Top Six Health Care Venture Capital Deals Take 60% Of VC Dollars In February (March 26, 2008)

During February 2008, six health care venture capital deals of $25 million or more each were announced, totaling $229 million-close to 60% of the entire month's dollar total. Three medical device companies, one biopharma, one biotech and one pharma are responsible for those six deals. Taligen Therapeutics, the biotech, announced a $65 million Series B financing that it expects to receive in six tranches, with the proceeds to fund the development of product candidates designed to control the alternative pathway of complement activation. Taligen expects that this round, which includes commitments from Altus Partners, Clarus Ventures, Sanderling Ventures and High Country Venture, will provide sufficient capital to move all of its lead candidates into clinical development. The pharma, POINT Biomedical, announced a $50 million round-with participation from Vedanta Capital, Amberbrook, CHL Medical Partners, De Novo Ventures, Fininvest, Institutional Venture Partners, New Leaf Venture Partners and other investors-of which it has received the first $25 million. The balance of the tranched investment becomes available on the achievement of certain milestones expected later this year. The proceeds are for completing the clinical development of POINT's lead product, a perfusion imaging agent that works with ultrasound. Ocera Therapeutics, the biopharma, is focused on licensing, developing and commercializing proprietary compounds to treat gastrointestinal and liver diseases. The company raised $35.5 million in Series C financing from Montagu Newhall Associates, InterWest Partners, AgeChem Venture Fund, Cross Creek Capital, Domain Associates and other investors. Ocera's lead product candidate is marketed in Japan for chronic kidney disease and is also in pivotal phase III clinical trials in North America, Europe and Israel for the treatment of fistulizing Crohn's disease. Accumetrics, a company that provides diagnostic tests for platelet function assessment in patients at risk for cardiovascular disease, secured $28.8 million in Series D financing from Arnerich Massena & Associates, BBT Fund, Essex Woodlands Health Ventures, RiverVest, PTV Sciences, KB Partners and Kaiser Permanente Ventures. Accumetrics has patented technology and multiple FDA-approved, reimbursable products, including the first simple, accurate system for measuring individual response to antiplatelet drugs. PolyRemedy, which manufactures a robotic system designed to automate the wound care dressing fabrication process, raised $25 million from Advanced Technology Ventures, IDG Ventures Boston, MedVenture Associates and Harris & Harris Group. PolyRemedy's system delivers custom-made, unit of use, nanomaterial-based dressings for patients with chronic wounds, such as diabetic ulcers, at the point of care. TyRx Pharma manufactures and commercializes proprietary, implantable combination drug-device products that are designed to reduce infection, including a device for use in conjunction with pacemakers and implantable cardioverter defibrillators. TyRx raised $25 million in funding from Clarus Ventures and Pappas Ventures to support its commercialization efforts.
 

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