TAVI: Direct Flow Medical raises $32m, names 1st CCO

December 3, 2014 by Brad Perriello

Direct Flow Medical said today that it landed a $32 million funding round for its replacement heart valve technology and tapped a 25-year medical device veteran, Chris Richardson, to lead its commercialization program.

Santa Rosa, Calif.-based Direct Flow said the funding round includes a $17 million equity investment led by new backers SV Life Sciences and an unnamed strategic investor. The remaining $15 million comes from the 2nd tranche of a $50 million loan from PDL BioPharma, the company said. Read more

Medtronic prices $17B debt offering for Covidien buy

December 1, 2014 by Brad Perriello

Medtronic took another big step today toward consummating its $43 billion bid for Covidien, saying it priced priced $17 billion worth of debt to finance the deal.

The 7-tranche offering of senior notes, expected to close Dec. 10, start coming due in 2020, with the final tranche due March 15, 2045, Medtronic said. The proceeds will be used to fund the cash portion of the Covidien buy, the Fridley, Minn.-based company said. Read more

Conventus Orthopaedics raises $24m for arm fracture implants

December 2, 2014 by Brad Perriello

Conventus Orthopaedics said it closed a Series AA round worth $24 million it plans to use to commercialize 1of its self-expanding extremities implants and advance R&D on another.

Minneapolis-based Conventus said the round’s participants included Deerfield Management, Ally Bridge Group, Sightline Partners, Spray Fund, Blue Stem Capital, BioStar Ventures and Blue Sky Fund. The AA round takes its total raise to $34 million, according to a press release, including a $10 million venture debt facility inked last April. Read more

Xeltis raises $34m for regenerative heart valve tech

December 2, 2014 by Brad Perriello

Xeltis said today that it closed an over-subscribed Series B round worth about $34 billion for the regenerative heart valve technology it’s developing.

Zurich-based Xeltis said the round was led by Amsterdam’s Life Sciences Partners and Paris-based Kurma Partners and included VI Partners and existing shareholders. The proceeds are earmarked primarily for commercialization of the company’s 1st product, a pulmonary valve, and pipeline development, according to a press release. Read more