Medical Device Company Announces Nine-Digit Venture Capital Deal (September 18, 2007)

The five largest venture capital deals announced during August 2007 are topped by the $110 million that Clarus Ventures, AIG SunAmerica and others invested in Globus Medical. Globus Medical is developing spinal implant systems for fusion, minimally invasive surgery and motion preservation, as well as biomaterials. The company is using the proceeds from the Series C financing to fund growth and clinical trials associated with multiple technology platforms. Neuromed Pharmaceuticals announced the next-largest round of the month, a $53.3 million Series E financing from investors including MPM Capital, James Richardson & Sons, Neuro Discovery, GrowthWorks Capital’s Working Opportunity Fund and others. Neuromed is a biopharma focused on the development of improved drugs for chronic pain by improving upon the safety and efficacy of existing drugs. Currently Neuromed is developing an extended-release hydromorphone formulation that it recently acquired from ALZA Corporation, as well as another internal program and a collaboration program with Merck. The investors in the third-largest round of the month, announced by an Ireland-based pharmaceutical company, were not disclosed. With Davy Corporate Finance Limited as the placement agent, Azur Pharma secured $48.0 million in financing for the acquisition of FazaClo, an antipsychotic for schizophrenia and other conditions, and to provide sufficient cash resources for acquiring further products and pipeline assets. Nereus Pharmaceuticals announced during August that it raised $45.0 million from BankInvest Biomedical Venture, Roche Venture Fund, Astellas Venture Management, Boston Life Science Venture Corporation and other investors. Nereus is using marine microbial sources for the discovery and development of cancer therapeutics, including a compound being evaluated in phase I clinical trials for the treatment of solid tumors and lymphomas, and will use this round to advance ongoing clinical trials. The funding was part of its D round. The fifth-largest health care venture capital round announced during the month was a deal made in conjunction with a licensing agreement. Ophthotech Corporation, a new pharma company, raised $36.0 million and announced an exclusive, worldwide license agreement with Archemix Corp. to develop and commercialize two anti-C5 aptamer compounds for the treatment of the wet and dry forms of age-related macular degeneration. Investors in the Series A financing included SV Life Sciences, HBM BioVentures, Novo A/S and others.

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