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September 15th, 2005
A team of scientists from John Hopkins are to participate in
a project to develop a test to determine a person’s risk of developing colon cancer. The team, along with undisclosed
other scientists are to receive a $2.25 million, five-year grant from the Doris Duke Charitable Foundation for work on the
project.
The impetus for the test is a gene called insulin-like growth factor
2 (IGF-2). Studies have shown that there is a link to that gene and the development of colon cancer. One of the leaders
of the project, Andrew Feinberg, M.D., Ph.D., at Johns Hopkins explained further, "If everything works out -- if IGF-2 status
is tied to colon cancer risk in people and the blood test is workable -- then IGF-2 status could be the colon cancer equivalent
of cholesterol levels as a risk factor for heart disease. We've never had a broad molecular screening tool like that for any
cancer."
September 15th, 2005
ViRexx Medical Corp. (TSX:VIR), has completed a private placement
of 4,035,665 units for gross proceeds of $4,035,665. ViRexx focuses its efforts on ovarian cancer, chronic hepatitis B and
hepatitis C and tumor treatments.
Marc Canton, President and COO of ViRexx commented on the financing,
"This transaction strengthens the Company's financial position as we prepare to initiate a Phase I safety study of HepaVaxx
B in healthy adults later this year, representing the fourth ongoing clinical trial from our pipeline of products. The HepaVaxx
B trial will build on our ongoing clinical development program which includes the Phase I Occlusin 50 Injection and the two
later stage OvaRex MAb trials, both of which are funded by our licensing partner, United Therapeutics Corporation."
ViRexx's lead product, OvaRex MAb, is planned for late-stage ovarian
cancer treatment. It is presently in Phase III clinical trial. Unither Pharmaceuticals, Inc., a subsidiary of United Therapeutics
Corporationis funding that trial.
September 14th, 2005
Genaera Obtains $24.5 Million in Securities Placement Agreements
Genaera Corporation (NASDAQ:GENR) has signed securities purchase
agreements valued at $24.5 million. Genaera Corporation is developing products for the treatment of eye, cancer and
respiratory problems. These include an eye treatment for wet age-related macular degeneration and a treatment related to the
genetic cause of asthma.
September 14th, 2005
Chiasma Lands $6.2 Million – In Effort to Replace
Injections with Oral Solutions
Chiasma Inc., focused on oral delivery of macromolecule drugs,
has completed $6.2 million Series B financing round. Investors included F-2 Ventures, Ofer Hi-Tech Group, the InnoMed Fund
and Yissum Ltd.
The technology Chiasma is developing has the potential to eliminate
the need for drug injections. According to Dr Dalia Megiddo, managing partner of InnoMed Venture, "Hundreds of Biotechnology
drugs are in development. With current delivery systems, all these new drugs would have to be given by injection. Chiasma
has found the delivery system that will enable, for the first time, oral delivery of these drugs. These are exciting news
for the Biotechnology industry and for hundreds of millions of patients throughout the world. It is clear that Chiasma's potential
is huge."
September 13th, 2005
Teranode Raises $12.1 Million for Biological and Chemical
Design Automation Tools
Teranode Corporation, which offers an informatics platform that
has been developed to simulate biological and chemical reactions needed for the development of medical products, has closed
a $9.1 million Series B funding round. Investors in the round included Cargill Ventures and Trident Capital as well as previous
Series A investors, Ignition Partners and WRF Capital. The funds are planned for the advancement of the company’s product,
technology partnerships and a VAR (value added reseller) developer program.
The company’s TERANODE XDA design tool is used to integrate
experimental lab data with computational chemistry and biology. The tool is expected to bring forth an age of life science
tools that can be used to determine the expected results of an experiment without having to actually physically perform the
experiment with chemicals and life science materials. According to Paul Bieganski, Teranode board member and Managing Director
of Cargill Ventures, "Teranode's platform fundamentally transforms how biological and chemical experiments are conducted,
by accelerating and integrating design, measurement, and analysis. It has the potential to change the efficiency of experimentation
in this biotech era."
The new tool may become a catalyst for personalized medical simulation
tools of the future that model genetic makeup of individuals and give expected response as a result of prescription drugs
or nutritional supplement intake.
September 12th, 2005
Amicus Therapeutics, which has been developing new technology
for the treatment of human genetic diseases, has closed a $55 million Series C financing round. The company’s technology
is based on small-molecule, orally-active pharmacological chaperones. These diseases, according to the company, are often
“the result of missense and other genetic errors that cause the misfolding and degradation or accumulation of a particular
protein."
Amicus' products, which it calls pharmacological chaperones,
are used to bind the misfolded target protein, which gives the protein its correct conformation permitting it to function
properly again. Once the protein is restored, the affected cells are then enabled to perform their normal operating function.
Amicus' lead compound is called Amigal, which is being
studied in clinical program for Fabry disease. Amigal so far has been shown to increase target enzyme activity levels Those
that participated in the funding included Quaker BioVentures and all of the company’s existing investors.
