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April 2008
Venture Deals Intertwining With M&A,
As Pharma, Bio And Device Assets Are Spun Off, Licensed Or Sold
More venture deals associated with
acquisitions expected ahead.
Quarterly VC Results Slightly Depressed:
Total Venture Funding In Q1:08 Falls Back To 2005 Levels
Total quarterly funding reached a
historically low level.
March 2008
Slow Month Produces Some Unique Deals--
We Talk With CEOs Of Two Companies That Closed Venture Rounds
February was a slow month for
deals, but the CEOs of two health care companies that raised venture rounds
in February took some time to talk with us.
Financing Available For Quality Companies:
New Venture Funds Raised, Ready and Willing To Invest In The Best
We talk with two venture
capital investors whose firms have recently closed large funds focused on
health care.
February 2008
Successful IPO In Emerging Specialty--
Growing Hospitalist Company Prices Initial Public Offering
Only one health care company priced an initial public offering during
January, but it was a successful one and in an emerging specialty market.
Imaging Space Hot During 2007--
Venture Capital Funding Increases, Continuing In 2008
Companies that are active in, or working to enter, the imaging market
attracted more funding in 2007 than previous years, and deals have already
been made in this space in 2008.
January 2008
Recent Discovery Spawns Venture
Funding--
RNA Interference Offers Basis For Therapeutic Development
One fairly recent biological discovery drew more attention from scientists
and investors in 2007.
Annual Venture Capital Results Shine--
Quarterly Results Slightly Lackluster, But Add To Strong Finish
In the health care venture capital market, 2007 was the fifth year in a row
that total funding and deals increased.
December 2007
Venture Capital Deals In 2008: Health Care
VCs See Steady Stream Of Funding
We get the inside view on the upcoming year from a few health care venture
capital investors, who seem to expect 2008 will be just about as active as
2007.
New Funding
For Drug Delivery--
Zosano Attracts More Capital For Development
Zosano is moving forward with its clinical and fund-raising activities under
its new name, with a technology that has been in development for some time.
November 2007
Health Care IPOs Surviving Stock Market
Jitters?--
So Far, Most IPOs Priced In 2007 Still Trading Above Initial Offering Prices
While the broader markets may be feeling a wintry draft right now, in health
care this fall, positive aftermarket performance is a warm glow for several
companies that priced IPOs so far this year.
Health Care VC Funding In 2007 Set To Surpass 2006:
Venture Capital Keeps Flowing Into Health Care, Shows No Signs Of Slowing
Already this year $8.2 billion has been invested in 405 health care venture
capital deals, and at this point, both deal flow and dollar volume appear to
be keeping pace with the increasing activity this market has witnessed in
recent years.
October 2007
Health Care VC Is Here To Stay--
Partners At Six Leading Firms Talk With Us About The Current Market
Recent conversations with several investors led us to feel optimistic about
the state of the health care venture capital market and where it’s headed.
Services Deals
Boost Quarterly Results--
According To Third Quarter 2007 Health Care Venture Capital Data
During the third quarter ended September 30, 2007, health care venture
capital deal flow continued at a steady pace, with more dollars than usual
invested in health care services companies.
September 2007
Pumping
Up The IPO Pipeline--
Three Health Care Companies Price IPOs And Sixteen More File
In spite of unpleasant news from
the lending industry and the nosedive the stock market took in mid-August,
shares in health care companies that priced IPOs during the month performed
fairly well, and several more IPOs were filed.
Major Funding For Spinal Implants--
Spike In Monthly Venture Capital Funding For Medical Devices
Medical device companies were responsible for the most deals and the
greatest share of venture capital in one sector during August 2007,
including the third health care venture capital deal this year that exceeds
one hundred million dollars.
August
2007
Institutional Funding Flows To Health
Care--
Private Placements Offer Attractive Financing Option And Are On The Rise
Private placements in health care
companies are attracting an increasing amount of capital, and a few
bankers in the business offered their viewpoints on current dynamics in this
market and preferred opportunities for these investments.
Temperature Modulation Enhances Care--
A Look At Some Of The Coolest, And Hottest, New Therapeutic Technologies
Some health care companies are dedicated to improving care by using
temperature, to either apply
warming, cooling, extreme heat or extreme cold for specific therapeutic
purposes.
July 2007
Pain Management Gains Momentum -
Market for Pain Products Attracts Growing Share of Venture
Capital
The market for pain
medications and pain management is
growing even more prominent, as health care companies strive
to develop new products and novel technologies to address pain.
Half-Year VC
Results Show Growth -
Quarterly Totals Indicate More Dollars Invested In More Deals
Health care venture capital results for the first half of the year seem to
suggest we are still on track for a record year in this market, boosted by a
strong first quarter and supportive second quarter.
June 2007
Nine Health Care IPOs Priced - Wall Street Greets Most New Stocks With Warm Reception
We can’t recall the last time we saw nine health care companies price IPOs
in the same month, and more potential winners are likely in the pipeline.
Plus, the one withdrawal of the month looks like it could be an acquisition
candidate.
