Imagin Nuclear Partners Receives Regulatory Approval from Medicare and Medicaid with Beth Israel and Manhattan Nuclear Partnership
By BusinessWire Last Update: 6/19/2006 8:50:01 AM Data provided by
NEW YORK, Jun 19, 2006 (BUSINESS WIRE) -- Imagin Molecular Corporation (IMGM) announced today that Imagin Nuclear Partners (INP) a wholly owned subsidiary of Imagin Molecular Corporation has received regulatory approval to bill Medicare and Medicaid for PET imaging services. This approval allows INP to image and service patients under Medicare and Medicaid programs at its affiliate site operating at Beth Israel Medical Center on Manhattan's lower east side.
Joseph Oliverio, Chief Executive Officer stated that, "The notification of regulatory approval allows us to expand our target markets and offer our services through Beth Israel Medical Center to the more than 3,000,000 Medicare and Medicaid patients in and around New York City. This is a significant step towards mass acceptance to our business plan and methodology. We have had great success through our physician affiliates working with government and private insurers in demonstrating that PET, as a first line test, saves money with better patient care and results compared to that of traditional coronary disease detection algorithms. We expect to duplicate our cost savings and patient outcome methodology in New York City which will allow us to compete for self-insured corporations and union contracts."
About Imagin Molecular Corporation:
Imagin Molecular Corporation strategy and focus is dedicated to business opportunities in positron emission tomography (PET) manufacturing and the diagnosis of cancer, heart disease and neurological diseases. PET is an advanced medical diagnostic imaging procedure used by physicians in the detection of certain cancers, coronary disease and neurological disorders including Alzheimer's disease. Imagin Molecular Corporation has positioned the Company to be a factor in PET and ancillary molecular imaging businesses. Imagin Molecular Corporation is also the Parent of Cipher Multimedia a new Media Marketing and Distribution Solution Company that provides a Distribution Solution for publishers of digital content. Cipher Multimedia will develop marketing campaigns that will assist Imagin, Positron Corporation and other companies market their products and will continue to provide publishers a distribution solution for digital content.
About Imagin Nuclear Partners
Imagin Nuclear Partners, a wholly owned subsidiary of Imagin Molecular Corporation, is a full-service joint venture molecular imaging partner that will own, operate and administer out-patient medical diagnostic imaging centers that utilizes PET and PET/CT scanning equipment. Imagin Nuclear Partners specializes in using evidence based bioinformatics specifically positioned in the market to provide the maximal cost effective benefit to their joint venture partner and the community.
For further information please contact Joseph Oliverio at Imagin Molecular Corporation at 630 371 5583
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Imagin Molecular Corporation Has Agreement to Use Cadenza Software for Imaging Center Business
By BusinessWire Last Update: 6/19/2006 4:38:01 PM Data provided by
OAK BROOK, Ill., Jun 19, 2006 (BUSINESS WIRE) -- Imagin Molecular Corporation (IMGM), a developer of coronary artery disease reversal and prevention centers and hospital joint venture partner, announced today that it has agreed to license rights from Positron to use Cadenza's diagnostic data acquisition software.
Cadenza Software was developed by Dr. George Diamond and employs Bayes' theorem to analyze and report results of various clinical descriptors and noninvasive tests relative to the diagnosis of coronary artery disease. The data indicates that Bayes' theorem and Cadenza is an accurate, clinically applicable means for quantifying the prevalence of angiographic coronary artery disease, the risk of multivessel disease, and the incidence of morbid coronary events in the year after testing. Assessing pre-test probability of disease accurately will be an essential tool for diagnostic testing facilities applying for prior-authorization approval from insurance companies.
Joseph Oliverio, Chief Executive Officer of Imagin Molecular Corporation states, "Cadenza software is a very important component to expand the acceptance of cardiac PET as a first line test in the coronary disease diagnostic algorithm similar to that of well established SPECT technology. Our experience has shown that insurance companies prefer patients to have an established pre-test probability of coronary disease prior to obtaining authorization for expensive diagnostic cardiology procedures. Imagin Molecular will demonstrate our complete solution and methodology using Cadenza software to insurance companies and self insured corporations. We will initially focus in the markets where we have current and or pending operations to generate preferred provider networks. Our objective is to generate revenue through providing cost effective alternatives to traditional imaging centers." According to Dr. Diamond, the integration ensures that sophisticated technology for diagnostic data acquisition will be supported by similarly sophisticated technology for clinical interpretation and therapeutic decision-making.
About Imagin Molecular Corporation:
Imagin Molecular Corporation strategy and focus is dedicated to business opportunities in positron emission tomography (PET) manufacturing and the diagnosis of cancer, heart disease and neurological diseases. PET is an advanced medical diagnostic imaging procedure used by physicians in the detection of certain cancers, coronary disease and neurological disorders including Alzheimer's disease. Imagin Molecular Corporation has positioned the Company to be a factor in PET and ancillary molecular imaging businesses. Imagin Nuclear Partners, a wholly owned subsidiary of Imagin Molecular Corporation, is a full-service joint venture molecular imaging partner that will own, operate and administer out-patient medical diagnostic imaging centers that utilizes PET and PET/CT scanning equipment. Imagin Nuclear Partners specializes in using evidence based bioinformatics specifically positioned in the market to provide the maximal cost effective benefit to their joint venture partner and the community. Imagin Molecular Corporation is also the parent of Cipher Multimedia, Inc., a new media marketing and distribution solution company that provides a Distribution Solution for publishers of digital content.
About Positron:
Positron Corporation designs, manufactures, markets and supports advanced medical imaging devices utilizing positron emission tomography (PET) technology under the trade name POSICAM(TM) systems. POSICAM(TM) systems incorporate patented and proprietary software and technology for the diagnosis and treatment of patients in the areas of cardiology, oncology and neurology. Positron Corporation offers unique combination of low cost technology and disease specific software solutions differentiating themselves from all other medical device manufacturers. POSICAM(TM) systems are in use at leading medical facilities, including the Weatherhead PET center at the University of Texas Health Science Center in Houston, Texas; The Heart Center of Niagara in Niagara Falls, New York; Beth Israel Medical Center, New York; Emory Crawford Long Hospital Carlyle Fraser Heart Center in Atlanta, Georgia; and Nishidai Clinic (Diagnostic Imaging Center) in Tokyo, Japan. Additional information may be found at www.positron.com.
Forward Looking Statements:
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance and may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Positron Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate," and similar expressions are intended to identify such forward-looking statements. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission.
For further information please contact Joseph Oliverio at Imagin Molecular Corporation at (630) 371-5583.
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