September 12th, 2005
Replidyne, Inc., a company developing anti-infective
drugs, has raised $62.5 million in a Series D round. New investors in the round included Duquesne Capital Management, Healthcare
Investment Partners and MDS Life Sciences Technology II funds. Other existing investors were listed as HealthCare Ventures,
TPG Ventures, Morgenthaler Ventures, Perseus-Soros BioPharmaceutical Fund, Sequel Venture Partners, Temasek Holdings Pte Ltd
and Quintiles Transnational.
Remarking about the investment was Kenneth J. Collins,
Replidyne's CEO, "The strong interest from such high-quality investors validates our confidence in the potential of our lead
product candidate, faropenem medoxomil, and the ability of a superb team to drive the product to approval and commercialization.
The proceeds from this offering are expected to carry us through the launch of faropenem for respiratory tract infections
and will also allow us to move REP8839, a topical antibiotic being developed to treat infections caused by antibiotic-resistant
bacteria such as MRSA, into clinical trials."
Replidyne's lead product is faropenem medoxomil, which
is an antibiotic taken orally for the treatment of infections such as respiratory tract infections (RTIs). The company has
planned to file a New Drug Application (NDA) for faropenem in late 2005. If approved by the FDA, the company indicates that
the product could be on the market in late 2006. So far to date, the product has undergone Phase III clinical trials, which
involved over 3,400 patients.
September 9th, 2005
Direct Flow Medical, a company that is developing a percutaneous
aortic tissue valve prosthesis, has obtained $3.5 million in financing from NLV Partners as part of Series A private equity
financing. Other investors included Spray Venture Partners and EDF Ventures.
Randy Lashinski, CEO of Direct Flow Medical, indicated
that the funds would be used for clinical trials, "We are pleased to have expanded our base of investors and to be working
with venture partners that have a depth of experience and understanding of the cardiovascular device area. Proceeds of the
Series A round will be used to advance into human clinical trials our lead product, the Direct Flow percutaneous aortic tissue
valve prosthesis. The company's goal is to initiate its first clinical study outside of the United States in late 2006, following
the successful completion of which we would expect to begin a European trial in 2007 and file for an IDE in the U.S. that
same year."
Noting the attributes of Direct Flow’s technology
was Jeani Delagardelle, a managing director at NLV Partners "In our opinion, Direct Flow Medical's less-invasive, proprietary
approach could significantly expand the number of aortic valve replacement procedures performed annually, which is currently
estimated at 150,000 surgeries each year in the United States. Specifically, this technology is designed to enable aortic
valve replacement for non-surgical candidates who are too sick for surgery and, conversely, for patients who are not sick
enough to justify the risk of open-heart surgery and who are generally managed with drug therapy. Together, these patient
populations represent an additional 150,000 potential procedures."
September 8th, 2005
Protez Pharmaceuticals Receives
$15 Million to Fight Drug Resistant Infections
Protez Pharmaceuticals has closed a $15 million Series
B funding round as part of its strategy to further the development of its lead compound, SMP-601, an antibiotic that has been
targeted towards drug resistant gram-positive and gram negative pathogens. Clinical trials for SMP-601 are expected to begin
in 2006.
BioAdvance Ventures, Birchmere Ventures, L Capital Partners,
S.R. One and BTG participated in the financing. Sherrill Neff, managing partner of Quaker BioVentures, noted that SMP-601
could be instrumental for the treatment of hospital-based infections, "Preclinical data suggest that SMP-601 could be a critically
important new weapon in the fight against the growing incidence of hospital-based infections that do not respond to existing
treatments, and we look forward to the progress of both this promising agent and other novel antibiotic compounds in the Protez
pipeline."
September 8th, 2005
Xigen Closes CHF 26 Million Financing – Company Developing Peptide Therapeutics for Wide Range of
Medical Problems
Xigen S.A., based in Switzerland
has secured the equivalent of $21 million United States dollars (CHF 26 Million) as part of it efforts in the development
of intracellular peptide therapeutics.
The Series A round’s investors included Tilocor
Life Sciences, Venture Incubator and Initiative Capital. Dr. Diego Braguglia, Xigen Chairman, saw the investment as further
confirmation of its products, "This major series A financing round provides an additional validation of the potential of Xigen's
products and technology and acknowledges the great progresses made during the last year in the development of Xigen's lead
compound XG-102 for stroke." Intracellular peptide therapeutics, besides stroke are used in the treatment of myocardial infarction
and cancer.
Xigen, along with the announcement, reported that presently
there are no neuroprotectants on the market for stroke treatment.
September 7th, 2005
SpinX Technologies, a company focused on the development
of platforms for the automated test and analysis of microexperiments, has announced that it has secured 10 million Euros
in new investments as part of a Series B financing round led by Bio Fund Management.
