'POINT Biomedical was a privately held pharmaceutical company, founded in 1996 to pursue technologies related to imaging and drug delivery. POINT's core technology was based upon an ultrasonically responsive two-layer, biodegradable microsphere or BiSphere™. One of the most important features of this technology is the ability to noninvasively trigger the BiSpheres™ to release their contents at sites within the body using externally generated pulses of ultrasound. From this basic platform, POINT was developing a pipeline of products that leverage the unique properties of the BiSphere™ technology in the areas of imaging and therapeutics. POINT has initially focused development of this platform on the assessment of tissue specific blood flow. The lead product, CARDIOsphere®, is a pharmaceutical agent that will enable cardiologists to perform myocardial perfusion imaging studies in the office setting using ultrasound rather than more expensive and cumbersome nuclear medicine (or radioisotope) techniques.'
'According to BioSpace, Tom Feldman, ex-CEO of Point BioMedical, the company's lead investor, Vendanta Capital has chosen not to follow through with the second half of its $50 million private equity financing. Point BioMedical has withdrawn the new drug application for its molecular imaging agent CARDIOsphere and is liquidating its assets to avoid a formal bankruptcy proceeding in 2008.'