Alvine gobbles $21.5M to treat gastrointestinal disease
Alvine Pharmaceuticals, developer of drugs for autoimmune and gastrointestinal diseases, has raised $21.5 million more in first-round funding, bringing the total to $47.5 million. The San Carlos, Calif. received the expansion from Panorama Capital, InterWest Partners, Prospect Venture Partners, Sofinnova Ventures, Black River Asset Management and Flagship Ventures.
Complete Genomics seals $45M for cheaper gene sequencing
Complete Genomics, provider of supposedly cheaper and faster DNA sequencing services, has raised $45 million in a fourth round of funding — a huge amount for a biotech company in today’s economic environment. Based in Mountain View, Calif., the company says it will be able to sequence people’s genes in only a few days, and for the bargain price of $5,000.
Apparently, genetic companies are where it’s at in the life science market right now. Earlier… Continue Reading
Allux Medical shuts down, turns to Sherwood
Silicon Valley shutdown/turnaround consultancy Sherwood Partners has been called in by ailing Allux Medical, a Menlo Park, Calif.-based developer of devices used to treat airway and skin inflammatory diseases. The company, which managed to raise $13 million in capital and a $1.68 million bridge round, has already unplugged its web site and phone number. Sherwood has not released any plans for Allux, nor the status of the company, which had operated in stealth mode since… Continue Reading
Cardiovascular drug developer Cogentus files for Chapter 7
Menlo Park, Calif.-based Cogentus Pharmaceuticals has filed for Chapter 7 bankruptcy, despite $83 million raised in equity capital. At the time of the filing, the company reported $2.2 million in assets and liabilities totaling $17.2 million.
The company was just about to launch third-phase clinical trials on its lead drug candidate, an anti-platelet therapy used to treat cardiovascular disease. The trial was expected to enroll 4,000 patients in the U.S., South America, Canada and Europe.
Congentus’ backers… Continue Reading
Satori brings in $22M to stop Alzheimer’s in its tracks
Satori Pharmaceuticals, a company that says it’s developing drugs with the potential to actually stop Alzheimer’s disease in its early phases — an unprecedented claim — landed $22 million in second-round funding to push its products through a first battery of tests.
Based in Cambridge, Mass., the firm has broken away from the usual drugs, like Pfizer’s Aricept, that slow the symptoms but don’t address the base-level process of the disease. Most of these treatments have… Continue Reading
DFine secures $35M to treat spinal fractures
Medical device maker DFine brought in $35 million in fourth round funding to develop and market its StabiliT Vertebral Augmentation System, a device that injects bone cement to heal fissures in patients’ spinal columns.
The original target amount for the round, $30 million, was reached in October. Investors include BB&T Fund, Highland Credit Strategies Fund, Prospect Venture Partners and Vanguard Ventures. The San Jose, Calif. company raised $18 million in previous investment rounds.
DFine stacks up $30M to mend spinal fractures
Healthcare developer DFine has brought in $30 million in fourth-round funding to commercialize a system to treat fractures in vertebrae caused by spine compression. Contributions came from BB&T Funds, Highland Capital Management, Prospect Venture Partners and Vanguard Ventures.
The San Jose, Calif. company has created an injection device, the StabiliT Vertebral Augmentation System, as well as human-safe StabiliT ER Bone Cement, to fill breaks. Osteoperosis, tumor growth and traumatic injury are the leading causes of the… Continue Reading
Nora Pharma reels in $25M for women’s health
Nora Pharmaceuticals, developer of women’s reproductive health drugs and devices, brought in $25 million in first round financing from Burrill & Co., Prospect Venture Partners and Vivo Ventures. The San Francisco-based company is still pretty stealthy (it doesn’t even have a website). It did release that it has some products, but did not specify further.
There is a lot of investor interest in this area of healthcare right now, reports VentureWire. Swiss startup Lumavita, for example,… Continue Reading
Pathwork Diagnostics raises $20M for cancer diagnostic tests
Pathwork Diagnostics, a Sunnyvale, Calif.-based maker of cancer diagnostic tets, has raised $20 million in a second round of funding. The round was led by new investor Abingworth Management, with participation from existing backers Advent Venture Partners, Novus Ventures, Prospect Venture Partners, Venrock and Versant Ventures. Pathwork previously raised $11 million.
Spinal device developer Baxano raises $20M
Baxano, a startup in stealth mode that’s developing a spinal medical device, has raised $20 million in a second round of funding, according to VentureWire. The round was led by new backer Kearny Venture Partners, with participation from existing investors Prospect Venture Partners and Three Arch Partners.
