H-P’s “great-grandchild” gets $7.7M for portable diagnosis
Third-generation spinout Alverix, a San Jose, Calif., maker of hand-held devices for medical diagnostic use, raised $7.7 million in a first funding round. Safeguard Scientifics and New Venture Partners provided the cash.
The startup, which just spun out of Avago Technologies — itself a twice-removed spinout of Hewlett-Packard’s component division by way of Agilent Technologies — has spent 30 years producing optoelectronic products of one sort or another. Its current focus lies in developing portable devices… Continue Reading
Cellumen takes in $8.7M for drug-discovery aids
Cellumen, a Pittsburgh developer of instruments and reagents for use in drug discovery, raised $8.7 million in a second financing round. Safeguard Scientifics led the round, joined by PA Early Stage Partners.
Cellumen bills itself as a “cellular systems biology” company, which doesn’t seem to mean much more than that it uses cell cultures to test whether various drug compounds might be worth exploring further — something that many other companies have been doing for years…. 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