VSM wins German contract

Canadian magnetoencephalography (MEG) developer VSM MedTech said that it was awarded a contract for the sale of a 275-channel whole-head CTF MEG system to Eberhard Karls University of Tübingen, Germany.

The new system is expected to be installed in the fourth quarter this year at the facility's MEG center and will replace a 151-channel CTF MEG system installed in 1998, according to Vancouver-based VSM.

In other VSM news, the company has signed a $20 million Canadian ($17.8 million U.S.) financing agreement with Mass Financial of Barbados. As part of the deal, VSM received $1.5 million Canadian ($1.3 million U.S.) in interim bridge financing this week.

VSM said the deal would provide the company with comprehensive financing for its short- and long-term requirements, and will enable the company to dramatically expand its global marketing.

By AuntMinnie.com staff writers
June 8, 2006

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