Life sciences briefing: Monday, Oct. 1, 2007
Featured companies: Abiant, CellXplore, Diffusion Pharmaceuticals, WMR Biomedical, Zosano Pharmaceuticals
Diffusion Pharma raises $4.5M for vascular-disease and brain-cancer drug — Charlottesville, Va.-based Diffusion Pharmaceuticals, a biotech focused on drugs that enhance oxygen diffusion, raised $4.5 million in a private placement. Angel investors provided the funding, which brings Diffusion’s take to $10.2 million in equity and $2.6 million in government R&D grants.
Diffusion’s lead drug candidate — trans sodium crocetinate, or TSC — is designed to increase oxygen levels… Continue Reading
Point Biomedical raises $4.3M for imaging technology
Point Biomedical, a San Carlos, Calif., biotechnology company developing a new medical-imaging and drug-delivery technology, raised $4.3 million toward an expected seventh funding round of up to $25.7 million, VentureWire reports (subscription required), citing an SEC filing last month (no link available).
Point Biomedical’s focus is a tiny collapsible particle it calls the biSphere, which it is currently studying in clinical trials to aid in the imaging of blood flow within vessels and tissues. The company’s… Continue Reading
Avid Radiopharmaceuticals, maker of imaging reagents, raises $26M for clinical trials
Avid Radiopharmaceuticals, a Philadelphia-based maker of “molecular imaging agents” that help highlight diseased tissue in various medical scans, raised $26 million in a third round to develop early-detection products for Alzheimer’s and Parkinson’s disease.
AllianceBernstein and Safeguard Scientifics led the round. Previous investors including Pfizer Strategic Investments Group, the venture arm of Pfizer; Lilly Ventures, the venture arm of Eli Lilly; RK Venture Group; and BioAdvance also joined the round.
Avid’s development efforts are focused on new… Continue Reading