Featured companies: Biospace Med, Carbylan BioSurgery, GVK BioSciences, IntraSafe Medical, InViragen, Medingo, ParadigmHealth, Precimed, SV Life Sciences
UPDATED: Expanded items on Carbylan, Medingo, and GVK Biosciences.
Carbylan raises $20M for arthritis, sinusitis drug implants -- Palo Alto, Calif.-based Carbylan BioSurgery, a medical-device maker focused on polymer-based drug-delivery technologies, raised $20 million in a second funding round. Investors included Vivo Ventures, Alta Partners and InterWest Partners.
Carbylan is developing a biomaterial-based drug-delivery system in which drug-impregnated polymers of hyaluronic acid are injected into the body in liquid form. Those polymers bind to one another and to the body's tissues, allowing controlled release of the drug in a particular location. The company's first drug candidates are aimed at treating sinusitis and osteoarthritis.
Israel's Medingo gets $27M to develop insulin patch -- Medingo, a Tel Aviv, Israel, medical-device maker, raised $27 million. The company's group parent, Elron Electronic Industries, invested between $13 million and $22 million in the round, including $4 million in convertible loans.
Radius Ventures invested $5 million in the round. Medingo is developing an insulin-delivery patch -- although given that it's remote controlled and holds a reservoir of insulin, it's probably more like a computerized disk that regulates insulin flow. Medingo says it can be worn anywhere during almost any activity, including showers, swimming, and the other five of the "seven S's" the company touts on its Web site. (We're a family Web site, but yes, that particular "S" is there.)
Medingo says it expects to receive FDA approval next year. Not bad for a company founded just two years ago. Medingo's timetable sounds a bit on the optimistic side to me, but maybe they're really on the ball with this new-style insulin pump.
Indian contract researcher GVK Biosciences raises $27M from Sequoia Capital -- GVK Biosciences, an Indian contract research organization, raised 1 billion rupees ($27 million) from Sequoia Capital. The company runs clinical trials and performs other biomedical services for pharmaceutical clients.
OTHER HEADLINES OF NOTE:
- Inverness acquires care and disease manager ParadigmHealth for $230M (release)
- Biospace Med raises €12M for orthopedic imaging (release)
- IV-system maker IntraSafe raises $2M (VentureWire, sub req'd)
- SV Life Sciences adds Robert Palmisano as venture partner (release)
- InViragen receives funding for dengue vaccine (release)
- Greatbatch acquires orthopedic-instrumentation supplier Precimed (release)