Faxitron has defined cabinet x-ray by developing innovative products to meet the evolving needs of our customers. From film to the latest in digital imaging technology, our focus on quality and ease-of-use continues to earn the trust and repeat business of our customers.

About Bioptics
Founded in 2001, Bioptics, Inc. is an industry pioneer in the digital x-ray sensor technology. Based in Tucson, Arizona, Bioptics’ mission is to develop world class medical imaging technology focused on women's health. Bioptics designs and manufactures cassette based digital x-ray cameras that can be used to upgrade film based radiography and specimen radiography systems. The company's products dramatically improve the standard of care for breast cancer patients. The following videos explain the company’s BioVision and CoreVision product lines.

About Inverness Graham Investments
Inverness Graham is an operationally focused, lower middle market private equity firm headquartered in suburban Philadelphia. Inverness acquires high growth, innovative manufacturing and service companies with enterprise values of less than $75M. The firm has over $200M under management and was founded by senior executives of the Graham Group of industrial businesses.


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