Pulmo BioTech increases stake in PulmoScience

Twitter icon
Facebook icon
LinkedIn icon
e-mail icon
Google icon

Pulmo BioTech has increased its stake in PulmoScience by 10 percent, taking its total holdings to 61 percent in the company, which owns a molecular imaging diagnostic technique for pulmonary-related medical conditions.

The Montreal-based PulmoScience is currently developing a non-invasive molecular imaging technique for the diagnosis of pulmonary embolism, pulmonary hypertension and lung inflammatory diseases under the trade name PulmoBind.

"We are confident the molecular imaging technology, developed and owned by PulmoScience, will dominate the market for the diagnosis of pulmonary embolism and pulmonary hypertension, and as such, with the company moving towards regulatory approval for Phase I Human Trials, we felt that this was the right time to increase our stake in the company," said Garry McCann, CEO of the New York City-based Pulmo BioTech.

PulmoScience said that the market for its product candidates is worth in excess of $500 million per year.