Medtech Financings for May 2009 — slipping, but still well above 2008 levels (indeed!)

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Financings for all stages (seed and all later stages) of medical technology companies for the month of May 2009 totaled at least $170 million, comprised of the specific transactions below.  This is off from $284 million in April and $359 million in March.  

  • Arsenal Medical (formerly WMR Biomedical) has raised $8.1 million in Series C funding from inside investors (developing medical devices focused on cardiovascular, metabolic, inflammatory and fibrotic diseases)
  • Autonomic Technologies Raises $20 Million (neurostimulators) 
  • Sadra Medical has raised $30 million in a new round of financing (percutaneous aortic valve replacement)
  • Soteira, Inc., has raised $6.6 million toward a planned $12 million Series C financing (minimally invasive device for the treatment of vertebral compression fractures)
  • ReVascular Therapeutics has added $3 million in a second round of financing (device to guide revascularization of occluded blood vessels)
  • Avedro, Inc., has raised $10 million in a round of equity financing (microwave-based treatment of myopia)
  • Cervilenz receives $4 million in Series A funding (device to predict preterm birth risk by measuring cervix length)
  • Control Medical Technology LLC (fka Aspiration Technologies LLC) has raised an undisclosed amount in a Series A financing (aspiration, biopsy and drainage products)
  • Orasi Medical raises $3.5 million (diagnostic tests for the efficacy of compounds that treat neurological diseases)
  • Hyperbranch Medical Technology has raised $1.1 million in equity financing (liquid eye bandage)
  • Spirus Medical grabs $632K of planned $7M funding (devices to diagnose and treat gastrointestinal disorders)
  • iRhythm Technologies raises an additional $6.5 million in first round financing (cardiac monitoring device)
  • Satiety, Inc. receives $7.5 million in bridge financing (orally-delivered gastric restriction device for obesity)
  • CoAptus Medical Corporation raises $3 million (catheter device for treatment of patent foramen ovale)
  • Pathway Medical Technologies Closes $42.5M Series D Financing (endovascular treatments for peripheral artery disease)
  • CardiAQ Valve Technologies raises $859,000 in two separate May 2009 funding rounds
  • Sensors for Medicine closes additional $10 million in Series C financing (continuous glucose monitoring in diabetes)
  • Orasi Medical, Inc., has raised $3.5 million in a Series B financing (technology to diagnose and monitor neurological disorders using electrical brain activity)

 

The trend is not encouraging.  However, medtech financing can be somewhat erratic. In 2008, financings for March, April and May were, $87.2 million, $144.5 million and $117.4 million, respectively.  Therefore, while the current downward trend from March 2009 to May 2009 in medtech financings may appear discouraging, these financing exceed the comparable period financings from 2008 by a significant margin.

 

 

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