FDA nod triggers $30m milestone for Astute Medical
October 10, 2014 by Alexander Soule
Astute Medical said it’s in line to receive up to $30 million under a standing loan agreement from funding partner CRG to commercialize its recently approved NephroCheck kidney-injury test, and could receive an additional $10 million if it hits certain revenue milestones.
Last month, San Diego-based Astute won 510(k) clearance for NephroCheck, which is used to test for acute kidney injury, or AKI, in patients who have recently suffered a serious cardiac or respiratory event. Astute said its the first biomarker test for AKI to be approved by the FDA. Read more
C2 Therapeutics raises $11.6m in equity funding
October 14, 2014 by Alexander Soule
C2 Therapeutics raised $11.6 million in equity funding, according to a recent regulatory filing.
The cash infusion comes just 2 months after the company received FDA clearance for its ablation device to treat a pre-cancerous condition known as Barrett’s esophagus. Read more
Report: Minnesota life science investment closes in on 5-year high
October 16, 2014 by Scott Wooldridge
Investment in Minnesota life science companies is on track to hit a 5-year high by the end of 2014, according to a new report from LifeScience Alley. The industry group, whose membership includes companies from the medical device, health IT and pharmaceutical industries, says the 3rd quarter saw a total of $113.6 million in life science investments, bringing the year-to-date total to nearly $300 million.
The numbers reflect a general trend over the past few years. Officials with the group say they’ve seen more deals, more investors and higher budgets. Read more
MID Labs lands $51m for eye surgery devices
October 16, 2014 by Brad Perriello
MID Labs Ltd. said today that it raised a $51 million funding round for its eye surgery devices it plans to use to expand in the U.S. and China.
The round, led by OrbiMed and Frontline BioVentures, also included Softbank China Venture Capital, Allen Chao and Sungent BioVenture, according to a press release. Read more
