Mendor, a Finish diabetes technologies and services company, raised $11.7 million in a Series B financing round, aiming for global expansion.
Funding was led by Finnish entrepreneur and investor Risto Siilasmaa, joined by Life Sciences Partners (LSP), Finnish Industry Investment Ltd., Finnish Mutual Pension Insurance Company Ilmarinen, private Finnish investment group Biothom and the Finnvera Venture Capital as a returning investor.
"Mendor is facing strong growth in the upcoming years and a solid financial base will help us tremendously in achieving our targets," said Mendor CEO and co-founder Kristian Ranta in a prepared statement.
Mendor designs, develops and markets diabetes care products and services, including the all-in-one blood glucose meter Discreet which contains a meter, strips and lancing device in a system the size of a cell phone, according to the company’s release.
LSP’s Dr. Anne Portwich will join Mendor’s board of directors at the close of the financing round.
Here’s a roundup of other dealflow and investment news:
- Eliza Corp. gets growth spurt from Parthenon Capital Partners
Eliza Corporation announced that it received an a growth investment from Parthenon Capital Partners this week, marking the first time the company has taken on institutional capital, having been independently profitable since 2002. Eliza develops health care communication strategies, including automated patient call systems and speech recognition technology.
- Cardiac imaging company lands $1 million loan
CardioInsight technologies landed a $1 million Ohio loan to help commercialize its electrocardiographic mapping technology, which it calls ECVue. The company expects to receive CE Mark approval in the European Union in August, Medcity News reported.
- OrthoCor seeks $3 million
OrthoCor Medical Inc., a Minneapolis-based startup that makes an FDA-approved knee brace, is seeking $3 million in two weeks.
"The money will be used to continue to commercialize our products both in the United States and in Asia to continue our sales strategy in the chiropractic market as well as the physical therapy market and to enter the orthopedics market," company CEO John Dinusson told MedCity News.
- Digital Assent grabs $7.5 million
Digital Assent, makers of the wireless touch-screen patient check-in system PatientPad, raised $7.5 million in financing in a Series B round. Lead investors were Sanan Private Equity, the BIP Opportunities Fund and Buckhead Investment Partners (BIP). Imlay Investments and BLH Venture Partners, who led the Series A funding earlier this year, also contributed.
- GreatBatch announces $400 million revolving credit facility
Greatbatch Inc. (NYSE:GB), a New York-based medical device company, amended its revolving credit facility, which was set to expire in May 2012. The new deal extends to June 2016 and increases the available credit to $400 million, from $235 million.
- Biolase looks to raise $9 million in private funding
Biolase Technology Inc. (NSDQ:BLTI), which recently settled a patent spat with with Discuss Dental, a Royal Philips Electronics (NYSE:PHG) subsidiary, announced that it will sell about 1.6 million shares of company’s common stock at a price of $5.55 per share together with warrants to purchase more than 800,000 additional shares at $6.50 per share. For each share of stock the purchaser also gets a warrant for half a share of stock. The deal is set to close late this month and is expected to raise just over $9 million.
- CloSys seeks $2.5 million
New Brighton, Minn.-based Closys Corp. is looking to raise $2.5 million through sales of debt and warrants. The company raised $30,000 through two investors so far.
- Impel Neuropharma lands $750,000 DOD grant
Seattle-based Impel Neuropharma landed a $750,000 grant from the U.S. Department of Defense for its technology to deliver drugs to the brain.
- LipoScience files for $86 million IPO
Raleigh, N.C.-based LipoScience Inc. filed its initial public offering last week, which could raise up to $86.2 million. The company blood tests to gauge risk of cardiovascular disease.
- Pressure Biosciences completes second tranche
Pressure BioSciences Inc. (NSDQ:PBIO) raised just over $275,000 in the second tranche of its private placement funding round.