Cardiosolutions raises $3.3M | Funding Roundup

September 8, 2011 By MassDevice staff

Cardiosolutions Inc. landed about half of what it hopes will amount to a $6.5 million fundraising round, pulling in $3.3 million from eight un-named investors, according to a regulatory filing.

The Stoughton, Mass.-based company is a spinout from contract manufacturer STD Med, which early last year bought a new, 32,000-square-foot cleanroom to house Cardiosolutions and sister firm Spirus Medical Inc.

Cardiosolutions, which is developing a catheter-based mitral valve replacement technology, netted $295,000 in a debt sale in January 2010. The latest offering is also a debt sale, according to a filing with the federal Securities & Exchange Commission.

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In September 2010, Cardiosolutions won 510(k) clearance from the Food & Drug Administration for its Percu-Pro guidewire.

OnPoint Medical Diagnostics lands half of $1.5M round

OnPoint Medical Diagnostics Inc. raised $750,000 of a $1.5 million debt, options and warrants round.

The Rochester, Minn.-based company makes software to manage MRI scanners in hospitals and other clinical settings. The software automates a mandatory accreditation process for federal reimbursement.

The funding round was backed by 12 un-named investors, according to a regulatory filing. Read more

Ohio Third Frontier shells out $2.6 million in CT, PET grants

The Ohio Third Frontier Commission is doling out nearly $2.6 million in grants to Case Western Reserve University, Philips Healthcare and University Hospitals for CT and PET scanning research.

The commission’s medical imaging program aims to nurture the Buckeye State’s medical imaging industry. It’s based in Columbus, Ohio. Read more

MedShape Solutions reels in $1.5M SBIR grant

MedShape Solutions Inc. reeled in a Small Business Innovation Research Phase I grant from the National Institutes of Health that could eventually reach $1.5 million if the company meets its milestones.

The Atlanta-based medical device maker said the grant will fund research and development of a “compliant shape memory polymer device for meniscal repair,” according to a press release.

“MedShape’s research and development team will use the company’s proprietary shape memory biopolymer capabilities to develop an easy-to-use, robust, and effective meniscal repair solution with clearly defined clinical benefits,” according to the release. Read more

NeuroSigma wins $750k STTR grant

The NIH also handed out some cash to NeuroSigma Inc., a Los Angeles-based medical device company that’s working on a neurostimulation device to treat drug-resistant epilepsy.

The Small Business Technology Transfer Phase I grant from the National Institute of Neurological Disorders and Stroke “will support further development of external trigeminal nerve stimulation therapy for the treatment of drug-resistant epilepsy, for which NeuroSigma is the exclusive worldwide licensee of intellectual property developed by the University of California, Los Angeles,” according to a press release.

The two-year, $750,000 award could include up to $3 million in follow-on Phase II grants for further clinical research if the Phase I study pans out, according to the release. Read more

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Texas-based team seeks EUA for 3D printed emergency ventilator

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