ONI Medical Systems Inc. Successfully Closes MRI Technology Platform Sale to GE Healthcare

WILMINGTON, Mass.--(BUSINESS WIRE)--ONI Medical Systems Inc. announced today that it successfully closed the sale of its MRI technology platform to the GE Healthcare division of General Electric Company on November 6, 2009. With the purchase of ONI’s high performance, low-cost dedicated purpose MRI technology, GE Healthcare is expanding its product line of comprehensive healthcare solutions to enhance its customers’ ability to deliver patient-centered healthcare.

“We commend ONI’s vision and successful execution of building a specialized MRI instrument platform”

Peter Pellerito, President & CEO of ONI, said, “Over the past several years, we focused our efforts on driving change in the dynamics of MRI delivery. As a result, we have successfully developed and commercialized a small footprint MRI platform that cost effectively addresses the new economics in healthcare delivery. The team at ONI has worked very hard to get to this point and we could not have accomplished all that we did without the founding vision of Bob Kwolyk and Pete Roemer and the dedication of the entire ONI team.

“In addition, I would like to thank the Society of Skeletal Radiology (“SSR”) and the International Skeletal Society (“ISS”) and their board members for their support in developing our technology. Their assistance and guidance has been invaluable.

“Our vision was to change the economics in the delivery of high quality imaging, and we have done this with their help and collaboration. We anticipate that this transaction will lead to many new and exciting developments in the ONI technology platform as GE Healthcare’s global resources and capabilities are deployed to build on our current commercial, technical and clinical successes.”

“We commend ONI’s vision and successful execution of building a specialized MRI instrument platform,” commented Zubeen Shroff, Chairman of ONI. “On behalf of the Galen Partners led syndicate that included Ivy Capital Partners and Zeigler Meditech Equity Partners, we are proud of ONI’s accomplishments and want to acknowledge the leadership of Peter Pellerito and his team in successfully commercializing this technology globally over the past four years. We are pleased these innovative devices will be part of GE Healthcare’s MRI offering.”

About ONI Medical Systems Inc.

ONI Medical Systems Inc. has developed and marketed dedicated-purpose musculoskeletal MRI systems that exceed the rigorous requirements of diagnostic radiology. With a clear focus on both image quality and clinical utility, ONI’s product design addresses the strict needs of facilities with limited space and budgets, clinicians seeking superior diagnostic MR technologies, and patients who require a comfortable diagnostic testing experience. For more information, please visit www.onimri.com.