Investors Take
Cardiology To Heart - Cardiac Devices, Drugs Attract Increased Venture Funding
Since we began tracking health care venture capital investments, an
increased amount of funding has flowed to cardiac devices and cardiology
applications; we explored the increase with some investors involved in this
space.
May 2007
IPO Re-filings All The Rage In Health
Care? - Some Recent IPO Withdrawals Have Been Re-filed, Others May Follow
During the last twelve months, several health care companies have pulled
IPOs, but some have re-filed and others have announced more clinical data,
as the IPO market grows stronger.
Venture Capital Market Heating Up For Aesthetics - Dermatology, Cosmetic And
Aesthetic Medicine Attract More Dollars
Health care companies targeting dermatology, aesthetic and cosmetic medicine
have attracted a growing amount of funding from venture capitalists, and
have accounted for a growing number of M&A deals, in recent years.
April 2007
$1.3 Billion To Fund March VC Deals -
Wireless Monitoring Devices Take More Than 10% of Total
Deals in wireless cardiac monitoring, among other technology-based health
care products and services, helped push the March venture capital total up
to a record level, in terms of most funding raised in a single month.
Q1:07 VC Funding Hit New Record High - Investors From At Least One Major
Firm Are Looking Forward
Health care venture capital investing reached a new quarterly high in the
first quarter ended March 31, 2007, with more total dollars raised in one
quarter than we have ever recorded.
March 2007
Backing Best Bets In Health Care - In
Various Sectors Venture Capitalists Are Investing In Products
There were a fair number of health care venture capital deals announced in
February by companies with products on the market, about to go to market or
in the later stages of development.
Public Equity Springs To Life - Seven Health Care IPOs In One Month,
Including Two Winners
The health care sectors produced seven initial public offerings during
February, including two with relatively impressive aftermarket performance.
February 2007
Investors’ Eyes On Vision, For The
Future - Venture Capitalists See Ophthalmology Opportunities Expanding
Highlighting activity in a slice of the market that includes drugs and
devices, biotechs and biopharmas, we take a look at the ophthalmology space.
IPO of Many Aims to Beat IPOs of One, and Funds - Exchange Traded Funds
Offer Transparency, Vertical Diversification
In an interesting twist on investing, one firm is launching a family of
publicly traded funds that could lure smaller, bold investors to mid-size
biotechs.
January 2007
Hot Times In Health Care Venture Capital - Year-End 2006 Results Reveal More
Deals Done, More Dollars Spent
This is the fourth year in a row that the health care venture capital market
has been growing, in terms of both dollars invested and number of deals;
funding for health care services helped drive the yearly and quarterly
totals.
Biopharma IPO Ends Big Year With a Bang - Health Care Stock Posts Impressive
Gains In Aftermarket Performance
Initial public offerings by health care companies increased in number during
2006, compared with the preceding year, and we profile the company that in
December priced the IPO with the most notable after-market performance.
December 2006
Open Window For Health Care: IPO Pricings Outnumber 2005, Expected to
Continue in 2007
The health care IPO market has been more active this year, and the bankers
we talked with did not seem to think it will be slowing down anytime soon.
The Case For Private Equity: One
Biotech Tells Us What It Lured It Away From The Public Market
Private equity deals offer a compelling alternative with advantages over the
public market for companies in certain situations, including one in
November.
November 2006
Out Of The Waiting Room, Please -
Funding To Reduce Costs, Improve Care Through Outpatient Facilities
Clinical centers established to specifically concentrate on addressing a
single disorder or therapeutic area are attracting the attention of
investors.
Corporate Incubation Leads To
Spin-Out - Equity Round Supports Clinically Established Delivery Technology
Although five health care companies priced IPOs during October, only one saw
its stock value increase significantly in after-market performance.
October 2006
China Tapping U.S. Capital Markets - Health Care IPOs Start Coming To
America As Chinese Market Expands
An obliging venture capitalist satisfied some of our curiosity about
opportunities for investors in China, sparked by the IPO of a China-based
company.
VCs Investing At A Vigorous Pace - Health Care Companies Raise More Dollars,
Announce More Deals In Q3:06
Quarterly results indicate the health care venture capital market is
maintaining momentum, with corporate investors making their mark through
equity and strategic investments.
September 2006
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.
August 2006
The e-Health Sector: Older And Wiser? After Years In Flux, Resurgence Of
E-Health Sector Seems Imminent
In the past six years, e-Health companies have come and gone, investors have
lived and learned and this market is pulling its head out of the sand.
Pharma Focused On CNS Leads VC Deals - Company Receives Approvable Letter
From FDA, Secures Third Round
The largest venture capital deal announced during July was by a company that
already has a product on the market in Canada and other countries.
July 2006
Where’s The Exit In This Market? A Look At Health Care IPOs In The First Six
Months Of 2006 Shows Who Knows
In the past six months, many health care companies have considered an
initial public offering, but few that have completed an IPO have actually
succeeded in increasing the value of their shares.
