Personalized medicine test maker AssureRx Health completed an $11 million Series B round.
The Mason, Ohio-based company plans to use the funding to expand sales and marketing for its GeneSightRx test, which helps doctors pick the right psychiatric drugs for patients based on their genes. The company launched the test in 2009.
AssureRx also intends use the investment to develop an unspecified second product, according to the company.
In the past, AssureRx has said that future products could include tests that help doctors choose medications for patients who have neurodegenerative diseases like Alzheimer’s or Parkinson’s, as well as disorders such as attention-deficit hyperactivity and post-traumatic stress.
The financing was led by California-based Claremont Creek Ventures and Sequoia Capital, and included support by previous investors Cincinnati Children’s Hospital Medical Center, Mayo Clinic and CincyTech, as well as new investor Allos Ventures.
AssureRx is benefiting from its association with the hot field of personalized medicine. The worldwide pharmaceutical, medical device and diagnostics segment of the personalized medicine market is $24 billion and growing at 10 percent a year, according to a 2010 report from PricewaterhouseCoopers.
Here’s a roundup of the latest dealflow and investment news:
- HTG changes name, wraps up $16.7 million Series D
HTG Inc. announced it changed its name to HTG Molecular Diagnostics. The company, formerly known as High Throughput Genomics or HTG, made the change to convey the company’s strategic vision and direction in providing molecular testing capabilities for clinical researchers, pharmaceutical clinical development and clinical testing laboratories. This announcement comes on the heels of a $16.7 million Series D financing round that the company closed last month.
- BL drums up $4.9 million
Foxboro, Mass.-based BL Healthcare Inc. raised $4.9 million in the form of equity, debt and options. The financing is part of a planned $5.9 million round and was supported by 16 unnamed investors, according to a Securities & Exchange Commission filing.
- Sensable grabs $2 million
Wilmington, Mass.-based Sensable Technologies Inc. raised $2.0 million in the form of equity. The financing is part of a planned $6.0 million round and was supported by 6 unnamed investors, according to an SEC filing.
- HealthTap announces $2.4 million in seed funding
HealthTap raised $2.35 million in a Convertible Note Seed financing led by Mohr Davidow Ventures. Mohr Davidow invests in businesses that address significant challenges and opportunities, including personalizing medicine – and is joined in the round by notable angel investors best known for leading the world’s push toward interactivity and personalization.
- Core Essence drums up $11.5 million B round
Fort Washington, Penn.-based Core Essence Orthopaedics raised $11.5 million in Series B financing. Baird Venture Partners led the round and was joined by existing investor NewSpring Health Capital, Robin Hood Ventures and other individual investors, according to the company. The funding, which follows a $5 million Series A round, will support the commercialization of the company’s soft tissue and skeletal repair devices, the company said.
- €1.6 million investment for AeroSurgical
Galway, Ireland medical device company AeroSurgical Ltd secured an investment of €1.6 million ($2.3 million) from the Western Development Commission, Enterprise Ireland, existing shareholders and new private investors, according to the Galway Independent.
- Alere board OKs stock buyback worth $50 million
Alere Inc. is buying back an additional $50 million in its stock after the board of the Waltham, Mass.-based company approved the measure. This follows a previous $50 million buyback plan approved in December; Alere’s board has given the approval for a total of up to $150 million in stock, according to Mass High Tech.
- Verax Biomedical drums up $1.2 million
Worcester, Mass.-based Verax Biomedical Inc.
raised $1.2 million in the form of equity. The financing was supported by 26 unnamed investors, according to an SEC filing.
- Lantheus Medical Imaging closes private offering of $150 million of 9.750% senior notes
Lantheus Medical Imaging Inc. announced the completion of its previously announced private offering of $150 million in aggregate principal amount of its 9.750% Senior Notes due 2017. The New Notes were offered as additional debt securities under an indenture pursuant to which Lantheus previously issued $250 million in aggregate principal amount of 9.750% Senior Notes due 2017.
- Core Essence secures $11.5 million Series B financing
Core Essence Orthopaedics Inc. raised $11.5 million in Series B financing. Baird Venture Partners led the round, joined by existing investor NewSpring Health Capital, Robin Hood Ventures and other individual investors. The funding, which follows a $5 million Series A round, will support the commercialization of the company’s soft tissue and skeletal repair devices.
- CardioFocus secures $5 million credit line
CardioFocus, a venture capital-backed medical device company developing technology to treat cardiac disorders, secured $5 million in debt financing from Silicon Valley Bank. CardioFocus will use the new financing to initiate its pivotal trial in the U.S. and to expand the commercialization of its products in Europe.
- Quest Diagnostics seeking to raise $1.25 billion through debt
Quest Diagnostics Inc. (NYSE:DGX) intends to offer $1.25 billion in aggregate principal amount of four series of senior notes in a public offering made under a shelf registration statement filed with the SEC, subject to market and other conditions. The notes will be fully and unconditionally guaranteed on a senior, unsecured basis by certain of the company’s domestic, wholly owned subsidiaries.
- Illumina raises $800 million through convertible senior notes
Illumina Inc. (NSDQ:ILMN) closed on $800 million principal amount of 0.25% Convertible Senior Notes due 2016 through offerings to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). In connection with the offering, Illumina also granted the initial purchasers a 30-day option to purchase up to $120 million of additional notes.
- Oxford Finance Corp. and GE Capital provide $20 million senior credit line to NeoVista
Oxford Finance Corp., a subsidiary of Sumitomo Corp., announced that it and GE Capital, Healthcare Financial Services closed a $20 million round of debt financing for NeoVista Inc. These funds will be used primarily to support the completion of its pivotal Phase 3 trial of Epimacular Brachytherapy for the treatment of wet age-related macular degeneration.
- Still River drums up $11.5 million
Littleton, Mass.-based Still River Systems Inc. raised $11.5 million in the form of equity and options. The financing was supported by 7 unnamed investors, according to an SEC filing.
- Wright Medical closed tender offer for 2.625% senior notes due 2014
Wright Medical Group Inc. (NSDQ:WMGI) announced the expiration, on March 11, 2011, of its tender offer to purchase for cash any and all of its outstanding 2.625% Convertible Senior Notes due 2014 at $1,000 per $1,000 principal amount of Notes.
Material from MedCity News was used in this report.