As a combined company, Mitro will expand its capabilities to provide full CRO services, including clinical and clinical imaging management, in China and globally. From early development of tracers evaluating disease progression to clinical research and imaging trial management, Mitro will collaborate with pharmaceutical industry leaders to advance the investigation of promising clinical therapeutics and companion diagnostic for precision medicine.

"We are very excited to welcome XingImaging to the Mitro team. XingImaging's experience and know-how are extraordinarily complementary to Mitro. Expansion of our combined offerings provides our pharmaceutical industry and biotech partners with a continuum of research services utilizing start-of-the-art technology of molecular imaging and radio-pharmaceutical in-vivo targeting," said Grant Luo, Chairman of Mitro. Furthermore, "XingImaging's clinical imaging network in China, and its extensive experience in facilitating rapid access to the most advanced neuroimaging tracer compounds, will enhance Mitro's objectives for future success."

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 team has grown side-by-side for more than 10 years," said Luo. "Our culture is enriched by the combined expertise and skills that each member brings to the table. As a united force, together we will address the rapidly increasing demands for using PET imaging in clinical research trials in China. Mitro will accelerate new radiotracer development through non-clinical investigations and Phase 1-3 clinical imaging research to evaluate disease progression, novel therapeutics, and radio-isotope targeted therapy. Mitro will provide one-stop-shop service from non-clinical CRO, clinical CRO, imaging CRO to drug registration, as well as CDMO service to achieve market authorization approval."

Dr. Gilles Tamagnan, Ph.D., XingImaging Co-Founder and CEO will serve as Mitro's CEO. The individual contribution of company leaders and advisors delivers an average of more than 30 years of expertise. Drs. Piu Chan and Kenneth Marek, pioneers in neurological medicine and imaging science, will remain as senior advisors.

Dr. Gilles Tamagnan, reflecting on this acquisition, said, "This is an amazing opportunity to integrate two thoroughly experienced, dedicated, and driven organizations into one. As a merged company, Mitro will provide end-to-end solutions from bench to bedside for developing emerging new PET tracers, evaluating therapeutics, and managing clinical trials, to attain reliable results. This equates to a highly qualified team, one that I am truly honored to lead to success."

Chestnut Partners, Inc. acted as exclusive financial advisor to XingImaging in this transaction, and Goodwin Procter LLP served as legal counselor for XingImaging.  DLA Piper UK LLC served as legal counselor for Mitro, and PricewaterhouseCoopers served as consultant in financial due diligence and closing review.