Taris Biomedical Inc. drummed up $18.3 million in its latest funding round.
Lexington, Mass.-based company said the equity-based B round will support its lidocaine delivery technology developed at MIT to treat bladder conditions.
Third Rock Ventures, a new backer for the company, led the round, and previous investors Flagship Ventures, Flybridge Capital Partners and Polaris Venture Partners also participated in the financing.
"This investment will allow us to advance our lead product candidate, Lidocaine Releasing Intravesical System (LiRIS), into later stage clinical development for the treatment of multiple bladder disorders, and to continue to build the rest of our pipeline of novel therapeutics, leveraging common, minimally invasive urological procedures," CEO Sarma Duddu said in prepared remarks (PDF).
Taris in March began a clinical study to evaluate Liris in patients suffering from moderate-to-severe interstitial cystitis (IC), also know as Painful Bladder Syndrome. Sufferers with severe cases of IC may urinate 25 to 60 times a day, according to the company.
Taris finished the first phase of trials of the Liris drug-device combination to treat IC in December 2009.
The company launched in July 2009 with a $15 million A round supported by Flagship, Flybridge and Polaris.
Here’s a roundup of the latest dealflow and investment news:
- Mirador drums up $1.5 million in B round
Mirador Biomedical Inc., a privately held medical device company developing the Compass family of medical devices, closed a $1.5 million Series B round of funding. The round was supported by new and existing shareholder with participation by its leading shareholders, WRF Capital and Summit Capital. The company will use the funds to expand sales of the first two Compass products and develop additional products in the Compass platform.
- Pressure BioSciences begins $6.0 million private stock sale
Pressure BioSciences Inc. (NSDQ:PBIO) announced that it has received gross proceeds of $825,720 from the sale of 55,048 units to 10 accredited investors, including the company’s CEO and President, in the first tranche of the company’s $6.0 million Series C private placement.
- Biolase looks to raise $1.7 million in new offering
Biolase Technology Inc. (NSDQ:BLTI) and certain institutional investors on April 7 entered into a securities purchase agreement, pursuant to which the company agreed to sell an aggregate of 320,000 shares of its common stock for gross proceeds of approximately $1.8 million. The purchase price per share is $5.60 and the company expects proceeds of $1.7 million. Biolase entered into an engagement letter with Rodman & Renshaw LLC pursuant to which the firm agreed to arrange for the sale of shares of the Biolase’s common stock in the offering.
- IsoRay adds $500,000 to previous round
IsoRay Inc. (AMEX:ISR) has received an additional $500,000 in institutional financing. Together with the financing closed in November 2010 and the company’s improved operations, it continues to add to its cash reserves as it aggressively pursues further development of programs expanding the use of its ground-breaking Cesium-131 brachytherapy seeds (internal radiation therapy).
- IVAX enters $15 million stock deal
IVAX Diagnostics Inc. (NYSE Amex:IVD) entered into a stock purchase agreement with ERBA Diagnostics Mannheim GmbH pursuant to which IVAX Diagnostics has agreed to sell and issue to ERBA Diagnostics Mannheim 20,000,000 shares of IVAX Diagnostics’ common stock at a purchase price of $0.75 per share for an aggregate purchase price of $15,000,000 and warrants to purchase an additional 20,000,000 shares of IVAX Diagnostics’ common stock.
- Lantheus begins debt round
Lantheus Medical Imaging Inc., announced that on April 8, 2011 it commenced an exchange offer for eligible holders to exchange any and all of the company’s outstanding unregistered 9.75 percent Senior Notes due 2017. These notes were originally issued on March 21, 2011 in a transaction exempt from registration under the Securities Act of 1933, as amended, in an aggregate principal amount of $150 million.
- Medisafe 1 secures $5 million
Medisafe 1 Technologies Corp. (OTC:MFTH), a developer of patented technologies that physically prevent unauthorized administration of prescription medications, announced that the company intends to sign a final agreement to receive a $5 million equity investment. Closing documents will be initiated within the next three to four days. Medisafe 1 Technologies recently signed a Letter of Intent to secure a $5 million Equity Funding Facility with Centurion Private Equity, LLC, an institutional investor managed by Roswell Capital Partners, LLC. Medisafe 1 Technologies has successfully passed the requisite stage of due diligence by Centurion.
- OrbiMed drums up $203 million for Israel biomedical fund
New York healthcare investment firm OrbiMed Advisors raised $203 million for its one-year-old OrbiMed Israel Partners fund — including $40 million from the Israeli government, according to VentureWire. OrbiMed intends to use the fund to back 15 to 20 Israeli startups, OrbiMed general partner Jonathan Silverstein told VentureWire, reports Xconomy.
- Tarpon Biosystems raising $786,000 through debt
Tarpon Biosystems Inc. took $786,000 in debt in its latest financing round. The Worcester, Mass.-based drug-purification equipment and processes company’s latest funding round was supported by 17 unnamed investors.
- Blueprint Medicines raises $40 million in Series A
Blueprint Medicines, a company working on a molecular blueprint of cancer to develop personalized cancer therapies, closed a $40 million Series A financing led by Third Rock Ventures. Nicholas Lydon and Dr. Brian Druker co-founded the company along with biotech entrepreneurs Chris Varma and David Armistead and Third Rock Ventures.
- DJO Global closes of $300 million debt offering, acquires Dr. Comfort
DJO Global Inc. announced that its indirect wholly owned subsidiaries, DJO Finance LLC (DJOFL) and DJO Finance Corp., a wholly owned subsidiary of DJOFL completed a private offering of $300 million aggregate principal amount of 7.75 percent senior unsecured notes due 2018. Obligations under the notes are guaranteed by all existing and future domestic subsidiaries that guarantee the company’s existing senior secured credit facilities, senior unsecured notes due 2014 and senior subordinated notes due 2017. The company also announced that it used $258.4 million of the proceeds from the notes offering to complete the acquisition of Rikco International, LLC, D/B/A Dr. Comfort.