SurModics Inc. (NSDQ:SRDX) reached a deal to license its drug delivery technology to an Australian firm that will use it for a skin disorder treatment.
By Mary Vanac
Two northeast Ohio start-ups that are developing treatments for psoriasis and for people who have trouble swallowing are getting $25,000 grants from the Innovation Fund of the Lorain County Community College Foundation.
Fluence Therapeutics Inc. of Akron, which has licensed photodynamic therapy technology from University Hospitals Case Medical Center in Cleveland, is developing both a drug and a medical device to treat psoriasis. The company will use its grant for three things, CEO Warren Goldenberg said.
WaveRx, a Waltham, Mass.-based medical device maker operating in stealth mode, pulled in $500,000 in an equity offering, according to a regulatory filing.
The details of the company’s technology, designed to treat nail and skin disorders, are cloaked in secrecy. The company, founded in 2004 as ID Wave Systems, changed its name in October 2005. According to the National Institutes of Health, WaveRx has a clinical trial under way that began in September 2009, but the details of the study are not publicly available.
By Mary Vanac
CleveX Inc., a start-up that’s created a device to make it easier to do skin biopsies, received the second half of a $1.7 million Series B round.
Investors wanted to break their commitment into two equal tranches “to make sure the company continued its progress toward full commercialization,” said Sam Finkelstein, who took over as CleveX CEO last July.
The Food & Drug Administration shut down Sybaritic Inc., a Minnesota-based cosmetic device maker, until the company can bring itself back into compliance with FDA quality standards.
The federal watchdog agency, Sybaritic and three of its top officials inked a consent decree in the U.S. District Court for Minnesota barring the company from making its laser surgery, dermatology and spa treatments until it corrects the problems identified by the FDA. Those include marketing an unapproved device, marketing cleared devices but making unapproved claims about them and modifying devices in ways not covered by their clearances, according to court documents.