Archives for July 2007
NovaDel Pharma CEO Resigns
Jan Egberts has resigned as president and CEO of Flemington, NJ-based NovaDel Pharma. The company’s board has appointed its chairman, Steven Ratoff, to serve as interim chief while NovaDel initiates a search for a permanent replacement.
NovaDel did not specify a reason for Egbert’s departure, which appears to be on amicable terms: “I have enjoyed my […]
Series D Round May Bring Cyntellect $23.4 Million
Cyntellect, a San Diego firm whose devices enable scientists to use live cells in research, has closed $15.1 million in venture funding. Under the terms of the Series D transaction, investors may choose to commit an additional $8.3 million, potentially bringing the total raised to $23.4 million.
The company will use the money to hire personnel, […]
iWalk Unveils Computerized Prosthetic
iWalk, a Cambridge, MA, startup backed by Nicholas Negroponte, founder of the One Laptop per Child organization and one of the original investors in Wired magazine, has unveiled what it says is the world’s first robotic ankle.
The device, called PowerFoot One, was created by a team of Massachusetts Institute of Technology researchers, led by a […]
Investments in Midwest Startups Reach New Heights
Midwestern healthcare startups are going strong in 2007, on track to double the amount of funding raised last year. According to the just released BioEnterprise Midwest Health Care Venture Investment Report, young companies in the Midwest reported $726 million in total investments across 59 companies for the first half of 2007 — nearly equal the […]
ev3–FoxHollow Merger Creates Endovascular Powerhouse
Two endovascular device companies, ev3 and FoxHollow Technologies, announced over the weekend a merger that would create a combined company with a $1.7 billion market cap.
Plymouth, MN-based ev3 has offered to pay $780 million for FoxHollow, of Redwood City, CA, which represents a 20% premium to the 30-day average trading price for FoxHollow’s shares. Both […]
Oncologix Suffers Setback, Seeks Capital
Oncologix Tech, of Suwanee, GA, has suffered a setback in the development of its lead product, a radiation device for treating soft-tissue cancers. Recent testing has revealed that Oncologix’s Oncosphere System is releasing radiation at a higher rate than anticipated, a discovery that the company estimates will add $1 million to its projected development costs.
The […]
HemCon Bandages Battle Their Way into Hospitals
HemCon Medical Technologies, a Portland, OR-based wound-care company, has inked a deal with Cardinal Health to bring HemCon’s hemorrhage-control bandages — thus far, used primarily by the U.S. military for battlefield trauma — to hospitals and surgery centers.
The four-year agreement, for which neither company would disclose financial terms, is for a new line of bandages, […]
Satiety Raises $30 Million for Obesity Device
Satiety, a six-year-old Palo Alto, CA, company that’s working on a device that restricts how much food the stomach can hold, has raised $30 million in a Series D financing, The Deal reports. The money, which brings the company’s investment total to over $50 million, will be used to fund U.S. clinical trials to begin […]
Inverness Acquires Majority Stake in Diamics
Diamics, a Novato, CA-based company that develops molecular-based cancer screening and diagnostic systems, has secured a $6 million equity investment from Inverness Medical Innovations. The deal gives Inverness, a leading diagnostics company specializing in women’s health, 51% of the privately held firm.
Under the terms of the agreement, Inverness will help drive commercialization of Diamics’ […]
Pulmonary Device Market May Present Big Opportunity
If you’re looking to invest in medical devices, the pulmonary market might be a good place to focus your energy. That’s according to a new report by market research firm Health Research International, which is predicting the sector to double to more than $3 billion by 2011.
The report, Opportunities in U.S. Pulmonary Device Markets, credits […]
