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Medical Devices and Biotech – Many are still securing Venture Capital Funding

Posted Dec 06 2008 11:49am

Amidst all we are hearing today about funding being tight and harder to secure, many are still securing financing to continue.  There are also image reports on some that are closing and running out of money too, such as this recent article about Orexigen Therapeutics who is scrapping 2 investigational drugs to begin focusing on a combination of bupropion and naltrexone (Contrave) for obesity, as well as another weight-loss drug called zonisamide sustained release and bupropion SR (Empatic). Results from a final-stage clinical trial of Contrave are expected in January.  As of now, the company has no money making products on the market which makes it tough at times.  

Their focus will be on solutions for the number one health issue in the US, obesity.   Meanwhile below are a few recent funding announcements from VentureBeat that shows the capital is still there and the bar has been raised significantly, especially in the last few months with the state of the economy to secure funds.   If you take notice though, it appears the device business seems to be capturing a lion’s share from the recent listings below.  BD 

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Broncus inhales $38M to treat lung disease, eyes IPO

December 5th, 2008

Broncus Technologies, developer of devices to treat emphysema and other lung ailments, may make a second run at going public after bringing in $38 million in seventh-round funding to break even, reports VentureWire. The Mountain View, Calif. company first filed for a $75 million IPO last November, but withdrew in June due to the flagging lifescience market.

ViOptix snags $7.4M to measure tissue oxygen

December 5th, 2008

Biotech firm ViOptix just tacked $4.4 million onto an already $12.2 million fourth round of funding and landed $3 million in debt financing to break even, reports VentureWire. The Fremont, Calif. company says this will be its last round of venture capital.

Around since 1999, ViOptix has pioneered a device that allows doctors to detect how much oxygen exists in human tissues through a non-invasive procedure. No plans for the new money, beyond self-sufficiency, have been disclosed. All told, the company has brought in about $33 million to date.

Pelikan scoops up $12.5M for diabetes diagnostics

December 4th, 2008

Pelikan Technologies, maker of diagnostic and health-monitoring devices that can be used by regular people, nabbed a $12.5 million tranche of an expected $25 million seventh round of funding, according to VentureWire. Its flagship product, the handheld diabetes tester Pelikan Sun, is already on the market and is even being targeted for children.

Catalyst lands $40M to combat disease-causing proteins

December 4th, 2008

Catalyst Biosciences has raked in $40.4 million in third-round funding to continue engineering an enzyme called protease to fight disease-causing proteins. The technology has the potential to affect many different diseases, including cancer and hemophilia. It has R&D agreements with Wyeth Pharmaceuticals and Centocor Research & Development.

Endoscopic Tech nabs $11M for heart surgery tools

December 2nd, 2008

Medical device maker Endoscopic Technologies brought in an $11 million tranche of second-round funding from Boston Scientific, Telegraph Hill Partners and Saints Capital. The money will be used to further develop the San Ramon, Calif. company’s line of devices that aid in cardiothoracic surgeries like bypasses and valve repairs, reports VentureWire.

http://venturebeat.com/category/wire/

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