Canadian authentication firm T-Ray goes public

Canadian medical imaging firm T-Ray Science, which is developing a drug authentication technology, has raised C$1.5m ($1.4m) via an initial public offering of 7.5 million common shares.

Among the technologies under development at the Vancouver-based company is a Tablet Analyzer, which harnesses TeraHertz (THz) radiation to authenticate pharmaceutical products. TeraHertz radiation is a non-ionising form of radiation that lies between the infrared and microwave range of the electromagnetic spectrum.

T-Ray says it is working on a "solid state, portable, low cost, easy to use, point of care solution," which in final production engineering with electronic contract manufacturer Sanmina SCI. The Canadian firm plans to have the first 12 production units ready for final testing and approvals in early 2010.

The technology behind the THz detection system is licensed from the Massachusetts Institute of Technology (MIT), and a patent on its use for pharmaceutical authentication and the detection of counterfeit medicines was filed with the US Patent and Trademark Office in October 2008.

T-Ray is also working on THz-based devices for imaging in skin cancer and other medical applications.

"TeraHertz radiation is a safe, accurate, and economical alternative to other scanning methods such as high frequency ultrasound, magnetic resonance imaging (MRI), and near-infrared imaging," according to the company.