Medtech financings, March 2009

Below is a list of medtech financings in March 2009, totalling at least $191 million (several financing have undisclosed amounts):

  • Cardima, Inc. (CRDM) Completes $20 Million Private Placement (device company focused on the treatment of atrial fibrillation (AF))
  • Medical device co EarlySense raises $2M in private placement (patient monitoring technology)
  • NuOrtho Surgical raises $1M in private financing (devices for minimally invasive orthopedic surgery)
  • Ikano Therapeutics, Inc. (fka Intranasal Therapeutics) closes $18M series B round (intranasal epilepsy drug)
  • Scoliosis device maker SpineForm raises $1.25 million (developing "spine staple" to correct scoliosis without surgery)
  • Obesity-fighting startup EndoMetabolic Solutions lands $3.8M 
  • Minnow Medical Inc., stealth company developing a radiofrequency-based medical device treatment for peripheral-artery disease, is raising an undisclosed amount of Series C financing.
  • SEMPRUS BioSciences Corp. (formerly Stericoat) has raised $8 million in Series A financing (anti-microbial and anti-thrombogenic coating for medical devices)
  • CircuLite Completes Initial Close on $33 Million Series C Financing Plan (micro-pump for partial circulatory support in patients with heart failure)
  • SynCardia Systems Inc. said it is set to close on a $6 million Series D round that soon could be expanded to $9 million (temporary artificial heart)
  • NeoMatrix, Inc. adds $1.2 million to $30 million previously raised in Series C round (non-invasive breast screening device)
  • Salutaris Medical Devices, Inc., receives $2 million in funding (undisclosed ophthalmic devices)
  • CorAssist Cardiovascular Ltd., has raised $5.25 million in a private financing led by Aurum Ventures MKI (novel therapeutic devices for diastolic heart failure)
  • DGIMed Ortho, Inc., has received $3.2 million in a Series A financing (system to assist orthopedic surgeons in the delivery of long bone intramedullary nail implants)
  • Rhythmia Medical, Inc. has received a $200,000 Phase ! SBIR Grant from NIH (system for 3D mapping of heart during procedure for catheter ablation of arrhythmia)
  • Link Medicine lands $40M in Series C round (treatments addressing misfolded neurotoxic proteins causing neurodegenerative diseases like Alzheimer’s and Parkinson’s)
  • Ardian, Inc., has received $47 million in new financing from Medtronic, Advanced Technology Ventures, Split Rock Partners, and Emergent Medical Partners (a developer of catheter-based treatment for hypertension)

 

 

 

Medtech financings so far in March 2009

Preliminary  list of financings for the month of March 2009:

  • Cardima, Inc. (CRDM) Completes $20 Million Private Placement (device company focused on the treatment of atrial fibrillation)
  • Medical device co EarlySense raises $2M in private placement (patient monitoring technology)
  • NuOrtho Surgical raises $1M in private financing (devices for minimally invasive orthopedic surgery)
  • Ikano Therapeutics, Inc. (fka Intranasal Therapeutics) closes $18M series B round (intranasal epilepsy drug)
  • Scoliosis device maker SpineForm raises $1.25 million (developing "spine staple" to correct scoliosis without surgery)
  • Obesity-fighting startup EndoMetabolic Solutions lands $3.8M
  • Minnow Medical Inc., stealth company developing a radiofrequency-based medical device treatment for peripheral-artery disease, is raising an undisclosed amount of Series C financing.
  • SEMPRUS BioSciences Corp. (formerly Stericoat) has raised $8 million in Series A financing (anti-microbial and anti-thrombogenic coating for medical devices)
  • CircuLite Completes Initial Close on $33 Million Series C Financing Plan (micro-pump for partial circulatory support in patients with heart failure)
  • SynCardia Systems Inc. said it is set to close on a $6 million Series D round that soon could be expanded to $9 million (temporary artificial heart)
  • NeoMatrix, Inc. adds $1.2 million to $30 million previously raised in Series C round (non-invasive breast screening device)
  • Salutaris Medical Devices, Inc., receives $2 million in funding (undisclosed ophthalmic devices)
  • CorAssist Cardiovascular Ltd., has raised $5.25 million in a private financing led by Aurum Ventures MKI (novel therapeutic devices for diastolic heart failure)

More medtech financings, January/February 2009 (>$370 million)

 
Just taking quick stock of the status of financing during the apparent "cash crunch" finds what some would see as the standard contrarian investment in medtech. Since early January 2009, a total of over $370 million has been invested in medical technology companies.
 
Below is a rough list of the companies that have received VC financing, and the associated amounts (if available).  While the financings run the gamut from seed to Series D, plus private placement, there appears to be a slightly heavier emphasis on Series B and later, suggesting that, while medtech is already a relatively safe(r) place to invest, the later stage investments are even less risky and therefore more prevalent than seed stage.
 
