XINGIMAGING and MITRO BIOTECH CO., LTD. to DELIVER FULL-SERVICE CRO OPERATIONS TO CHINA

NEW HAVEN, Conn., Dec. 14, 2022 /PRNewswire/ -- XINGIMAGING, LLC, and MITRO Biotech Co., Ltd. each highly recognized for drug development and imaging solutions, announce today that they will join forces to provide comprehensive contract research services in China. The company will be a leading partner to global pharmaceutical and biotechnology companies working in China and will expand its capabilities and scope in neuroscience and oncology.

"XingImaging is unique with its strong network of PET centers providing industry partners access to the most advanced neuroimaging tracer compounds available, and I am excited to have our combined organizations offer a full spectrum of imaging research services not previously available in China," said Haowei Wu, MITRO Biotech CEO. "It's a perfect union of two companies working together to accelerate development of new drugs from nuclear medicine drug discovery through all phases of clinical research in China."

Founded in 2012, MITRO Biotech Co., Ltd. was the first company in China to provide pre-clinical and clinical contract research services by applying molecular imaging technologies.

"Our organizations have worked side-by-side for more than a decade," said Wu. "Our relationship is enriched by the combined experience and skills each organization brings to the table. As a united force, we will work together to solve the rapidly developing requirement to introduce PET imaging to clinical research trials in China."

Referring to this transaction, XingImaging Co-Founder and CEO Dr. Gilles Tamagnan said: "it's an enormous opportunity to further our commitment to patients in China by providing access to clinical imaging as an essential component for evaluating novel investigational therapeutics. This union represents the beginning of an even larger strategy to expand these services in China and beyond."

Xing Imaging's co-founders and company leaders bring an average of more than twenty-five years of experience to the combined team. Drs. Piu Chan and Kenneth Marek, pioneers in neurological medicine and imaging science, will remain as senior advisors, and Dr. Gilles Tamagnan will serve as CEO of the combined team.

The proposed transaction is subject to customary closing conditions, including approval by regulatory agencies. MITRO and XingImaging expect the transaction to close by mid-2023.

Chestnut Partners, Inc. is acting as exclusive financial advisor to XingImaging for this transaction.

XingImaging is a widely recognized US based biomarker imaging company leading radiopharmaceutical imaging trials in China. With firmly rooted study teams on the ground in China and the US, XingImaging works in collaboration with biotech and pharmaceutical companies for the testing and advancement of therapeutics through brain imaging. Xing Imaging's world-renown scientific expertise gives it an advantage, opening the way for academic and industry sponsors to conduct cutting edge research in China. With each of the co-founders and company leaders having an average of 25 plus years of experience, this knowledge is one of Xing Imaging's greatest attributes.

MITRO Biotech Co., Ltd. is a molecular imaging contract research organization (MI-CRO) company in China. MITRO provides outstanding contract research for new drug development using Radiolabeling and Molecular Imaging technique. MITRO provides integrated solutions, including drug screening, biodistribution, pharmacokinetics and pharmacodynamics. MITRO provides the translational research service from nude mice, rats, monkeys to human. MITRO focus on cancer, coronary heart disease, Alzheimer's disease, epilepsy, Parkinson disease, Rheumatoid arthritis, Diabetes, gene expression, stem cell research, etc.

SOURCE XingImaging, LLC