MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Funding roundup: Echo Therapeutics, SeraCare and Avedro

Funding roundup: Echo Therapeutics, SeraCare and Avedro

By

Funding roundup

Echo Therapeutics Inc. (OTC:ECTE), SeraCare Life Sciences Inc. (NSDQ:SRLS) and Avedro Inc. all brought in new funding this week.

Echo Therapeutics

Franklin, Mass.-based Echo raised $2.5 million via a private stock and warrants offering, with a binding commitment for another $3 million.

The company’s largest backer, Platinum Montaur Life Sciences LLC, led the round’s investors, according to Echo.

The company, which is developing a transdermal drug delivery device, plans to fund product development and clinical studies and support general corporate expenses with the new financing.

“The completion of this financing is a watershed event for the company, as we believe that we now have sufficient funds to substantially complete the product development, clinical studies and manufacturing of both our Prelude SkinPrep System, our skin permeation platform technology and our Symphony tCGM System, our needle-free continuous glucose monitoring system,” Echo CEO Dr. Patrick Mooney said in prepared remarks.

SeraCare Life Sciences

Milford, Mass.-based SeraCare secured a $20 million loan through a combination of credit facilities from Middlesex Savings Bank and Commerce Bank and Trust Co., which will provide $12 million and $8 million, respectively.

The life sciences service provider said it can use the funds, which are subject to the terms of the loan agreement, for working capital, acquisitions, stock repurchases and other general corporate purposes.

Avedro

Waltham-based vision correction start-up Avedro drummed up $1.7 million from a securities offering it first opened in July, according to an amended Securities & Exchange Commission filing.

The planned $8 million offering had already brought in $4.6 million, which brings the total funding for the round to $6.3 million.

The filing lists as directors Borealis Ventures’ Philip Ferneau, Prism VentureWorks’ Anthony Natale, De Novo Ventures’ Joseph Mandato, Flagship Ventures’ Doug Cole and Carl Johnson III of the Campbell Soup Company, in additiont to Avedro founder and CEO David Muller and CFO Rhonda Bracey.

Avedro won CE Mark approval in April for its Vedera system for performing Keraflex treatments designed to flatten the cornea in patients with myopia or keratoconus.

In case you missed it

RSS From Medical Design & Outsourcing

  • Zimmer Biomet narrowly avoids shareholder rebuke on executive pay
    An unusually large share of Zimmer Biomet (NYSE:ZBH) investors voted against the orthopedics company’s pay packages for top executives at the annual shareholder meeting. About 54% of voting shareholders supported the pay packages of the company’s five top-paid executives at the May 13 meeting, according to results filed with the SEC yesterday. In 2021, nearly 93%… […]
  • BD, Mitsubishi Gas Chemical partner on better materials for plastic syringes
    BD (NYSE:BDX) announced that it partnered with Mitsubishi Gas Chemical Company on applying new technology to pre-fillable syringes. MGC develops the Oxycapt technology designed to integrate the best of plastic and glass for plastic syringes. BD and Tokyo-based MGC will work together to apply Oxycapt technology to the next generation of pre-fillable syringes (PFS) for advanced… […]
  • Ambu replaces CEO with new leadership
    Ambu today said it has hired board member Britt Meelby Jensen to replace CEO Juan Jose Gonzalez, effective tomorrow. “Since Juan Jose Gonzalez joined as CEO in 2019, Ambu has made good progress and achieved important milestones on the strategic transformation into the world’s largest single-use endoscopy company,” Ambu Chair Jørgen Jensen said in a… […]
  • AdvaMed joins Biden’s Joint Supply Chain Resilience Working Group
    AdvaMed executive Abby Pratt has joined the executive committee for the Biden administration’s Joint Supply Chain Resilience Working Group, the medtech industry association said today. The working group’s members from government and industry will assist with implementation of the National Strategy for a Resilient Public Health Supply Chain. Pratt oversees supply chain issues as SVP… […]
  • Toray develops new stretchable film for medical devices
    Toray Industries has a new stretchable film based on its proprietary polymer Reactis technology, with potential applications that include robotics and biological and industrial sensors. Tokyo-based Toray said it shipped samples to customers and plans research and development efforts to commercialize the new grade of film. “Recent years have increased the potential for developing stretchable… […]
  • Google Health hires FDA’s chief digital health officer
    Former FDA Chief Digital Health Officer of Global Strategy and Innovation Bakul Patel has started a new job with Google after 13 years with the regulatory agency. Patel became senior director, global digital health strategy and regulatory for Google Health earlier this month, he said on LinkedIn. Patel recounted highlights of his “incredible journey since… […]
  • Expect more heart and lung failure years after COVID, Abbott’s heart failure CMO says
    Two years into the COVID-19 pandemic, we know more than ever about the SARS-CoV-2 virus and how quickly it moves to ravage the human body. What remains to be seen is how the virus — and perhaps more importantly, our immune system’s response to it — will affect the health of people long after infection,… […]
  • FDA moves forward with Voluntary Improvement Program to bolster medical device quality
    Kathryn Burke, Emergo Group The U.S. Food and Drug Administration has issued new draft guidance to establish a full-blown voluntary program for improving quality-related processes in medical device manufacturing following promising results of a pilot program. The FDA guidance stems from a pilot undertaken by the agency along with the Medical Device Innovation Consortium (MDIC) in 2018.… […]
  • How Minnetronix Medical helped Lazurite with its wireless surgical camera
    Minnetronix Medical (St. Paul, Minnesota) has played an important development and manufacturing partner role with Lazurite’s wireless surgical camera system. It’s been nearly two months since Lazurite (formerly Indago) announced FDA 510(k) clearance of its ArthroFree system. ArthroFree combines proprietary low-heat, high-intensity Meridiem light engine technology with advanced camera, battery and wireless transmission technologies and… […]
  • Instron releases TrendTracker data analysis workflow platform
    Instron announced that it released the TrendTracker module in Bluehill Central for accelerating data analysis workflows. Norwood, Massachusetts-based Instron designed TrendTracker with an intuitive interface to improve the data analysis workflow of single or multi-location materials testing laboratories. According to a news release, the platform features quick searching and the ability to display and analyze… […]
  • Henry Schein hires former Medline veteran to drive ‘One Distribution’ push
    Henry Schein (Nasdaq:HSIC) today named Dirk Benson as VP and chief commercial officer of the medical device manufacturer and distributor’s North America Distribution Group (NADG). Melville, New York-based Henry Schein is the world’s largest provider of health care supplies and services for office-based dental and medical practitioners, and NADG is the company’s largest business group. The… […]

Leave a Reply