Imalux Ceases Operation
Imalux Corporation has announced that it has ceased operations due to various challenges to become a profitable on-going business. Imalux Corporation was one of the earliest OCT startup companies and received its first seed funding in 2000. Imalux opened operations in Cleveland Ohio with a strong technology connection to the Institute of Applied Physics in Russia. With the visionary leadership of Paul Amazeen and Felix Feldchtein Imalux developed the Niris product line that offered unique endoscopy imaging capabilities. Niris systems were delivered to customer's worldwide offering physicians the ability to identify structural changes in tissues, guide surgical interventions and provide non invasive post treatment surveillance.
According to the CEO Jim Fulton: "It was a difficult decision but after numerous attempts by many dedicated people our ability to turn Imalux into an on-gong business was just not going to happen. The decision to cease operations is closely related to the significant financing challenges faced by early stage medical device companies in general and imaging companies specifically. It is unfortunate we closed the business but both current and past members of our team can be proud of all that was accomplished in trying to bring a new imaging technology to market. At some point there is little doubt our pioneering technology will be clinically adopted on a large scale in medicine. We thank our customers, investors and partners for their support and assistance over the years."