Featured companies: Ganeden Biotech, Glenveigh Medical, Lab21, Lead Therapeutics, Navigenics, Pacific Data Designs, PharMEDium Healthcare, Sloning BioTechnology, VistaGen
UPDATED: Expanded items on Lead Therapeutics, Glenveigh Medical and Sloning BioTech, and moved the Navigenics news to a separate item here.
Lead Therapeutics raises $17M for China-based work in cancer and immunology -- San Bruno, Calif.-based Lead Therapeutics, a drug-development startup that plans to do most of its research and development in China, raised $17 million in a first funding round. Investors included Pappas Ventures, ProQuest Investments and Mustang Ventures.
We've previously noted a few biotech startups with strong connections to China, although for the most part these have tended to be companies founded by Chinese expatriates who raise much of their funding from Asian sources. (See, for instance, our coverage of AutekBio here and of MicuRx here.) Lead Therapeutics, by contrast, raised much of its money from traditional U.S. venture firms and will be run by a GlaxoSmithKline veteran, Peter Myers, although unsurprisingly enough, several of the company's other executives appear to have ties to Asia. (See a list here.)
Lead Therapeutics says it has "several" drug-discovery programs going in infectious disease and cancer, but hasn't disclosed any details to the best of my knowledge.
Glenveigh Medical to pull in $10M for spinning out a device maker -- Glenveigh Medical, a Durham, N.C., holding company focused on technologies for obstetrics and fetal care, said it will raise $10 million in a first funding round in order to spin out a new medical-device company, VentureWire reports (subscription required). The spinout company, still unnamed, will develop several medical devices with an eye toward launching two of them by early 2009.
One of the devices, called a pelvic pack, is designed to control heavy bleeding that can result from obstetrical procedures. Another is an implantable plug designed to control fluid loss and prevent infection in cases where the cervix tears prematurely during pregnancy. A third device is a meter designed to measure the onset of labor and related issues via changes in the cervix itself.
Sloning BioTech receives €4.7M for DNA synthesis -- Munich-based DNA synthesizer Sloning BioTechnology said it raised €4.7 million ($6.8 million) in a fifth funding round. Investors included LBBW Venture Capital, HBM BioVentures, KfW Bankengruppe and Deutsche Effecten-und Wechsel-Beteiligungsgesellschaft.
Sloning is one of several companies making a business out of generating customized strands of DNA for customers in the nascent field of "synthetic biology," which involves making artificial genes for industrial purposes. (See also our coverage of DNA2.0 here.) The company claims that its particular method is the only one capable of generating any sequence of DNA "letters," or nucleotides; for biochemical reasons, other methods are sometimes limited in their ability to produce particular nucleotide sequences.
Navigenics raises $25M, launches personal-genomic pre-orders -- See our in-depth story here.
OTHER HEADLINES OF NOTE:
- Navigenics raises more than $25M, launches personal-genomics business (release)
- PharMEDium Healthcare raises undisclosed sum of private equity(PE Hub)
- U.K.'s Lab21 appoints Graham Mullis as CEO (release)
- Pacific Data Designs draws undisclosed sum in private equity (PE Hub)
- Ganeden Biotech pulls in $12M for probiotic dietary supplements (release)
- VistaGen gets $1.2M grant for CNS drug studies (release)