September
2006 issue
New Imaging Applications Show Promise
Venture-Backed Companies Target Diabetes, Fibroids, Other Indications
During August, some venture capital investors focused on emerging
technologies and applications that are based on advances in imaging.
...
Sniffing For New Delivery Methods:
Intranasal Drug Formulations Offer Safer Alternative To Needles, Tablets
The drug delivery market also got some attention from venture capitalists
during the month, including a company developing intranasal formulations.
...
Public Equity Market
For the second month in a row, during August just one initial public
offering was priced by a health care company, but two others priced
secondaries.
...
Mergers and Acquisitions
The largest deal of the month is in the e-Health sector, and the flow of
deals was fairly steady during a month usually reserved for vacations.
...
Venture Capital Market
Robust activity in the health care venture capital market during August
resulted in more total funding in one month than we have seen in over two
years.
...
Private Equity Market
The private equity market for health care companies was not nearly as active
during August as venture capital, but one deal was unusually large.
...
Notes & Briefs
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Companies Mentioned in this issue:
September 2006
3i Group p8
4-Antibody AG p8
A
Aberdare Ventures p7
Abingworth Management (UK) p7
Ablynx NV p7
Acceleron Pharma p8
Accera p8
Acologix p3
ActivBiotics p3
Advanced Biotherapy p11
Advanced Technology Ventures p8
Advent Venture Partners p8
Aixling Capital p11
Albertson’s p6
Alta Partners p7, p8
American HealthNet p8
Amicus Therapeutics p3
Andorra Ventures p8
Antex Biologics p4
Apax Partners p7
Apjohn Ventures p7
Applisonix p8
Aravis Ventures p8
Archives of General Psychiatry p12
Arcxis Biotechnologies p8
Arisaph Pharmaceuticals p8
Artal Services p7
ATC Healthcare p3
Azimuth Opportunity Ltd. p11
B
BA Venture Partners p7
Balyasny Asset Management p11
Barr Pharmaceuticals p1
Basic Care p3
Bear, Stearns p7
Becton, Dickinson and Company p5
Bio*One Capital p7
BioMed Realty Trust p4
Biomedinvest p8
BioMedinvest VI Partners p7
Bioptigen p9
Biopure p11
BioSante p3
BioStorage Technologies p8
Biotech Fund Flanders p7
BMO p3
Boston Millennia Partners p8
Brooks p5
Brookstone Capital p7
Burrill & Company p7
C
Camden Partners p8
Canadian International Capital p8
Cardinal Investment p8
CEL-SCI p11
Celera Genomics p11
Celerus Diagnostics p8
Cempra Pharmaceuticals p8
Charter Life Sciences p1, p8
ChemoCentryx p8
Chevron Technology Ventures p7
Claremont Creek Ventures p8
Close Brothers Private Equity p6
CMEA Ventures p7
CMEA Ventures p2
Codexis p7
Cohera Medical p8
Commonwealth Seed Capital p7
Cowen & Co. p3
Craig Hallum Capital p11
CV Therapeutics p3
Cytori Therapeutics p10
D
Dawson James Securities p11
Dilon Technologies p9
Domain Associates p7, p8
Dow Chemical p2
Dr. Philip Frost p8
Duke University p9
Dynavax Technologies p11
E
Eckerd p5
eDiets.com p3
Elbit Medical Imaging p2
Electro Scientific Industries p8
Elron Electronic Industries p8
Emdeon Business Services p5
Emdeon Corporation p5
Emdeon Practice Services p5
Emergent BioSolutions p4
ESBATech p7
Esprit Pharma p7
F
Fidelity Biosciences p7
Fort Washington Capital p7
Forward Ventures p7, p8
Foundation Medical p8
FrontPoint Partners p7
G
GE Capital p2
GE Healthcare p2
Geisinger p9
Gilde Healthcare Partners p7
GIMV p7, p8
Goldman, Sachs p3
Grazia Equity p8
Great Point Partners p8
H
H.C. Wainwright p3
Hamilton BioVentures p7
Hansen Medical p3
Harbor Business p3
HBM BioCapital p7
HBM BioVentures p7, p8
HealthCare Ventures p7
Highland Capital Partners p8
Histogenics p8
HSBC p3, p4
I
I-Bankers Securities p3
I. Wistar Morris, III p8
IBT Management p7
Idera p3
IDG Ventures p8
In-Q-Tel p8
Inception Micro-Angel Fund p9
Infinity Venture Capital p8
InNexus p11
InNOVAcorp p8
Innovive p3
InSightec p2
InSite Vision p11
Institute of Medicine p4
Intersouth Partners p8
InterWest Partners p8
Intranasal Therapeutics p1
IntraPace p8
Inventages Venture Capital p8
Inverness Medical Innovations p11
Isis Pharmaceuticals p3
ISTA p3
ITX International Equity p8
J
Javelin p3
JDRF p7
Jefferies and Company p3
Jennison Associates p8
JPMorgan p3
K
Kaiser Permanente p9
KBC Private Equity p7
Kemia p7
Kentucky Co-Investment Partners p7
Kingsbridge Capital p11
Kos Pharmaceuticals p8
Kosan Biosciences p3
L
L Capital Partners p8
Lazard Capital Markets p3
Leerink Swann p3
Lehman Brothers p4
Life Science Angels p7
Life Science Partners p8
Lipid Sciences p3
LipoScience p8
M
Maayan Ventures p8
Magen BioSciences p8
Maxim Group p11
Maxygen p7
MBF Healthcare p3
MedaSorb Technologies p11
MEDecision p3
MedImmune Ventures p7
MediTech Advisors p2
Medusa Medical Technologies p8
MerLion Pharmaceuticals p8
Merrill Lynch p3
Mesirow Financial p7
