Fonar raises $4.5 million

Four years ago, Fonar was basking in the glow of its $100-million-plus legal victory over GE in a patent issue. Whatever is left from that court battle, however, apparently is not enough. The Tail Wind Fund, which focuses on emerging growth companies, has invested $4.5 million in Fonar, receiving in exchange debentures convertible to Fonar common stock. Fonar issued two series of warrants to the fund. It will file details of the transaction with the SEC. The newfound capital will be used to fund the production of Fonar’s line of MRI devices, including its Indomitable, a stand-up MRI scanner optimized for orthopedic imaging. The company announced earlier this month the sale of an Indomitable to the University of Aberdeen in Scotland.