Several of the investors commented on the company’s
technology, which is said to greatly reduce the manual work required to perform drug discovery experiments and to perform
routine patient diagnostic tests. According to Piero Zucchelli, Head of Research and Product Development at SpinX, "Our technology
is surprisingly simple. It is entirely based on off-the-shelf components and technologies. The main challenge in developing
the platform was the integration of very diverse components - something we are used to dealing with from our days at CERN.
At SpinX, the biology and chemistry adds another dimension, but we've overcome this challenge thanks to our highly diverse
and committed team."
Others that participated in the funding included
Auriga Partners, DEG ePlanted Ventures, CERN Pension Fund and existing Series A investors.
September 6th, 2005
Allylix Secures
$1.5 Million – Offers New Extraction Process to Cost-Effectively Obtain
New Ingredients Found in Plants
Allylix, Inc., has secured $1.5 million in its
efforts to develop its line of products, based on a more effective method to extract exotic ingredients from plants. development
and scale-up of its first products. The company indicated that the new extraction process, based on a high yielding
fermentation process, enables the cost-effective extraction of specialty ingredients from plants that have been traditionally
to costly to consider for most applications. The terpenes extracted from the plants are expected to result in a wider variety
of fragrances, flavors and medicines. According to Carolyn Fritz, president and CEO of Allylix. "With this technology,
we are able to provide vital compounds to our customers, thus enabling the development of products that would have otherwise
been too costly."
The Series A funding was led by Bluegrass
Angels, based in Kentucky. Other investors included California angel investors, and two state related funds, the Commonwealth
Seed Fund of Kentucky, and the Kentucky Commercialization Fund. The Kentucky Commercialization Fund is administered
by the Kentucky Science and Technology Corporation.
September 6th, 2005
TargeGen Funding Level Surpasses
$70 Million
TargeGen, Inc., which focuses on the treatment of cardiovascular,
eye disease and cancer through the use of small molecule kinase inhibitors, has raised $30 million in a
Series 'C' Preferred Venture Financing Round. Investors in the round included BB BIOTECH VENTURES, the lead financier,
as well as H&Q Healthcare Capital Management, Forward Ventures, Enterprise Partners, William Blair Capital Partners/Chicago
Growth Partners, CDP Capital Technology Ventures/VantagePoint Venture Partners, China Development Industrial Bank, A.M. Pappas
& Associates and other undisclosed investors.
TargeGen indicates that among its four compounds
under development, the one in the most advanced stage of development is TG100-115, which is in Phase I/II clinical
trials in heart attack patients. Another product the company is developing is TG100801 for the treatment of macular
degeneration, diabetic macular edema and diabetic retinopathy. The other two compounds are in the pre-clinical testing
stage and are for oncology applications.
September 6th, 2005
Biolex Therapeutics, a protein therapeutics company,
has raised $36 million in an oversubscribed Series B funding round. Polaris Venture Partners led the round. Other
investors Biolex listed included Intersouth Partners, Quaker BioVentures, Johnson & Johnson Development Corporation, Mitsui
and Co. Venture Partners and Kitty Hawk Capital.
Biolex has under development a product named Locteron,
which is a controlled-release formula based on human alfa interferon. Locteron, expected to enter Phase 1 clinical trials
this year, is for the treatment of Hepatitis C patients.
Biolex presently has a strategic alliance with
Centocor to develop and manufacture Centocor’s proteins using the Biolex LEX System
September 1st, 2005
ISTO Technologies, Inc., an orthobiologics company,
has completed a $10.8 million financing round. The investors in the company’s cartilage regeneration technology included
Zimmer Holdings Inc., Alafi Capital Company LLC, Life Science Partners and Mid-America Transplant Services.
ISTO’s technology is intended to regenerate and
repair damaged cartilage. Based on cartilage cells from young donors, known as chondrocytes, the technology is used to generate
the cartilage matrix faster. The company’s initial application focus is on repair of knee joints and spinal discs, a
market estimated at one million per year in the United States alone. The funding is expected to help move the technology to
the human clinical trial stage.
September 1st, 2005
Inotek Raises $25 Million in Series B Preferred Stock Financing
Inotek Pharmaceuticals Corporation, a development-stage pharmaceutical
company, has raised $25 million in the first round of a planned $35 million Series B Preferred Stock financing. The lead investor
was Pitango Venture Capital and included funding from Care Capital LLC, Rho Ventures and MedImmune Ventures, Inc.
August 30th, 2005
As part of an overall goal to deliver personalized medicine
to the doctors office – permitting doctors to perform complete genetic analysis of patients, bacteria in the office,
a group through the government of Canada has put together a $346 million funding package for the funding of 33 new genomics
and proteomics research projects. Genome Canada provided $167.2 million and a group of Canadian and international partners
provided the other $179.3 million. The Honorable David L. Emerson, Minister of Industry and Minister responsible for Genome
Canada, and Dr. Cal Stiller, Chairman of the Board of Genome Canada made the announcement.