Michigan Biologic Products Institute p4
Microchip Biotechnologies p8
Micromet p11
Microscience Limited p4
Millennium Biotechnologies p11
Mirabilis Medica p1, p8
Montagu Newhall Global Partners p7
Morgan Stanley p3
N
NanoBio Corporation p8
National Institute of Allergy and Infectious Disea p4
National Institutes of Health p4
Natus Medical p3
Needham p3
NeuroSonix p8
New Enterprise Associates p7
Novartis Bioventures p7
Novartis Venture Fund p7
Novo A/S p7
O
Oak Investment Partners p7
Oikos Investment Partners p8
OmniGuide p8
OrbiMed Advisors p8
OrthoClear p8
Osco Drug p6
Osiris Therapeutics p3
P
Peakadilly p8
Pequot Ventures p7
Perseus, LLC p8
Pharmacyclics p11
Phylonix Pharmaceuticals p12
Picis p3
Piedmont Angel Network p9
Piper Jaffray p3
Piper Jaffray & Co. p10
Pittsburgh Life Sciences Innovation Greenhouse p8
POSCO BioVentures p8
Protalex p3
Psilos Group p2
PTV Sciences p11
Q
Quest Diagnostics p9
QVT Fund p7
R
RAB Capital p11
Radius Ventures p8
Raymond James p3
Red Abbey Ventures p7
Rho Ventures p7
Rite Aid Corporation p5
RONA Syndicates p8
Rosemont Pharmaceuticals p6
Roth Capital Partners p3
Rubicor Medical p8
S
S.R. One (USA & UK) p7
Safeguard Scientifics p8
Sage Group p5
Sage Software p5
Savient Pharmaceuticals p6
SDS Capital p11
Skyline Ventures p7
Sofinnova Partners p7
Solvay Pharmaceuticals p4
Sonic Innovations p10
Sprout Group p7
Stata Group p8
Stereotaxis p3
Sutura p3
SV Life Sciences p1
Swiss Re p7
Symbollon p11
T
Taglich Brothers p9
Take Care Health Systems p6
Tandem Healthcare p3
Texas Pacific Group p7
The Frost Group p8
The Jean Coutu Group p5
Thermage p3
Thiakis p8
Thomas, McNerney & Partners p7
Thomas Weisel p3
TolerRx p7
Trans-India p3
TriPath Imaging p5
Tullis-Dickerson p7
Twilight Venture Partners p8
U
U.S. Department of Defense p4
U.S. Department of Health and Human Services p4
University of Kentucky at Lexington p1
Uroplasty p11
USGI Medical p8
V
VeraLight p2
VIB p7
Vical p11
Virtual Radiologic p3
vSpring Capital p1, p8
Vulcan Capital p8
W
Wachovia p3
Walgreens p6
Wasatch Venture Fund p2
WebMD Health p5
WEX Pharmaceuticals p11
X
Xtent p3
Z
Zogenix, Inc. p7 |
Sniffing For New Delivery Methods: Intranasal
Drug Formulations Offer Safer Alternative To Needles, Tablets
Email Editor
Although the list of
companies developing intranasal formulations of various drugs and
biologics is growing, just one announced a venture capital round during
August. Mr. Edwin Cohen, who founded Barr Pharmaceuticals (NYSE:
BRL) and is now Chairman and CEO of Intranasal Therapeutics, Inc. (ITI),
talked with us about how his new company is tackling a few of the problems
presented by current drug administration methods. The use of needles leads
to thousands of accidental needle-sticks every year, and other methods can
result in under- or over-dosing, or lack of absorption through the
gastrointestinal tract. Mr. Cohen is not the only one who recognizes the
need to remove the needle from delivery, but he has been focused on the
issue for some time. ITI began collaborating with the University of
Kentucky at Lexington in 1998, and later the Commonwealth of Kentucky
along with Mr. Cohen provided seed funding for ITI. Although he had a
tough time raising money in the years after the bubble, in the past few
weeks ITI closed on nearly $40 million in venture funding. Mike Ross, a
Managing Partner at SV Life Sciences who also holds a seat on ITI’s
board, identified the primary factors that appeal to investors in this
company. In addition to the strength of its founder, SV Life Sciences
believes in the needs ITI is addressing, for an alternative delivery
system for injectable drugs, and for preservative-free intranasal
formulations. ITI also has key relationships established with the
University of Kentucky and other institutions as well as the United States
military. Mr. Cohen anticipates ITI could turn a profit in as little as 36
months, which Mr. Ross concurred could be done. The technology ITI is
using will deliver a single dose of a drug for highly accurate intranasal
dosing, and the company is working with drugs that are already FDA
approved.
Currently in Phase III
trials, ITI has under development a butorphanol tartrate nasal spray for
the treatment of acute, moderate-to-severe pain, specifically for acute
migraine headache pain. ITI is also beginning a Phase III clinical trial
of its hydromorphone product in hospital emergency rooms, where burns will
be a key indication for use. The hydromorphone product is first expected
to be approved by the FDA for military use only, but broader labeling
could be attained in another 18 months or so, to include consumer use by
hospitals. ITI is also developing intranasal formulations of midazolam,
initially for anxiety, and lorazepam, initially for epileptic seizures.
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