TechniScan, Maxim to work for a $10 million placement

Salt Lake-based TechniScan Medical Systems said Monday it has signed an exclusive agreement with New York-based Maxim Group LLC for a $10 million private placement of equity financing.

TechniScan is a developer of ultrasound imaging technology for breast cancer diagnosis.

TechniScan and Maxim have secured federal research grants of $8 million and prior private placements of more than $3 million, and they already have raised about half of the $10 million targeted for the current financing round, which is expected to be completed in September.

TechniScan has 21 full-time employees and is looking to fill five new positions. Following clinical investigations of its technology, the company expects new sets of prototypes to be deployed across the country early next year and sales to occur in the fourth quarter of 2005.