Redlen Technologies Announces $5.5 Million in Financing and New Board Member
SAANICHTON, British Columbia--(BUSINESS WIRE)--Redlen Technologies is pleased to announce that it has completed a $5.5 million financing led by Pangaea Ventures with participation from other major investors including In-Q-Tel. Redlen Technologies is a leading manufacturer of high resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors. CZT detectors provide a key technological advance in radiation dose reduction, image resolution, and diagnostic accuracy across a broad range of medical and security applications. The company will use proceeds from the financing to further expand its product line and volume production capabilities for its precision radiation imaging and detection products.
“As we now focus our attention on how to best expand Redlen’s product line and strategic relationships, I look forward to working with Chris and having the benefit of his significant experience and insights in these areas.”
Redlen products are currently deployed in advanced nuclear cardiology, nuclear breast imaging, nuclear surgical probes and in precision handheld dirty bomb detectors. This new equity financing will enable the company to complete the development required to commercialize a number of new detector products including detectors for use in medical CT imaging, bone densitometers, dental imaging, and for advanced baggage scanning detectors which are able to accurately detect liquid or homemade explosives.
In addition to the completion of this financing, Redlen is pleased to announce that Chris Erickson has been appointed to its Board. Chris is the founder of Pangaea Ventures and has been an active investor in the advanced materials sector since 2001. Pangaea Ventures is the world leader in advanced materials venture capital. The company would also like to thank Hans Knapp, Frank Holler and Rolf Dekleer for their significant contributions and efforts as past Board Members of Redlen Technologies.
“This financing enables us to significantly accelerate the growth of our business, and it will enable us to put in place the human and capital resources we require in order to exploit the numerous customer opportunities that are presenting themselves as CZT technology gains acceptance in strength in the marketplace,” said Glenn Bindley, President and CEO of Redlen. “As we now focus our attention on how to best expand Redlen’s product line and strategic relationships, I look forward to working with Chris and having the benefit of his significant experience and insights in these areas.”
“We led this investment round in Redlen based on the leadership position the company has established in semiconductor radiation detection and imaging. We believe the company’s products will have a significant impact in key applications such as CT scanners – providing more accurate diagnosis and lower radiation dose,” said Chris Erickson, Pangaea Ventures General Partner.
Redlen Technologies is a leading manufacturer of high resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors which are enabling a new generation of high performance detection and imaging equipment including Nuclear Cardiology, Nuclear Breast Imaging, CT Scanning, Baggage Scanning and Dirty Bomb Detection. For more information on the company and its products, please visit its website www.redlen.com.