Photogen financing under threat:
This article was originally published in Clinica
Photogen Technologies of New Hope, Pennsylvania, has postponed a shareholder vote on a planned sale of shares to raise $16m after the investors indicated that they may not fully fund it under the current terms. The company is now negotiating a restructuring of the deal, which was to fund a reorganisation of the company around cardiovascular imaging and lymphographic cancer diagnosis following a spin-off of its photodynamic therapy and laser devices. Photogen has a business venture in cancer diagnosis with Elan, the troubled Irish speciality pharmaceuticals group whose joint venture and off-balance sheet accounting practices are under investigation, and which has decided to pull out of oncology.