Radiologist-founded imaging lab specializing in artificial intelligence sold for $80M
A radiologist-founded imaging lab specializing in artificial intelligence has sold for $80 million, those involved announced Tuesday.
First launched in 2010 by physicians from Texas Radiology Group, Intrinsic Imaging provides services in support of clinical and medical device trials. WCG Clinical is acquiring the Boston-headquartered startup, which employs a team of 500 physicians including 80 board-certified radiologists, according to its website.
“The growing need to visually demonstrate safety and efficacy to regulators, patients, providers, payers and other research stakeholders is driving the increasingly critical role medical imaging is playing in clinical trials,” Donald Deieso, PhD, executive chairman and CEO of WCG said in a statement.
Both parties closed the deal on June 1, with members of Intrinsic Imaging’s management team slated to receive $12.1 million in additional incentives if they hit certain revenue targets. Founded by San Antonio radiologist and investor Amit Mehta, MD, Intrinsic Imaging provides a host of services to researchers. Those include a lab using AI to automatically scan CT, MRI and X-ray images for anomalies, according to the San Antonio Report.
Meanwhile, Princeton, New Jersey-based WCG specializes in helping health science firms and contract research organizations with clinical trials. Backed by Singapore’s sovereign wealth fund GIC and buyout firm Leonard Green & Partners, the company just recently filed for a $100 million initial public offering. WCG also acquired life sciences consulting firm the Avoca Group in May.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.