Point Biomedical, a San Carlos, Calif., developer of new biomedical-imaging products, raised $25 million in a recapitalization, peHub reports. Such recapitalizations often amount to a kind of "reset button" for existing investors and lenders, and usually suggest that a startup has run into some kind of significant -- but not insurmountable -- obstacle.
Investors in the recap round include new investor Vedanta Opportunities Fund and existing investors William Blair Capital Partners, De Novo Ventures, Institutional Venture Partners, Saints Capital, Sprout Group and CHL Medical Partners. The recapitalization includes an additional $32.3 million that will become available to Point Bio once it attains an unspecified milestone, which it expects to occur in April.
There's presumably a release about this, but Point Bio's Web site has been down all morning, so for now I'm relying on peHub and VentureWire reports. I'll update if the release turns up. According to VentureWire, Point Bio had previously raised over $110 million from a variety of venture-capital and private-equity firms.
Point Bio is developing a medical imaging and drug-delivery technology based on tiny, nested spheres it calls the BiSphere. This technology is currently in late-stage trials as an "imaging agent" that should make it possible to observe the flow of blood through the heart using ultrasound instead of more invasive methods. We previously covered the company when it raised money last July and described its technology in more detail there.