Applied Imaging retains Aquilo Partners to explore strategic options

By Lisa Kerner

Erie, Pa., Jan. 26 - Applied Imaging Corp. said it has retained investment bank Aquilo Partners to assist the company in exploring strategic alternatives to maximize shareholder value.

In 2005, Applied Imaging resolved a number of significant legacy corporate issues, including restatement of financial statements dating back to 2002, according to a company news release. The company also dealt with a patent infringement lawsuit and a tax dispute with U.K. authorities.

"At the same time, we improved our financial and operational performance in several key areas," Applied Imaging president and chief executive officer Robin Stracey said in the release.

"We rolled out several new high value software releases for clinical cytogenetics that further strengthened our market-leading competitive position. We also made progress in pathology with several enhancements to our Ariol pathology workstation and FDA 510(k) approval of our Her-2/FISH application, the fifth application to be approved on the system."

The company said it also made progress in adapting the Ariol rare cell detection algorithm for use with circulating tumor cells.

Applied Imaging, based in San Jose, Calif., is a supplier of automated imaging and image analysis systems used in genetics and pathology applications.

Aquilo Partners is an investment bank located in San Francisco.

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