A San Antonio-founded biotech startup and medical imaging lab has been acquired for $80 million.
Intrinsic Imaging was acquired June 1 by WCG Clinical, a New Jersey-based company that specializes in assisting the clinic trials of health science firms and contract research organizations.
The deal, detailed in a SEC filing and announced Tuesday by WGC, also stipulates an additional $12.1 million that members of Intrinsic Imaging’s management team can earn if the company meets certain revenue targets.
Intrinsic Imaging was founded in 2010 by San Antonio radiologist and investor Amit Mehta, who told Startups San Antonio that the firm was initially operated by the South Texas Radiology group as a “lean startup.”
Among other services for researchers, the firm offers a lab that uses artificial intelligence to automatically scan for anomalies in images obtained from MRI machines, CT scanners and x-rays.
Intrinsic Imaging’s president Todd Joron declined comment, referring the San Antonio Report to WGC’s press release on the deal.
In the release, WGC CEO Donald Deieso said medical imaging plays an increasingly critical role in demonstrating safety and efficacy in research to regulators and patients. The acquisition will help WGC’s research clients “ensure the quality and validity of their trial results across therapeutic areas,” he said.
Intrinsic Imaging is the only organization in the world to hold five International Organization for Standardization certifications specifically for providing imaging core lab services for clinical trials, according to the release. The company will retain its leadership structure and continue to operate from Bolton, Massachusetts.
WGC has made several large acquisitions in recent years. It is currently seeking a $100 million initial public offering after entering the NASDAQ market at the beginning of July.
