Top Five Health Care Venture Capital Deals In May Include Four Strategic Investors (June 26, 2007)

Portola Pharmaceuticals, a biopharmaceutical company focused on discovering, developing and commercializing products for acute and chronic cardiovascular and vascular disease, is currently working on two clinical stage antithrombotics. During May Portola secured $70 million in its Series C financing, the largest deal of the month, with the proceeds to support clinical studies. Brookside Capital, AllianceBernstein, Teachers’ Private Capital, Goldman, Sachs, T. Rowe Price and other investors participated in the round. The next-largest deal, a $65 million Series D financing that included Johnson & Johnson Development Corporation, BBT Fund, New Enterprise Partners, Thomas Weisel Partners, InterWest Partners and other investors, was announced by CVRx. CVRx has developed an implantable device designed to control hypertension, to provide a new option for the millions of patients whose hypertension does not respond to drug therapy. CVRx is now enrolling patients in a pivotal clinical trial to evaluate safety and effectiveness. AVEO Pharmaceuticals is building a pipeline of biopharmaceutical oncology product candidates through internal drug discovery and selective in-licensing of targeted therapeutics. AVEO announced it had raised $53 million from Biogen Idec, Bessemer Venture Partners, Merlin BioMed, Mitsubishi UFJ Financial Group, Valera Holdings, Schering Plough, MPM Capital and other investors, and it is using the proceeds from the Series D financing to advance its clinical-stage cancer therapies. Asthmatx also announced a Series D financing of $50 million from sole investor Olympus Medical Systems, which now holds a 15% stake in the company. Ashtmatx is developing a catheter-based procedure for the treatment of asthma and is using the funding for the FDA approval process and market launch of the system. NOXXON Pharmaceuticals also secured a $50 million round, its Series C financing. NOXXON, a developer of mirror image oligonucleotide therapeutics that it calls Spiegelmers, is now prepared to move its lead compounds, one for the treatment of lupus nephritis and one for the treatment of diabetic retinopathy, into the clinic and through clinical proof of concept.
 

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