Shine Medical closed an $11.4 million funding round for its method of generating a low-energy neutron source for medical imaging that uses a particle accelerator instead of a nuclear reactor.
The Monona, Wis.-based company is aiming to provide an alternative to molybdenum-99, which has become an uncertain commodity as the reactors used to produce have aged. Shine aims to have a plant in Janesville, Wis., online by 2015 capable of meeting about half of U.S. demand for the element, or about 10 million procedures annually, according to a press release.
Fifteen unnamed investors participated in the debt and equity round, according to a regulatory filing.
Founder and CEO Greg Piefer developed the technique, which does not use highly enriched uranium and involves a "’greener,’ safer method for production that is compatible with the nation’s existing supply chain," according to the release.
PwC: Medtech VC deals slide for 3rd consecutive quarter
Venture capital investment in medical device companies was down for the 3rd consecutive quarter, according to the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Assn, using Thomson Reuters data.
Medtech transactions were down both in volume and dollars, according to the report. VCs spent 37% less on 27% fewer deals, with $434 million going into 65 companies. That’s the lowest rate of investment since 2004, according to the report.
Baxter hits 52-week high on Q3 results
Shares of Baxter hit a 52-week high of $63.05 yesterday after releasing its 3rd-quarter numbers, but share values retrenched today, falling 1.3% to $61.92 as of about 1:15 p.m.
DHR shares closed at $53.45 yesterday, down 4.7%, and were hovering around the $53.25 mark as of about 1:20 p.m. today.
- Abbott (NYSE:ABT): Raymond James downgrades from "outperform" to "market perform" rating; Wells Fargo upgrades from "market perform" to "outperform" rating.
- Abiomed (NSDQ:ABMD): Northland Securities initiates coverage with "underperform" rating, $14 price target.
- Align Technology (NSDQ:ALGN): Cantor Fitzgerald reiterates "hold" rating, lowers price target from $37 to $32.
- AthenaHealth (NSDQ:ATHN):
- Baxter (NYSE:BAX): Barclays Equity Research maintains “equal weight” rating, $63 price target.
- Intuitive Surgical (NSDQ:ISRG): Bank of America Merrill Lynch upgrades from “neutral” to “buy” rating, raises price target from $565 to $620; Barrington maintains "market perform" rating.
- Novadaq Technologies (TSE:NDQ): Canaccord Genuity initiates coverage with "buy" rating, $15 price target.
- Stryker (NYSE:SYK): Barclays Equity Research maintains “equal weight” rating, $58 price target.
Jefferies downgrades to “underperform” from "hold" rating, sets $60 price target.