23 Mar 2021
Magnetica, an Australian medtech and engineering company specializing in next-generation Magnetic Resonance Imaging (MRI) technologies, merged with Scientific Magnetics, a world leader in cryogen-free superconducting magnets, and with Tecmag, a manufacturer of MRI, Nuclear Medical Resonance (NMR) and Nuclear Quadrupole Resonance Spectroscopy (NQR) instrumentation. The transaction also saw Avingtrans, a UK-based listed investment company invest GBP 3.2 million in the newly-formed business to fund new MRI product development and ongoing commercialization of existing prototype products developed by the individual entities to date.
The transaction was highly synergistic and allowed Magnetica to move up the value chain to become a leading OEM and MRI systems integrator for a variety of medical markets. The transaction brought together a pedigree of MRI and NMR sub-system OEMs and is a transformational event for Magnetica, and the clinical and research MRI markets Magnetica serves and enables.
Duncan Stovell, CEO of Magnetica, said: “The proposed merger with Scientific Magnetics and Tecmag will not only expand our product portfolio, but also provide access to core intellectual property, design specifications and key OEM in-house magnet manufacturing capability to allow us to move up the value chain.”
Steve McQuillan, CEO of Avingtrans, said: “We believe this merger offers real potential to accelerate our planned move up the value chain in what is a highly-specialised and integrated, international medical imaging market. By combining the expertise of Magnetica, Scientific Magnetics and Tecmag in a single entity, there is an exciting opportunity to become a leading MRI systems integrator for a variety of niche markets, as well as the prospect of increasing accessibility to high-quality medical imaging around the world.”