Forgive me if I did not identify the type of technology/product being developed by each, but as this was just an academic exercise (for the moment), the bigger lesson is in the number and amount of financings.
  • Mpex Pharmaceuticals Announces Series D Financing of Up to $40 Million
  • ALung Technologies raises $1M of potential $2.5mm financing
  • SynergEyes, Inc. Raises $13.3 Million in ‘Series C’ Financing
  • Arcxis Biotechnologies(R) Secures Series B Financing (undisclosed amount)
  • Diagnosoft(R) Secures $4 Million in Financing
  • DNA Therapeutics Closes 2.2 Million EUR Series A Financing Round
  • The Foundry Announces New Partners and Completion of Series A Financing for Eleventh Company
  • Medical device co SteadyMed raises $2M
  • Avantis Medical Systems, Inc. Raises $10 Million in Series C Funding
  • Hydra Biosciences Raises $22 Million in Series D Financing
  • Alter-G Secures $8 Million in Series B Financing from Versant Ventures
  • Singulex Closes $19 Million Financing Round
  • InSet Technologies Completes $25 Million Financing
  • Acclarent, Inc. Closes $26 Million Financing
  • Kythera Biopharmaceuticals [aesthetic dermatology] Secures Additional $10 Million, as part of $40 million Series C
  • Algeta ASA (Oslo, Norway) [cancer therapeutics] receives $35 million in private placement
  • Opsona Therapeuticss [biotech treatment/prevention of autoimmune and inflammatory diseases] receives $23 million Series B
  • Andromeda Biotech receives $10.5 million in funding from Teva Pharmaceutical Industries for juvenile diabetes treatment
  • Ascension Orthopedics secured $21 million in a Series D financing in January
  • Sopherion Therapeutics, Inc. Secures $55 Million in Series C Funding
  • NanoBio Corporation Raises $12 Million in Series B Financing
  • GI Dynamics Closes an Additional $15 Million in Series C Financing
  • SEMPRUS BioSciences Closes $8M Series A Financing
  • Primaeva Medical Nets $6M Series C Venture Financing (Primaeva is developing medical device technologies to provide "the aesthetic physician superior new tools for restoring youth for their patients who want to reverse the signs of aging.")
  • Eiger Biopharma Raises $7.1 Million ‘A’ Round Funding (start-up biotechnology company developing antiviral therapies)

Medtech Financings, January/February 2009

 

This list of recent financings in medtech, updated from a prior blog post, represents the first in what will be a sort of resurrection of the Financings feature that used to be part of our MedMarkets publication.  As was done in that publication, these listings of financings will eventually have similar detail: who the investors are, the company principals and consistent details on each company’s product/technology.
  • Mpex Pharmaceuticals Announces Series D Financing of Up to $40 Million
  • ALung Technologies raises $1mm of potential $2.5mm financing
  • SynergEyes, Inc. Raises $13.3 Million in ‘Series C’ Financing
  • Arcxis Biotechnologies(R) Secures Series B Financing (undisclosed amount)
  • Diagnosoft(R) Secures $4 Million in Financing
  • DNA Therapeutics Closes 2.2 Million EUR Series A Financing Round
  • The Foundry Announces New Partners and Completion of Series A Financing for Eleventh Company
  • Medical device co SteadyMed raises $2M
  • Avantis Medical Systems, Inc. Raises $10 Million in Series C Funding
  • Hydra Biosciences Raises $22 Million in Series D Financing
  • Alter-G Secures $8 Million in Series B Financing from Versant Ventures
  • Singulex Closes $19 Million Financing Round
  • InSet Technologies Completes $25 Million Financing
  • Acclarent, Inc. Closes $26 Million Financing
  • Kythera Biopharmaceuticals [aesthetic dermatology] Secures Additional $10 Million, as part of $40 million Series C
  • Algeta ASA (Oslo, Norway) [cancer therapeutics] receives $35 million in private placement
  • Opsona Therapeuticss [biotech treatment/prevention of autoimmune and inflammatory diseases] receives $23 million Series B
  • Andromeda Biotech receives $10.5 million in funding from Teva Pharmaceutical Industries for juvenile diabetes treatment
  • Ascension Orthopedics secured $21 million in a Series D financing in January



 

An ebb tide lowers all boats, but medtech is still afloat

As a follow up to a thread on Twitter that took place today regarding medtech, I thought I would just briefly post the number of examples of recent financings in medtech. Despite one part of conversation, when someone trotted out the old argument about how medtech needlessly contributes to rising healthcare costs (which was abruptly cut off by reference to VC support of startups that focus on cost), the thrust of feedback and commentary was positive about medtech attracting funding.

Here is just a cursory list of medtech companies who have recently (within the last month) received financing at this less than optimum time:

  • Mpex Pharmaceuticals Announces Series D Financing of Up to $40 Million
  • ALung Technologies raises $1mm of potential $2.5mm financing
  • SynergEyes, Inc. Raises $13.3 Million in ‘Series C’ Financing
  • Arcxis Biotechnologies(R) Secures Series B Financing (undisclosed amount)
  • Diagnosoft(R) Secures $4 Million in Financing
  • DNA Therapeutics Closes 2.2 Million EUR Series A Financing Round
  • The Foundry Announces New Partners and Completion of Series A Financing for Eleventh Company
  • Medical device co SteadyMed raises $2M
  • Avantis Medical Systems, Inc. Raises $10 Million in Series C Funding
  • Hydra Biosciences Raises $22 Million in Series D Financing
  • Alter-G Secures $8 Million in Series B Financing from Versant Ventures
  • Singulex Closes $19 Million Financing Round
  • InSet Technologies Completes $25 Million Financing
  • Acclarent, Inc. Closes $26 Million Financing

Although this is indeed an anecdotal snapshot of the status of funding in medtech, one can at least point to the fact that roughly $150 million has been pumped into medtech in the last month.  By some accounts, that’s pretty remarkable during this cash-poor economic downturn. By my accounts, however, it’s a fair reflection of the value of medtech especially during an economic downturn.  

I’ll make this point again: An ebb tide lowers all boats, but medtech is still afloat while other industries have already, or ar about to, run aground.