Commenting on the funding was Minister Emerson, "These
large-scale projects have tremendous potential to improve the health of Canadians and build the competitiveness and prosperity
of the agricultural, forestry and fisheries sectors of our economy. Today's funding announcement reinforces the important
scientific advances that can be achieved for all Canadians and indeed the world through Genome Canada's funding model. Stretching
government dollars through collaborations with other governments and partners maximizes our research capacity."
It was indicated the funding would ensure Canada’s
lead in aquaculture and forestry as well as help Canada find new ways to quickly diagnose infectious diseases through nanotechnology
based systems. One of the project goals alluded to was the reduction in time to diagnose an infection to minutes and at the
doctor’s office. Presently, infection diagnosis often has to be sent out to laboratories for culturing. The process
can sometimes requires weeks to determine the exact nature of the organism causing the infection.
Genome Canada has been responsible for $560 million in
funding commitments in the field of genomics and proteomics research throughout Canada since 2000. The organization in collaboration
with its partners has secured access to over $1.2 billion in funding commitments that involve 112 research projects.
August 30th, 2005
Zynex Medical Holdings, Inc. (OTCBB: ZYNX), which offers
electrotherapy products for pain management, has been awarded a multi-million dollar grant from the National Institute of
Health to conduct a randomized study of its NeuroMove technology, a technology has already been cleared by the United States
Food and Drug Administration for Stroke Rehabilitation.
Called "Electrical Stimulation of Upper Limb Recovery
in Stroke," the study is being conducted by Zynex in collaboration with Case Western Reserve University and the University
of Cincinnati. The study will measure motor impairment, upper limb activity and EMG activation patterns.
The NeuroMove system requires a doctor's prescription
and is aimed at improving the mobility of the over four million stroke victims in the United States.
August 29th, 2005
Cerenis Therapeutics SA, has closed $30.5 million in funding
for the further development of HDL cholesterol drugs. The company pointed out with the closing that HDL cholesterol, often
referred to as good cholesterol, is noted for its capability to remove excess cholesterol. The company’s HDL drugs are
for the treatment of cardiovascular and metabolic health related problems. According to Dr. Dasseux, CEO of the company, "We
are very happy to have received such strong global financial support to start Cerenis. We look forward to bringing HDL-related
therapies to the market as a treatment option for millions of people with cardiovascular disease."
Those involved in the financing included Sofinnova Partners ,
HealthCap, Alta Partners, EDF Ventures and NIF Ventures.
August 29th, 2005
Apparently encouraged by its recent success with Boston Scientific,
Biophan Technologies, Inc. (OTCBB: BIPH), a company involved with medical imaging technology, has formed the Biophan Business
Development Group. The group’ focus is the licensing of Biophan’s intellectual property, which includes 144 patents,
license and application related to magnetic resonance imaging and drug elution systems. Backing the group is a financing facility
of up to $30 million - to be made available through SBI Brightline XI, LLC.
John Lanzafame, President of the Nanolution drug delivery division
at Biophan, has been made Corporate Vice President of the new group. He is currently looking to fill positions for the new
group’s sales efforts.
AUGUST 29th, 2005
Non-Invasive Monitoring Systems, Inc. (NIMS)(OTCBB:NIMU)
has closed a $950,000 financing round consisting of common stock and warrants. With the announcement, Dr. Marvin Sackner,
Chairman of the Board of Directors of NIMS, commented on the company’s pain management technology, "We are delighted
to have this infusion of additional capital. We believe that this capital will sufficiently fund our current business plan
and capital requirements. It will allow us to continue our strategy of seeking FDA 510 clearance to market our flagship product,
the AT-101 therapeutic vibrator, as an effective, safe, drug-free means to relieve minor aches and pains as well as developing
and marketing a less expensive, home version of this device."
August 26th, 2005
Adiana, Inc., in its efforts to prepare its incision-free,
permanent birth control solution for market has raised $23 million in a Series D financing round. The round was led by Tullis-Dickerson
& Co., Inc. and also included OrbiMed Advisors LLC.
Paul Goeld, Adiana's CEO explained that the funds would
be used to complete the necessary trials and regulatory approvals for the new birth control solution, "These funds will allow
us to complete our clinical trial, obtain regulatory approval, and prepare for market launch next year. We are particularly
excited by the investments from Tullis-Dickerson and OrbiMed, world-class investment firms that understand the magnitude of
this opportunity. Joan Neuscheler and Jonathan Silverstein will provide a strong complement to the exceptional backgrounds
of our current board."
Adiana indicated that the company’s product is
now involved in a clinical trial that includes 600 women. The trial is expected to be completed in time to allow the company
to submit the results to the United States Food and Drug Administration for approval near the beginning of 2006.
