Merck to invest up to $17M in Physicians Interactive | Funding Roundup

January 9, 2012 By MassDevice staff Leave a Comment

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.

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"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:

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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

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CytoPherx raises $34M for U.S. clinical trials
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GlySure secures $10.9M in Series C
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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
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