Key People Talk With Us About Top Deals (November 15, 2006)

The November issue of Healthcare Corporate Finance News highlights our conversations with key people involved in three of the largest recent venture capital deals. Medicus Insurance secured commitments of up to $100 million, of which it has received $15 million, so far. Medicus and its operating subsidiary, Medicus Insurance Company, were formed to provide a new source of professional medical liability (malpractice) insurance to physicians, surgeons and other medical providers in Texas and other states. CHL Medical Partners and Cypress Group invested in this initial round for Medicus, which we talked about with Walter Keenan of Cypress Group.

Macroflux Corporation, a newly established spin-out from ALZA Corporation, will continue the development of the Macroflux drug delivery system, which has been studied since 1990 to provide needle-free, transdermal delivery of therapeutic proteins, peptides and vaccines, initially for treating severe osteoporosis. Macruflux raised $75 million from Nomura Phase4 Ventures, New Enterprise Associates, HBM Partners and other investors. The company’s CEO is Judith Hemberger, who talked with us about the Macroflux system and how the proceeds from the financing will be used.
MedServe secured $70 million in equity funding, which will be used for further consolidation of local and regional operators in the medical waste industry. In the past 18 months, MedServe completed eight acquisitions and expects to make more. Investors in the round were led by Avista Capital Partners and included Murphree Venture Partners, Cogene Biotech Ventures and the Erasmus Louisiana Growth Fund, as well as ChrysalisVentures. Koleman Karleski of Chrysalis Ventures told us about why the firm invested in MedServe and also about the appeal of another company recently added to its portfolio, Chronicity, Inc., which is featured in our November issue too.

Healthcare Brands International (HBI) raised $47.5 million from Abingworth Management, 3i Group, MVM Limited and Sofinnova Partners. HBI is committed to acquiring, developing and investing in health care products and brands to optimize their commercial potential, focusing on consumer needs that are currently either unmet or only partially met by available OTC products. The first product HBI acquired and will commercialize is a nutraceutical with antiviral properties.

NovImmune SA secured $46 million in its Series B financing from investors led by BZ Bank and including Pictet Private Equity Investors, Lombard Odier Darier Hentsch, Novartis Venture Fund and Aravis Venture. NovImmune has two fully human monoclonal antibodies in clinical development, including its most advanced product candidate, which is in Phase IIa trials for Crohn’s disease. The proceeds from this round will enable NovImmune to bring two more candidates into clinical trials in the next two years.
 

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