August 26th, 2005
Medicure Inc. (TSX:MPH)(AMEX:MCU) has completed a private
placement that raised approximately $3 million in gross funds. According to CEO, Albert D. Friesen, PhD, "This financing expands
our institutional investor base in the U.S. and Europe in advance of the anticipated results from the Phase II trials for
our lead products, MC-1 and MC-4232. The capital raised through this financing provides us with the necessary resources to
prepare for Phase III clinical trials."
Medicure Inc., a cardiovascular drug discovery and development
company, estimates that it's addessesable market is $70 billion.
August 25th, 2005
MIV Therapeutics, Inc. (OTCBB: MIVT), which develops
biocompatible coatings for medical implant devices has reported that it has closed a $4.14 million round of non-brokered private
placement financing. Alan Lindsay, CEO of MIVT, indicated that the funds would be used for R&D for its implant technology
"This financing will accelerate our research and development program focused on the development and successful commercialization
of advanced coatings for a broad range of implantable medical devices and reconstructive implants based on our proprietary
breakthrough Hydroxyapatite coating technologies. The proceeds from this transaction are an important boost to our capital
resources, and will be sufficient to support the ongoing needs of MIV Therapeutics' operations and research program on our
critical path to clinical trials."
MIVT’s drug-eluting coatings are designed to help
prevent adverse reactions, such as tissue reactions, reblocking of the arteries or blood clots that are considered a result
of reactions with bare metal or polymer-based stents. The company’s HAp-based coating technology so far to date has
shown promise as a safer alternative.
MIV Therapeutics biocompatible coatings have been
designed to limit chemical reaction with tissue. Specifically, hydroxyapatite (HAp), is the basis for the company’s
biocompatible coatings. HAp, according to MIV is a “bioactive porous material that makes up the bone mineral and matrix
of teeth.” The company also stated that its “drug-eluting coating is designed to suit a broad range of implantable
medical devices which may benefit from a highly customizable drug release profile.”
August 25th, 2005
pSivida Raises $4.2 Million in Private Placement to Further
Market BioSilicon
pSivida Limited (NASDAQ:PSDV, ASX:PSD, Xetra:PSI) has
raised $4.2 million in gross proceeds from a private placement of 650,000 American Depository Receipts (ADRs) priced at $6.50
each. Pointing towards the U.S. market as the target of the funds was Mr. Gavin Rezos, Managing Director of pSivida, "The
funding will be utilized to further our expansion into the United States, the world's largest healthcare and financial market
following the recent appointments of two US based Non-executive Directors to the pSivida Board, Dr. David J Mazzo, President
and CEO of Chugai Pharma USA and Mr. Michael Rogers, CFO of Indevus Pharmaceuticals Limited and the inclusion of our ADRs
in the NASDAQ Health Care Index."
pSivida has developed a biocompatible material it refers
to as BioSilicon, a nano-structured porous silicon, which has been shown to have applications in drug delivery, cancer therapy,
tissue engineering and orthopedics. Diagnostic applications are currently being developed at the company’s subsidiary,
AION Diagnostics Limited.
August 25th, 2005
Arbor Surgical Technologies, Inc. has announced the closing
of a $20 million Series B funding round. Baird Venture Partners led the round. Other investors included Affinity Capital Management
and Fisk Ventures along with a number of existing investors. The investment brings Arbor’s total funding to date to
$34 million.
Arbor Surgical Technologies, Inc., founded in 2002, is
focused on the heart valve replacement market. The company develops heart valves designed for improved performance and to
expedite heart valve replacement surgery.
August 24th, 2005
Alba Therapeutics Corporation, focused on the use of
zonulin pathway modulation for the delivery of drugs and vaccines, has closed a $30 million Series A financing round. The
round’s investors included SV Life Sciences, which led the round, as well as Alta Partners, HealthCap, Red Abbey Venture
Partners and the Maryland Venture Fund. Other investors listed included Esperance BioVentures, Astellas Ventures, Maryland
TEDCO, and Townsend Capital.
With the announcement, Blake M. Paterson, MD, Alba’s
CEO noted the applications for the company’s products, "This financing supports the vast potential of the zonulin pathway,
both for the delivery of drugs and vaccines, and for the treatment of disease states characterized by inappropriate permeability.
The latter includes a significant number of acute and chronic inflammatory and immune conditions, such as Celiac Disease and
Type 1 Diabetes. We are honored to have an outstanding group of investors who share our vision and are providing the funding
to enable us to move AT-1001 into human trials for Celiac Disease and other autoimmune conditions."
Commenting on the research behind the company was Alessio
Fasano, MD, the interim CEO at Alba."Alba's platform is based on more than 10 years of research and an extensive intellectual
property foundation licensed from the University of Maryland School of Medicine, and we are now well positioned to advance
drug candidates into the clinic."
August 24th, 2005
MediBIC ALLIANCE and Daiichi Pharmaceutical Launch Investment
Fund
MediBIC ALLIANCE, a subsidiary of MediBIC, and Daiichi Pharmaceutical
Co., Ltd. have established a venture capital fund for early stage private biotechnology companies. The new fund is expected
to be primarily targeted at companies in the United States and Europe that have a focus on developing products for the Japanese
pharmaceutical industry and within the strategic scope of Daiichi.
