BTI gets $15 million equity investment
Magnetic source imaging developer Biomagnetic Technologies of San Diego received a $15 million capital infusion this month from the sale of stock to European investors. Some of the funds will be used to pay off $2 million in working capital loans from
Magnetic source imaging developer Biomagnetic Technologies of San Diego received a $15 million capital infusion this month from the sale of stock to European investors. Some of the funds will be used to pay off $2 million in working capital loans from Swiss shareholder Dassesta International, while the rest will be used to put the company on sounder financial footing as it seeks clinical acceptance for its Magnes 2500 Whole Head systems. BTI now has $13 million in cash, according to the company.
BTI also reported financial results for the second quarter (end-June), in which the firm dipped into the red on lower revenues. For the period, BTI had revenues of $616,000, compared with $5.3 million in the second quarter of 1997. The company's net loss was $1 million in the most recent period, compared with net income of $766,000 in the same period a year ago. BTI's backlog stands at $3.4
million.
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