Pittsburgh-based Celsense Inc. is in the process of raising $500,000 of venture funding in form of convertible debt, according to PitchBook. The biotechnology company, which provides MRI (magnetic resonance imaging) contrast agents designed to be the standard for cellular imaging in human health, has raised more than $9 million since it was founded in 2005.

Celsense’s MRI contrast agents have applications in the fields of regenerative medicine, immunotherapy and inflammation as well as immune system response, enabling scientists and clinicians to monitor the location and quantity of transplanted cells.

Most recently, the Carnegie Mellon University spinout raised $125,000 of venture funding in the form of convertible debt from undisclosed investors in May 2018.

Charles F. O’Hanlon serves as Celsense’s president and CEO. O’Hanlon was previously a managing director of Cornerstone Capital Advisors, where he was involved in the founding of numerous new ventures, spin-offs and re-starts of distressed companies.