Merck Global Health Innovation Fund will invest up to $17 million in medical app maker Physicians Interactive Holdings. The financing includes $8.5 million up front, but could double if the mHealth marketer meets Merck’s milestones.
The Marlborough, Mass.-based company plans to use the Merck funds to grow "4 key products," including its flagship medical resources app Skyscape.
The app, which it acquired in mid-2009, accounts for nearly 90% of its health care division. Skyscape is a clinical decision and educational application marketed to doctors, health care workers, teachers and medical students.
Sign up to get our free newsletters delivered right to your inbox
"We are excited by this investment from Merck Global Health Innovation Fund and it validates both our achievements to-date and the compelling vision around our innovative programs for healthcare professionals and life science companies. This investment will allow us to further expand our internal product development and customer solutions, as well as explore new markets and additional customer segments," Physicians Interactive Holdings’ CEO Donato Tramuto said in prepared remarks.
Along with its $8.5 million in funding, Merck’s GHIF will appoint 1 of their executives to the Physicians Interactive board of directors.
Here’s a roundup of other dealflow and investment news:
Cowen Healthcare Royalty Partners raises $1B
Global health care investment firm Cowen Healthcare Royalty Partners raised approximately $1 billion, exceeding the target by more than 75%. Read more
Avinger lands $22.5M in Series C
Wildcat and Kittycat catheter maker Avinger Inc. closed a $22.5 million Series C funding round. Avinger plans to use the funds to further the U.S. and European commercialization of its catheters used to treat peripheral artery disease. Read more
Echo Therapeutics announces $3.6M warrant exercise
Echo Therapeutics received $3.6M in warrant exercises. These exercises bring the company’s year-end cash balance to $9.2 million. Read more
Cardiac catheter maker aims for $2.5M
Hypertension catheter system company Ablative Solutions raised slightly more than 1/3 of its $2.5 million target in a Series A financing round. Read more
Uptake sells $35M in public offering
Uptake Medical Corp. sold $35.1 million of a target $41.6 million in a public offering finance round, according to an SEC filing. Read more
Ophthalmic startup raises $2M
Med-tech startup Corinthian Ophthalmic raised $2.2 million from 11 investors to fund its quest to replace the standard eyedropper. Read more
CytoPherx raises $34M for U.S. clinical trials
Ann Arbor, Mich.-based CytoPherx completed a $34 million funding round to help fund clinical trials for its continuous renal replacement therapy. The round was led by Early Stage Partners, ONSET Ventures and Capital Midwest Fund. Read more
GlySure secures $10.9M in Series C
Glucose monitoring system maker GlySure secured $10.9 million in funding from venture capital firms in a Series C financing round. The Oxford, England-based company plans to use the funding to support clinical trials in the U.S. and Europe. Read more
Cardiovascular Systems amends agreement with SVB
Cardiovascular Systems Inc. amended a loan & security agreement with Silicon Valley Bank to provide the company with $2 million more capital, increasing the loan terms from $10 million to $12 million. Read more
CircLite wins $950,000 grant
CircuLite Inc. landed a $950,000 grant from the Cardiovascular Medical Research & Education Fund. The money will support the Saddle Brook, N.J.-based company’s Synergy micro-pump. Read more
Neoprobe secures $10M
Dublin, Ohio-based Neoprobe Corp. landed $10 million in debt financing from life sciences fund Hercules Technology II. Read more
MiMedx sells notes for $5M
MiMedx sold 5% convertible senior promissory notes to 13 accredited investors for $5 million. The notes matures on Dec. 31, 2013 and bear 5% interest. Read more
Clearside Biomedical lands $4M in Series A
Ophthalmic startup Clearside Biomedical landed $4 million in a Series A venture financing round to fund the initial development of the company’s ocular microinjection platform that delivers drugs to the back of the eye. Read more
