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TriPath Imaging Finds a Friend

TriPath Imaging is getting a financial boost from one of its founding technology and equity providers, Roche. The company--the merged result of three different cytology start-ups--needs the money to go up against the so-far only successful player in the automated cytology market, Cytyc, hoping to exploit a much broader platform of technologies.

Near-term, the clear winner in the automated cytology screening wars is Cytyc Corp. , which has blown away the market with its focused development effort and stellar sales and marketing performance. But TriPath Imaging Inc. , after stumbling a bit, is getting some financial help from a powerful ally—Roche . Roche has agreed to invest more than $40 million in TriPath, buying five million shares. Including the three million shares it already owns, Roche will have a 24% stake in the company. Ultimately, if it exercises additional options, it will own 34%.

TriPath will gain about $43 million in cash from the initial transaction, which it will use to expand its sales...

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