BioImagene Secured $4.2 Million in Series B Financing Led by Tuputele Ventures and Authosis Ventures

SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 12, 2004--BioImagene, the innovative provider of digital pathology solutions, announced today the close of its $4.2 million Series B financing led by Tuputele Ventures, Authosis, Inc. and ICCP Ventures. BioImagene will use these funds to launch its product globally and to expand its sales and marketing efforts in North America, Europe and Asia Pacific.

"We are very excited about the digital pathology opportunity that BioImagene is pursuing with such strong focus. The company has several customers who have blessed its technology and products, as well as validating the return on investment that BioImagene's products are already delivering. Additionally, the technology, the team and the traction BioImagene has already gained make it a strong player in a market that is poised for growth," said John Dean, managing partner of Tuputele Ventures and the former Chairman and CEO of the Silicon Valley Bank.

"BioImagene is working very closely with a number of customers to evolve its products according to customer requirements. BioImagene recently announced the production deployment of its iHarness bio-image analysis platform at US Labs, a national, anatomic pathology reference laboratory. BioImagene's iHarness reduced average case time from 20-25 minutes to two minutes -- a 90% time-savings for US Labs. This is a tremendous validation of the technology BioImagene has developed," said Danny Lui, Chairman and CEO of Authosis, Inc., and a co-founder of Legend Computers, China.

"We are extremely happy to announce the investment, and the confidence it demonstrates in our vision. This is a strong validation of our technology and the large market opportunity we are pursuing. Digital pathology will save the industry hundreds of millions of dollars and our products will be the key enablers. This investment will enable us to accelerate our global sales and marketing efforts," said BioImagene Chief Executive Officer Mohan Uttarwar.

About BioImagene, Inc.

BioImagene provides sophisticated bio-image analysis products built on iHarness, its patent-pending technology platform. BioImagene's products allow pathologists and researchers to analyze and interpret images with far greater speed and consistency. The data management systems of BioImagene's technology facilitate communication and collaboration, improving the standard of patient care and increasing the speed of drug discovery. Its scalable digital pathology solutions have been embraced by histopathologists, industry and researchers alike.

BioImagene is headquartered in San Mateo, California. For more information on BioImagene, visit the company's web site at www.bioimagene.com.