Ali R. Zareh, Managing Director of MediBIC's US Operations
underscored the collaboration with Daiichi, "We are very excited to be collaborating on this fund with Daiichi, one of Japan's
premier pharmaceutical companies. This fund is our first dedicated to investments in the US and Europe. We look forward to
making the Fund a success utilizing the combined expertise at MediBIC and Daiichi "
August 24th, 2005
Inhibitex Closes $41.25 Million
Private Placement
Inhibitex, Inc. (NASDAQ:INHX), a biopharmaceutical company
focused on the development of antibody based products for serious infections, has obtained $41.25 million in gross proceeds
through the private placement of its common stock with a group of institutional investors.
Inhibitex’s drug development programs are based
on its proprietary MSCRAMM protein platform technology. Veronate, one of the company’s products undergoing Phase III
trials is for the prevention of hospital associated infections in premature infants. The company’s other product, Aurexis,
also in clinical trials, is for the treatment of infections caused by Staphylococcus aureus. The FDA has granted both Veronate
and Aurexis FastTrack designation status.
August 23rd, 2005
Isis Enters into Agreement
for Placement of $51 Million
Isis Pharmaceuticals, Inc. (NASDAQ: ISIS), a company
involved in RNA technology through antisense drugs and the identification of infectious organisms with biosensor technology,
has entered into an agreement for the placement of 12 million shares of its common stock at $4.25 per share. The company expects
to receive net proceeds of $48 million from the placement.
Isis’s antisense drugs are for applications in
the treatment of metabolic, cardiovascular and inflammatory diseases as well as cancer. The company through its Ibis division
is commercializing and developing its TIGER biosensor system, which is used to identify infectious organisms. The company
also has an extensive portfolio of over 1,500 patents that it either owns directly or has exclusive licensees for.
Stanley T. Crooke, Isis' CEO with the announcement indicated
that the drugs the company has been developing are working in humans, "Our recent achievements in the clinic demonstrate that
our antisense drugs are working in man, and we are committed to the continued development of these drugs and the antisense
technology platform. We believe antisense represents a new sector of the pharmaceutical industry that will provide benefit
to patients in need of novel therapeutic alternatives."
B. Lynne Parshall, CFO at the company, on the other
hand, directed comments towards Isis’ new cash position, "This financing strengthens our balance sheet, providing sufficient
cash to fund our operations, with reasonable assumptions for new sources of revenue and cash, at least through 2007. In addition,
it gives us the capital to negotiate potential drug discovery and development collaborations and other licensing arrangements
from a position of financial strength. We are pleased with the support shown by our long term investors whose participation
was an important element of this financing, and with the addition of several sophisticated biotech investors to our investor
base."
August 22nd, 2005
ARIAD Raises $8.1 Million with Sale of Additional
Shares
As a result of options granted to underwriters in the
company’s public offering, ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) completed the sale of an additional 1,125,000
shares of its common stock. The shares were priced at$7.20 per share, which resulted in gross proceeds of $8.1 million.
ARIAD’s small molecule regulated cell signal technology
has been targeted for the treatment of cancer.
August 19th, 2005
Nutra Pharma Enters
into $9.6 Million Stock Purchase Agreement – Company has HIV and Multiple Sclerosis Technology
Nutra Pharma Corp. (OTCBB:NPHC), a biopharmaceutical
company focused on the acquisition, commercialization and licensing of medical technology, entered into a stock purchase agreement
with SBI Brightline XII LLC. Under the terms of the agreement SBI is to purchase up to $9.6 million in the company’s
stock. The agreement also has a term for the issuance of warrants to SBI that could provide Nutra Pharma for $2.4 million
in additional proceeds. The agreement, which is at Nutra Pharma’s election, requires registration with the Securities
and Exchange Commission - expected to be finalized in the fourth quarter of 2005.
Nutra Pharma currently owns rights to intellectual property
for Multiple Sclerosis and HIV through its subsidiary ReceptoPharm, Inc. Through Nutra Pharma’s Infectech Inc.
holding, the company has been developing diagnostic tests for Tuberculosis and Mycobacterium avium-intracellulare.
August 18th, 2005
Regado Biosciences, Inc., a spin-out of the Department
of Surgery at Duke University Medical Center, has completed a $20 million Series B round of financing. Investors in the round
included Domain Associates and Quaker BioVentures.
Regado is a drug development company developing antidote-controlled
antithrombotics. The company’s focus has been on REG1, which is an antidote-controlled anticoagulant that is expected
to be central to the company’s the REG1 anticoagulation system for applications as an antidote-reversible anticoagulant
in coronary revascularization procedures for patients with acute coronary syndromes.
