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.
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.