WAUKESHA, WISCONSIN - April 14, 2011 - GE Healthcare, a unit of General Electric Company (NYSE: GE) today announced it has acquired the assets of Steady State Imaging (SSI), a Minneapolis based company that develops novel magnetic resonance imaging (MRI) technology. The terms of agreement were not disclosed.
Through this acquisition, GE Healthcare's Magnetic Resonance Imaging business expands its current advanced technology portfolio with the addition of the University of Minnesota's SWIFTTM method, which allows the visualization of tendons, ligaments and other tissues not normally seen using conventional imaging methods. The SWIFT method has gained interest among MRI researchers for its potential for imaging in areas near the lungs and other parts of the body where conventional MRI is not typically effective.
"The acquisition of SSI is very much aligned with GE's healthymagination initiative to measurably reduce cost, improve quality and increase access to technology for more people," said Jim Davis, vice president and general manager of GE Healthcare's global MR business. "We are excited at the prospect of implementing SSI's technology and continue to invest in innovations that will have an impact on our customers and their patients."
"We are delighted that our technology is now in the very capable hands of GE, a company with significant technical and marketing capabilities," said SSI CEO, Danny Cunagin. "Our shareholders unanimously approved the sale and are very excited. We look forward to learning how our technology will be commercialized by GE in the future."
"The fact that a startup company based on University of Minnesota technology is being acquired by an industry leader like GE Healthcare is tremendous news," said Tim Mulcahy, vice president for research at the University of Minnesota. "This not only helps fulfill our mission of moving researcher inventions to the public domain as quickly as possible, it also validates the innovative work of Dr. Garwood and his co-inventors at the University's Center for Magnetic Resonance Research."
"SSI is a true Minnesota success story. SSI's technology was invented and patented by a team of researchers at the University of Minnesota's Center for Magnetic Resonance Research and was licensed through the Office of Technology Commercialization to a Minnesota-based company, Steady State Imaging, LLC. SSI was capitalized almost entirely by Minnesota-based investors, most of whom were able to take advantage of the recent Minnesota Angel Tax Credit program," said SSI President/COO, Troy Kopischke.
About Steady State Imaging
SSI is a privately held research and development company focused on the advancement of magnetic resonance imaging (MRI) technologies. SSI's business strategy is dedicated to commercialization of SWIFT (Sweep Imaging with Fourier Transformation) technology and related intellectual property. The SWIFT technology is a recently invented method of MR imaging that opens the door to new imaging opportunities in life and material sciences.
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