August 18th, 2005
VisEn Medical, an In Vivo Optical
Molecular Imaging Company, Raises $4 Million
VisEn has raised $4 million of venture capital through
investments from Flagship Ventures Bollard Group and other existing investors. VisEn plans to use the funds to bring its molecular
optical imaging products to market.
With the announcement of the investment, Kirtland G.
Poss, President and CEO spoke of the company’s successes so far, "In the first half of 2005, we conducted a very successful
pre-launch program, selling a pre-commercial version of our tomographic optical imaging system to three top-tier pharmaceutical
companies and two leading academic institutions in the United States and in Europe. These five sites and about 20 additional
pharmaceutical and academic customers have begun to purchase our line of molecular imaging probes. We are now positioned to
launch the commercial version of our imaging system and to expand the sales and marketing of our probes later this year. We
also will continue to work closely with our customers and partners to develop additional applications and products based on
our powerful core technologies and competencies," he continued.
VisEn's Fluorescent Molecular Tomography (FMT) system
and optical probe product line, based on near infrared light are used in vivo to generate molecular maps of disease activities.
The company’s technology is credited with enabling not only anatomic imaging but also the imaging of biological processes
at the molecular level – a current trend in the medical and medical research industries. The company’s technology,
referred to as applied imaging, enables the real time imaging of disease progression and gives a much closer look at the real
time in vivo effectiveness of drug and other treatments. The company indicates that initially the technology is intended for
small animals.
ViSen’s technology is based on technology developed
at the Center for Molecular Imaging Research at the Massachusetts General Hospital.
August 17th, 2005
Alder Raises $11.1 Million – Shortens Biotherapeutic Development Cycle to Months
Alder Biopharmaceuticals Inc. has closed a Series A financing
round led by Sevin Rosen Funds with participation from Ventures West, WRF Capital and other private investors. Dr. Randall
Schatzman, CEO at Alder noted that the funding would permit the company to expand its product line and advance its manufacturing
technologies, "This funding will allow us to develop our lead antibody therapeutic, broaden our product pipeline, and build
on our proprietary antibody discovery and manufacturing technologies."
Alder’s technology focus covers autoimmune and
inflammatory diseases and has applications related to certain forms of cancer. The company points out though that its manufacturing
process offers a path to bring medical solutions to the market much quicker and at lower cost. Dr. Schatzman states, "Our
technologies allow companies to take control of manufacturing capacity, timelines and costs. It will allow manufacturers of
biotherapeutics to shorten their development cycles from years to months, so they can develop new antibody-based therapies
faster and get them into the clinic -- and ultimately, to the people who need them -- in less time and at a significantly
lower cost. It also gives them more control over manufacturing post-launch, so they're better able to deliver a steady supply
of product at all times."
Steve Dow, General Partner at Sevin Rosen Funds, also
commented on Alder’s manufacturing technology, "Alder has a unique combination of antibodies addressing poorly served
targets and a powerful new manufacturing approach. Emerging companies that have technologies with the potential to effect
fundamental changes in the market place are what we look for. The biotechnology industry is currently struggling with how
to cost-effectively produce expensive biotherapeutics. We believe that Alder's approach will pave the way to solving this
problem."
August 17th, 2005
Triage Wireless, developer of the AdvancedBPM System
cuffless blood pressure system, closed a $3 million Series A funding round as a result of investments from 3i and Sanderling.
The cuffless technology from Triage addresses the emerging
telemedicine market. Their system includes a monitoring patch, designed for comfort, to remotely monitor, record and evaluate
blood pressure and other vital signs. The technology is expected to become an effective tool for cardiac disease management
as well as serve as a 24-hour ambulatory monitor.
Matthew Banet, CEO of Triage noted differences in its
product compared to older technologies, "Conventional blood pressure monitors, especially 24-hour ambulatory monitors, are
uncomfortable to wear and typically ineffective at continuous monitoring, particularly during work and sleep. Our AdvancedBPM
System offers tremendous benefits to at-risk patients, as well as to an aging population experiencing escalating healthcare
costs, and looking to reduce doctor visits and enhance self-care."
David Aslin, partner with 3i, commented on the
market size and the underlying wireless Internet technology, "Hypertension affects close to 90 million Americans, and about
1 billion individuals worldwide, but the shortcomings of conventional cuff-based blood pressure monitoring make it difficult
to detect and monitor. Triage's AdvancedBPM System combines wireless, sensor, and Internet technologies in the medical field
-- areas in which we have significant expertise. The company has an extraordinary team with a platform that can be applied
to multiple clinical applications -- we look forward to supporting Triage's growth."
Noting that the investment was one of the first
from its new $420 million fund was Tim Wollaeger, Managing Director of Sanderling, "We are pleased to make one of the
first investments from our new $420 million fund, Sanderling VI, with the Triage management team and 3i."
The AdvancedBPM System is used to measure biometric parameters
from a disposable patch sensor that can be worn by a patient twenty-four hours a day. The information measured is transmitted
from the sensor via wireless connection to a web site, where the information can be analyzed and then, if necessary, relayed
to emergency medical personal.
