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Medical Technologies Companies Raise $244
Million, In Five Largest Health Care Venture Capital Deals Announced In
March
(April 24, 2008)
Three pharmaceutical companies,
two medical device companies and one biopharma announced the five largest
health care venture capital deals in March 2008. The largest, a $65
million A round, was announced by TriVascular2, and included funding from
MPM Capital, New Enterprise Associates, Delphi Ventures and Kearny Venture
Partners. TriVascular2 is a new company formed to acquire a subsidiary of
Boston Scientific containing certain assets and intellectual property of
its predecessor company, TriVascular, Inc., and is focused on the
development of repair devices to treat abdominal aortic aneurysms. EUSA
Pharma, a transatlantic specialty pharma focused on oncology, pain control
and critical care, raised $53.5 million from TVM Capital, Essex Woodlands,
3i, Goldman Sachs, Advent Venture Partners, SV Life Sciences, NeoMed and
NovaQuest. EUSA announced the round concurrently with its acquisition of
Cytogen, a specialty pharma with an established commercial infrastructure
and dedicated sales force in the U.S. marketing three oncology and pain
control products. EKR Therapeutics, which specializes in acquiring,
commercializing and maximizing the potential of proprietary acute-care
products, secured $50 million in Series D venture financing along with $95
million in senior debt, with the proceeds to fund ongoing pipeline
development and acquisitions. MPM Capital, LLR Partners, Quaker
BioVentures, Garden State Life Sciences Venture Fund, NewSpring Capital
and ESP Equity Partners invested in EKR this round. Pieris raised $38
million from OrbiMed Advisors, Novo Nordisk Biotech Fund, Global Life
Sciences Ventures, Gilde Healthcare Partners and Forbion Capital Partners.
Pieris is using the proceeds from the B round to support the advancement
of its proprietary product portfolio of a class of targeted human protein
therapeutics designed to diagnose and treat serious human disorders, and
for the clinical development of its VEGF-modulating cancer product
candidate. Vantia Therapeutics announced the fifth-largest deal of the
month, a $37.7 million round including MVM Life Science Partners, SV Life
Science Partners and Novo A/S. The proceeds from this milestone-based
financing are being used by Vantia, a spin-out formed with small molecule
assets from Ferring Pharmaceuticals, to fund trials of two vasopressin
antagonists: one for nocturia in benign prostatic hypertrophy patients and
one for the treatment of dysmenorrhea (painful menstruation).
Since 1948, Irving
Levin Associates, Inc. has been the leading source of information
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