Life sciences briefing: Monday, Dec. 10, 2007

TODAY’S HEADLINES:

• Fundamental Applied Biology pulls in $21M for proteins without cells (release)
• Diagnostics maker Asuragen receives $19M (release)
• Stroke-device maker Neurovasx raises $8.5M (release)
• Cancer-vaccine maker ImmunoVaccine Tech buys Immunotope, seeks $15M (release)
• Vascular imager CardioSpectra sells itself to Volcano for $25M (release)
• Spinal-implant maker Altiva sells to Exactech for $25M (release)
• U.S. Healthworks acquires Inland Industrial in occcupational-healthcare consolidation (release)
• Private-equity group acquires American Laser Centers (release)

Diagnostics maker Asuragen receives $19M — Asuragen, an Austin, Tex., developer of molecular diagnostics for cancer, raised $18.5 million in a second funding round. Investors included PTV Sciences, Telegraph Hill Partners and Growth Capital Partners.

Asuragen is developing diagnostic tests for the early detection and monitoring of cancer, with a focus on using “micro-RNA” molecules in blood as “markers” for the presence and growth of tumors. The company is also working on cancer therapies based on microRNAs, or miRNAs, although none of them appear to be close to testing in people. Asuragen, however, did recently strike a cancer-diagnostic partnership with Merck, although the companies didn’t disclose the financial terms.

Stroke-device maker Neurovasx raises $8.5M — Neurovasx, a Maple Grove, Minn., maker of devices for stroke and aneurysm treatment, raised $8.5 million in a new financing round. MSK and the Stephens Group provided the cash.

Neurovasx’s lead product is cPAX, a potential treatment for cerebral aneurysms, which are dangerous bulges in brain arteries that can burst without warning. cPAX is a polymer strand delivered through the blood vessel, which is coiled and “packed” inside the bulge so as to reduce the pressure on the arterial wall.

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Tags: biotechnology, cerebral aneurysm, deal, diagnostics, medical devices