Urology diagnostics maker MedicaMetrix Inc. landed a $66,950 grant under the Medical Device Development Center’s "fast-lane" program to continue the development of its ProstaGlove for low cost detection of prostate cancer.
The grant was supported by the Massachusetts Technology Collaborative’s John Adams Innovation Institute.
“ProstaGlove is precisely the type of innovative device that merits public sector support”, M2D2’s Steve McCarthy said in prepared remarks. “With federal and state governments, through Medicare and Medicaid, paying hundreds of millions annually for diagnosis of prostate cancer, ProstaGlove has demonstrated comparative effectiveness, with the potential to deliver substantial savings.”
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ProstaGlove is a disposable procedure glove with an embedded sensor to measure prostate volume that, according to the company, will eliminate more than one third of prostate biopsies.
MedicaMetrix estimated that ProstaGlove will reduce the cost of prostate cancer diagnosis by more than $650 globally.
The Wayland, Mass.-based company said the grant would go towards funding clinical trials for FDA clearance.
The University of Massachusetts-Lowell officially opened the doors to its Massachusetts Medical Device Development Center (M2D2) in late September, after completing a $4 million renovation, where they Used Forklift Sales and other different equipment.
The project transformed 16,000 square feet of a former mill building into a high-tech startup space featuring wet laboratories, office and meeting space for emerging medical device companies.
Here’s a roundup of other dealflow and investment news:
Zimmer Holdings Inc. (NYSE:ZMH) agreed to sell $550 million of senior notes in a public offering expected to close on Nov. 10.
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Catheter robotics maker Hansen Medical Inc. (NASDAQ:HNSN) entered into a stock purchase agreement to raise $10 million for the same of common stock $2.09 per share.
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Cormedics Corp. completed its planned start-up funding process with Texas Emerging Technology Fund resulting in a total investment of $750,000.
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Patient Safety Technologies, Inc. entered into warrant exchange agreements with three parties, including Brian Stewart, the company’s president & CEO.
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Tel Aviv-based Elron Electronic Industries Ltd. (TASE:ELRN) signed a $30 million credit line agreement with Silicon Valley Bank for a period of 18 months.
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Sunnyvale, Calif.-based Pivot Medical raised $32 million in series C financing led by new investor Adams Street Partners.
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DFINE Inc. closed $25 million financing. The financing included current investors OrbiMed Advisors, Prospect Venture Partners, Split Rock Partners, BBT Fund/Apothecary Capital, Highland Capital Management, and Vanguard Ventures.
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Newton, Mass.-based sleep device maker Zeo Inc. took $1 million of a planned $4 million debt offering to support its growing sleep management device business.
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Scandu raised $2 million from Angel investors in a financing round to help build its medical tricorder, do "check your body as often as you check your e-mail.
"
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MassDevelopment provided a $680,000 loan to Massachusetts Biomedical Initiatives to build a life sciences incubator in Worcester.
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Med-tech startup Kyruus Inc. raised $3 million in equity funding round to develop a software to match physicians with health care resources.
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Alpharetta, Ga.-based electronic health records provider simplifyMD landed $4.5 million
in financing.
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Milpitas, Calif.-based AmbiCom Holdings (OTCQB:ABHI) landed $1 million in financing from Newport Beach, Calif.-based Kodiak Capital Group.
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