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:

Cowen Healthcare Royalty Partners raises $1B
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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

Cardiac catheter maker aims for $2.5M
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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
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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

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Clearside Biomedical lands $4M in Series A
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