Mountain View, Calif.-based Baxano raised an $8.6 million first round in Deember 2006. Chief executive Jeffrey Bleich says his company’s device will be less invasive and more effective than… Continue Reading
Alvine Pharmaceuticals raises $26 million for disease research
San Carlos, Calif. company Alvine Pharmaceuticals recently added $5 million to its first venture round, bringing total funding to $26 million, according to VentureWire.
Alvine’s research focuses on treatment for autoimmune and gastrointestinal diseases, and it started clinical trials in February for its treatment of celiac sprue, a condition that stems from the inability to process gluten. Backers include Cargill Ventures, Flagship Ventures, InterWest Partners, Prospect Venture Partners and Sofinnova Ventures.
Life sciences briefing: Tuesday, Feb. 12, 2008
TODAY’S HEADLINES:
Metabolic-disease biotech NGM Biopharma raises $25M (peHUB)
Heart, HIV drug maker Numerate acquires assets of Pharmix (release)
Next-gen sequencer VisiGen promises $1,000 genome by late 2009 (Genome Technology)
CalciMedica raises $5.5M for autoimmune drugs (VentureWire)
Cancer-drug e-marketplace OneOncology raises funds (release)
U.K. biotech Hunter-Fleming acquired by Newron for €8M (release)
Intertek acquires Ireland’s Bioclin Labs, a contract research organization (release)
Metabolic-disease biotech NGM Biopharma raises $25M – South San Francisco-based NGM Biopharmaceuticals (Web site under construction), a biotech developing new drugs for… Continue Reading
Life sciences briefing: Friday, Dec. 21, 2007
TODAY’S HEADLINES:
Cogentus Pharma raises $63M for blood thinners (release)
Corthera draws $23M for heart-failure drug (release)
Nanolymf seeks $2M for drug-delivery tech (release)
LineaGen pulls in $5.6M for molecular diagnostics (release)
Cogentus Pharma raises $63M for blood thinners — Menlo Park, Calif.-based Cogentus Pharmaceuticals, a specialty pharma developing combined formulations of existing drugs, raised $62.5 million in a third funding round. Investors included Keffi Group, Prospect Venture Partners, Ridgeback Capital, Apothecary Capital and Pinnacle Ventures.
Cogentus aims to combine existing… Continue Reading
Life sciences briefing: Tuesday, Aug. 14, 2007
Featured companies: Tenaxis Medical, Aspen MedTech, Biolex Therapeutics
Tenaxis closes up $5M for surgical sealants — Mountain View, Calif.-based Tenaxis Medical, a developer of glues and sealants for closing surgical incisions, raised $5 million in a second funding round, VentureWire reports (subscription required). Individual investors, including several limited partners in Magic Venture Capital, provided the funding.
Tenaxis began clinical trials of its first experimental product, a sealant for blood vessels, last month. The company plans to use the… Continue Reading
NeoMend pulls together $6M for wound healing
NeoMend, an Irvine, Calif., biomaterials company focused on wound care, raised $6 million in a third funding round, VentureWire reports (subscription required). Investors included Prospect Venture Partners, Sanderling Ventures and other unidentified venture capitalists. Four million dollars in bridge loans from Prospect and Sanderling also converted into equity.
NeoMend is developing an adhesive gel it calls Pro/PEG that can be sprayed or injected into surgical or other wounds to close them up. The company said the… Continue Reading
Roxro Pharma raises $43M for pain drugs
Roxro Pharmaceuticals, a Menlo Park, Calif., specialty pharmaceutical company focused on pain drugs, raised $42.7 million in a second funding round. The company’s release is here (PDF).
Founded in 1999, Roxro acquires discarded or failed drugs from other companies and pushes them through clinical development. Although I keep thinking the bloom has come off this particular trend, investors apparently can’t get enough of the strategy, at least to judge by this sizable round. The company’s lead… Continue Reading
Jazz Pharmaceuticals files for gutsy $172M IPO
Jazz Pharmaceuticals, a Palo Alto, Calif. company that seeks to license drugs from other companies, buy other drug companies and develop its own drugs, all in the area neurology and psychiatry, has filed for a $172.5 million IPO.
Here is its filing. It is four years old, and lost $81 million last year.
This is largely a financial engineering strategy, and it will be interesting to see whether the public is willing to buy stock in such… Continue Reading
Hansen Medical, a medical robotics co., raises $75M in IPO
Hansen Medical, a Mountain View medical robotics company, raised $75 million in its initial public offering, after pricing its 6.25 million shares at $12, within its $11 to $13 forecast. The shares represent about 30 percent of the company.
Hansen will trade on the Nasdaq under the symbol HNSN.
The company had raised more than $50 million in funding from Prospect Venture Partners, Skyline Ventures, Thomas Weisel Healthcare Partners, De Novo Ventures and Vanguard Ventures.