Life sciences briefing: Wednesday, Dec. 12, 2007
TODAY’S HEADLINES:
- Topical Botox maker Revance gets $43M, option to be acquired by Medicis (release)
- Reva Medical draws $42M for resorbable stents (release)
- AccentCare raises $8M for senior home-care services (VentureWire, sub req’d)
- Light Dimensions aims for $6M for light-based skin treatment (VW)
- Carigent pulls in $2M for nanoparticle drugs (release)
- Celtic Pharma shoots for $1.5B in two drug-investment funds (VW)
Topical Botox developer Revance gets $43M, option to be acquired by Medicis — Mountain View, Calif.-based Revance Therapeutics, a developer of a Botox-like topical cream for wrinkle treatment and excessive sweating, raised $43.2 million in a third funding round. Medicis, a dermatology-products company in Scottsdale, Ariz., invested $20 million in the round and promised up to $5 million more in exchange for an option to acquire Revance or to exclusively license its botulinum-toxin drug.
The deal values Revance at approximately $200 million. Other investors in the round include Essex Woodlands Healthcare Ventures, Vivo Ventures, Technology Partners, Shepherd Ventures, and Palo Alto Investors. The Medicis options will extend through mid-stage human tests of the company’s botulinum-toxin drug.
Reva Medical draws $42M for resorbable stents — Reva Medical, a San Diego device maker focused on artery-opening stents that can be broken down and reabsorbed by the body, raised $42 million in a private financing. Cerberus Capital Management and Brookside Capital led the round, joined by Pequot Capital Management, Medtronic, Domain Partners and Group Outcome LLC.
Stents are used to prop open clogged arteries following a heart attack or other cardiovascular problems. The expandable mesh tubes, however, can also lead to additional problems down the line, such as the formation of scar tissue that can reblock vessels and even the creation of dangerous blood clots. Several companies are now pursuing stents that last just long enough for a previously clogged vessel to heal; we covered a Paris-based startup in this field, Arterial Remodeling Technologies, here.
Carigent pulls in $2M for nanoparticle drugs — New Haven, Conn.-based Carigent Therapeutics, a biotech developing new drugs based on nanoparticles that take aim at particular biological targets, raised $2 million in a first funding round. Saint Simeon Marketing and Investments provided the funding.
Carigent’s approach is to envelop drugs in a biodegradeable nanoparticle, which then will be coated with antibodies or other molecules designed to “anchor” the particle on or wthin certain cells or tissues. We’ve covered the company previously here.
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About the Author, David P. Hamilton
David Hamilton has been writing for VentureBeat LifeScience since April 2007. He formerly spent 14 years as a reporter for the Wall Street Journal in its San Francisco and Tokyo bureaus. Prior to that, he spent several years as a reporter at Science Magazine and as a reporter/researcher for the New Republic, both in Washington.
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