The device and system has the potential to produce an
invaluable database of information related to cardiac disease as a result of its ability to economically monitor vital signs
24 hours a day. Noting the potential of the technology and applications to other medical problems was Robert Murad, MD, Head
of Internal Medicine at Scripps Medical Clinic and Chief Medical Officer of Triage, "The system has incredible potential in
the future, AdvancedBPM System may be used for patients with CHF, sleep apnea, pneumonia and cardiac arrhythmias."
August 17th, 2005
OncoGenex Raises $12.8 Million
for Cancer Treatment
OncoGenex Technologies Inc. has completed an oversubscribed
series B2 round valued at $12.8 million. Investors in the cancer therapeutics company included BC Advantage Funds, Business
Development Bank of Canada, H.I.G. Ventures, Ventures West, the Working Opportunity Fund managed by GrowthWorks Capital, and
WHI Morula Fund, LLC, managed by William Harris Investors.
The new funding is planned for the development of the
company’s OGX-011 and OGX-427 products. According to the CEO of OncoGenex, Scott Cormack, "This financing will provide
OncoGenex with cash to fund operations into 2008. The funds will allow us to build a robust data package for OGX-011 that
will help to further define the clinical profile of the product in the eyes of oncologists and potential commercial development
partners. We also have the opportunity to bolster the value of our oncology portfolio with the clinical development of OGX-427,
which has shown in preclinical studies that it has the potential to restore sensitivity to standard chemotherapy regimes in
both solid and hematologic tumor types."
OGX-011, the company mentions, inhibits production of
clusterin. Clusterin is a cellular stress protein that is considered related to resistance in standard cancer therapies. Specifically,
the company states, “In a Phase 1 trial of OGX-011 in prostate cancer patients, once weekly dosing with OGX-011 produced
a greater than 90 percent reduction in clusterin expression in prostate cancer cells and enhanced apoptosis associated with
hormone ablation therapy. “
August 16th, 2005
Elron Electronic Industries Ltd. (NASDAQ &
TASE: ELRN has completed a $7 million investment in BrainsGate Ltd. That company has under development a miniature
medical implant device, which is used to increase the diameter of blood vessels in the brain. The new investment will
give Elron a 20% equity stake in BrainsGate. Other current investors in BransGate include Boston Scientific Limited, FBR Infinity
II Ventures, MB Venture Capital Fund and Pitango Venture Capital Fund.
Doron Birger, Elron's CEO indicated that the technology
would enable new treatments for brain related diseases, "Our investment in BrainsGate provides us with a promising opportunity
to participate in the development of its innovative technology to enable the use of a broad variety of medications and treatments
for brain related diseases."
August 15th, 2005
Mpex Pharmaceuticals, Inc., a company focused on antibacterials
for the treatment of serious infections, reported on a $32 million private placement of its Series B preferred stock. Investors
in the Series B round that company listed included lead investor, SV Life Sciences), HBM BioVentures (Cayman) Ltd/HBM BioCapital
LPs, Aberdare Ventures, Adams Street Partners, Western States Investment Group and Charitable Leadership Foundation. According
to Bill Gerhart, CEO of Mpex, the funding will be used for clinical development, and support R&D partners, "This capital
will enable us to advance our first two candidates through preclinical and early clinical development, as well as attract
and support future R&D partnerships."
Mpex indicates that its most advanced candidate is an
aerosol antibacterial for the treatment of cystic fibrosis patients and those with serious respiratory infections.
August 15th, 2005
Boston Scientific makes $5.0
million Investment in Biophan
Biophan Technologies, Inc. (OTCBB: BIPH) has received
$5.75 million in investments and licensing payments from Boston Scientific. The investment was in the form of a $5,000,000
purchase of Biophan’s common stock. Another $750,000 was an upfront license fee related to Biophan’s magnetic
resonance imaging safety and image compatibility technologies.
Biophan’s CEO Michael Weiner noted that the investment
would help the company’s R&D efforts, "These initial funds received through our agreements with Boston Scientific
will enable us to substantially accelerate our research and development to continue our business strategy to develop vital
new products and solutions. Boston Scientific was the first major manufacturer of advanced biomedical devices to show serious
interest in our next-generation technology solutions, which have applications across several of Boston Scientific product
lines. We are particularly excited and gratified to see Biophan's solutions validated, and look forward to their implementation
by one of the world's most innovative medical device manufacturers."
August 15th, 2005
Xenogen Enters into $15 Million
Definitive Agreement
Xenogen Corporation (NASDAQ:XGEN), a company that
develops in vivo biophotonic technology, has entered into definitive agreements to sell $15 million of its common stock and
warrants. The company indicated that the securities are being sold to institutional and venture investors.
In vivo biophotonic technology is used to non-invasively
study the cellular biology within actual living animals.
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