Mixed Results From Mid-Year Data - Health Care Venture Capital Hot
During Second Quarter and First Half Of 2006
Although the total number of health care venture capital investments
announced during Q2:06 was lower than in the first quarter, more total
dollars were invested during the second.
read more
June 2006
Venture Capitalists Refine Investment
Styles
In conversations with a handful of senior team
members at high-profile venture capital firms, we learned how investors are
reacting to recent realizations about the biotechnology market.
May 2006
Strategy For The Sweet Sounds of Success?
One firm invested a total of $125 million last
month, in two collaborative entities formed with biopharmaceutical companies
that needed a strategic and financial partner, but are not yet ready to work
with a pharmaceutical company.
April
2006
Ready for Retail Health Care? New Company Secures Large Financing to Grow,
Expand Rapidly
The biggest deal of the month is the first
institutional round for a company that plans to penetrate the retail-based
health care space.
March
2006
Consistency In Venture Capital? Flow of Funding Shows No Signs Of Slowing,
With More Large Deals
The flow of venture capital to the health care
markets continues in full force, and one of the largest deals announced last
month was by a company that is currently focused on treatments that address
gastrointestinal disorders.
New Device Frees Up Diabetics, Providing
Insulin Infusion Pump Therapy Without The Tubes That Tether
Also this month we talked with a venture
backer and management of Insulet Corporation, a company that secured $50
million in its Series E financing last month and is poised to simultaneously
capitalize on growth that has been occurring in more than one subsector of
health care. read more
February 2006
Boning Up on Orthopedics: Growing Market
Drives Investments in Medical Devices and Technology
The medical device market is heating up, with
financings, acquisitions and strategic investments, plus the largest venture
capital deal we have seen in the orthopedics space.
...
Most VC Deals In Three Years: Specialty
Interests, Strategic Moves And Foreign Concerns Fuel Activity
More venture capital deals were announced by health care companies in
January 2006 than in any other thirty-day period we have tracked in the past
three years. read more
January 2006
Year-End Total: An Avalanche Of Deals - The Venture Capital Ball Kept On
Rolling Through December 2005
Last year, a big one for health care venture
capital, investors shifted more attention towards biopharmaceuticals as
biotechnology matured.
December 2005
Stuffed Bird Still Hungry: Sneaking A Peek
At Year-End 2005 Venture Capital Results
Total health care venture capital raised in the month of November surpassed
most other thirty-day periods we tracked this year.
November 2005
Private Equity Funding Doubles
Investment Firms Committed Twice As Much
Capital To Public Companies - The market warmed up with the New England
weather during the first full month of Fall for public health care companies
raising capital in the private equity market.
October 2005
Much Ado About Nothing? - An e-Health IPO
Sizzles and a SPAC Completes its Debut Offering
The public market has certainly not
smoldered out, and may even be heating up for some riskier types of IPOs,
though one biopharma withdrew.
September 2005
No Sticking Points Seen Here --
FDA-Approved Device Adds Precision and Speed to Common Procedure
Luminetx signed a distribution deal to get its first product, the Vein
Viewer, out on the market.
August 2005
The Drug Days of Summer - Biggest Deals, Most Dollars in Health Care M&A
Tied to Pharmaceuticals
Two of the biggest names in generic pharmaceuticals come together in one of
the largest deals of the year, and several smaller deals get done.
July
2005
Private Equity Investors Providing Life Support To Development-Stage Health
Care Companies
Publicly traded health care companies increasingly turned to institutional
investors for capital, announcing 21% of this year’s health care private
equity deals in the past 30 days.
June 2005
Coming Of Age: Pediatric Pharmaceuticals
Get Some Attention From Legislators And Venture Capitalists
Two recent venture capital transactions,
including the largest financing in the past 30 days, and some recent
legislation, may indicate a growing trend in the pharmaceutical market
towards the pediatric segment. Verus Pharmaceuticals pocketed $78 million in
its Series A round and secured a $20 million product-specific royalty
financing in the same deal.
May 2005
Will The Next Rising Star Of Hospital Management Start Shining With 10
Hospitals From HCA?
The largest financing announced by a private company this month is a seed
round, for Capella Healthcare, and it is the second time in 15 months a newly formed hospital
management company, focused on growth by acquisition, has secured a large
round of start-up financing.
April 2005
Health Care Venture Capital
Spending Increases 19% During First Quarter 2005, But Tapers Off In April
April is off to a slow start and three dialysis center operators nab venture
funding, following an increase in venture capital spending during the first
quarter, ended March 31, 2005.
March 2005
Warming Up For Another Record
Year? Health Care Venture Capital Spending Springs Up
--Venture Capital Market
Back in full swing, health care companies raised more venture funding this
month than last month, and the first $100 million deal of the year was
announced.
February
2005
Health Care IPOs Line Up At An Open Door, And The Public Equity Market Is
Buzzing With Activity
--Public Equity Market
And we thought last month was busy. The health care public equity market has
not seen this much activity since the dot-com days.
January
2005
Venture Market Still Healthy, Even Caring: Investors and Caregivers Put
Their Money on Happier Patients
The biggest deal of the month may be
one signal the tides are turning in health care. Plus, whether an anomaly
or a trend, the biotechs have been outpaced in this year’s first issue, at
least in number of deals for the month.
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