FMI Medical Systems

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Akron Medical Innovation Firm Announces Capital Infusion to Manufacture Medical Imaging Systems Globally

( Akron , Ohio . November 19, 2010)

FMI Technologies Inc. (FMI) of Akron, Ohio and a Hangzhou, China investment group have agreed to an $18 million infusion of capital that will grow FMI’s ScintiStar Medical Imaging product lines in the United States, China and emerging markets.

            The high-technology medical devices will be manufactured in Akron . Significant component parts will be acquired from Akron-area manufacturers wherever possible, according to company officials.

            FMI is a tenant in the City of Akron ’s Global Business Accelerator, and the new capital agreement with a group of Chinese investors will permit FMI to expand from the AGBA on South Main Street into the Akron Biomedical Corridor within five years, and increase staff to at least 100 employees.

            “The growth and development of these new jobs is possible because of the tremendous support we have had from the City of Akron ,” says William K. McCroskey, President & CEO of FMI. “ Mayor Plusquellic went to Hangzhou to meet with this investment group, and the development of these new jobs in Akron is a result of the confidence that the investors have in our product, our company, and our city.”

            FMI has developed innovative medical imaging technologies that combine three major medical imaging modalities into one common system - “X-ray Computed Tomography” (commonly known as CT scanning), Positron Emission Tomography (PET), and nuclear medicine Single Photon Emission Computed Tomography (SPECT).

            The FMI system’s unique technical advantage results in an image resolution that is three to ten times improved over current whole body systems. The FMI system is also one-third the cost of competitive systems. The ScintiStar product family is used for advanced Cardiac Imaging, Neuro Imaging, Breast Imaging, and whole body CT and PET imaging.

            FMI has created a new company, “FMI China,” that will manufacture and distribute the product line to the burgeoning China hospital market that presently consists of over 12,500 level II and level I hospitals. McCroskey will be directing both the FMI U.S. operations and FMI China from the Akron headquarters, and key components of the systems will be manufactured only in Akron .

            The FMI/FMI China agreement will allow development of pre-production units and establish sales, manufacturing and service of the ScintiStar Whole Body HPX CT , ScintiStar Cardiac LPX PET/CT, and ScintiStar Whole Body HPX PET/CT.

            FMI will also be developing, selling, manufacturing, and servicing the ScintiStar Cardiac LPX PET/CT for the U.S. and European markets. FMI has a working arrangement with Lantheus Medical Imaging for a direct sales channel for the ScintiStar Cardiac PET/CT systems to US and European markets.

            Global sales for respective products are projected to exceed $500 million in 5-6 years.

            FMI will have headquarters in Akron , Ohio and Hangzhou , China with subsequent medical imaging manufacturing operations in both Akron and Hangzhou .

            FMI will be increasing its technical staff to thirty people in 2011, and will be recruiting high quality engineering professionals, technical support, and manufacturing personnel to meet program objectives over the next twelve months.

At today’s news conference at Akron city hall, McCroskey also said that a second initiative in the field of imaging could further enhance the Akron Biomedical Corridor. “We would like to establish a Global Center of Multi-Modality Imaging of the Heart, Brain, Breast, and Bones,” McCroskey said.  Such a center would be operated in conjunction with medical facilities in China , Finland , and Germany . Already, FMI has reached out to other partners to collaborate on developing the global center, including the Akron Global Business Accelerator, the Ohio State University , the University of Dayton and Kettering Medical Center , as well as Akron ’s Summa Health System, Akron General, the Cleveland Clinic, and the Northeast Ohio Universities College of Medicine and Pharmacy (NEOUCOM).

            “I appreciate the vision, assistance, guidance, and facilities for our operations that have been provided by Akron ,” said McCroskey. In addition to Mayor Plusquellic, McCroskey credited the work of Deputy Mayor Robert Bowman, and the staff of the Akron Global Accelerator -Mike LeHere, Terry Martell, and Bob Anthony with assistance that led to today’s annoucement. “I’m grateful to the community of Akron for their support and helping us to move forward with FMI’s mission and vision.”

  CONTACT: William K. McCroskey – President & CEO

                        FMI Technologies Inc.

            526 South Main St. #812

                        Akron , Ohio 44311

                        (330)253-0200 x402

                        william.mccroskey@fmimaging.com 

            www.fmimaging.com