Radiation treatment device maker NeoVista wants to raise up to $26 million in a Series B financing in time to begin pivotal trials of its device for treating an age-related degenerative eye disease, according to VentureWire (sub required).
There are securities regulations that discourage companies from making open public pitches for money, so we're not sure how legally kosher this for a company to broadcast its precise plans to the world this way (regulators fear that unsophisticated individual investors could be duped). We know many lawyers request that their start-up clients hold off on such pronouncements. But since VentureWire is reporting this, we will too:
Tony Moses, vice president of marketing for NeoVista, said the company has recently assembled its private placement memorandum and begin talking to venture capitalists. He expects the company to close the round in November...Based in Fremont, Calif., NeoVista is developing an intraocular brachytherapy device for the treatment of wet age-related macular degeneration, AMD, a disease that gradually destroys central vision.