Advanced Photonix Signs Deal With CTI Pet Systems

Advanced Photonix, a Camarillo maker of light-detecting devices and other electronics, signed a multiyear agreement potentially worth $10 million in annual revenue. Advanced Photonix arranged the deal with CTI Pet Systems Inc. of Knoxville, Tenn.

CTI Pet Systems, in partnership with Siemens Medical Systems, makes Position Emission Tomography (PET) scanners used with other medical-imaging systems.

Under the agreement, CTI will begin testing Advanced Photonix’s system in its PET scanners next year. If all goes well, Advanced Photonix would begin producing the devices for CTI in 1995.

Advanced Photonix estimated that the agreement will result in $1.6 million of revenue in 1995. Once full production is under way, sales of the arrays to CTI could generate between $8 million and $10 million annually.

Advanced Photonix did not disclose the length of the agreement.