Startup Thermalin Diabetes LLC closed a $2.85 million Series A investment round.
The Cleveland-based synthetic insulin developer plans to use the funding to step up production of its insulin analogs — new proteins engineered to act like insulin in the body — and continue preclinical testing.
Thermalin has been slowly adding to its Series A round over the last year or so. In October, the round stood at $1.9 million, for example. Investors include various angels and Cleveland economic development and venture group JumpStart, which contributed $500,000, CEO Rick Berenson said.
“We ended up raising $1 million more than our original target,” Berenson said. “There’s been lots of interest in our project because we’ve made substantial progress along the way.”
Thermalin has developed about 40 different types of insulin analogs, and one of its next key decisions will be choosing which ones to test with an eye toward commercialization in the next few years. It’s likely the company will end up selecting just a few compounds for its commercialization program.
Thermalin will also use the capital infusion to make some key hires. A senior scientist will be starting shortly, bringing the company’s employment to five full-time workers and two part-timers, Berenson said.
Here’s a roundup of the latest dealflow and investment news:
- TRG Biogenic drums up $1.7 million
Edina, Minn.-based TRG Biogenic has raised $1.72 million, according to a filing with the Securities & Exchange Commission. The company’s executive officer, Blake Nixon, also serves as the president for Geronimo Wind Energy LLC, a wind energy development company, and managing partner at private investment firm TRG Investors, LLC. He is also an adviser at The Rahn Group, which has invested in Atritech, a Minnesota-based atrial fibrillation device company.
- Ingenious Med raises $3.3 million
Ingenious Med Inc. received $3.25 million in funding from Council Ventures of Nashville, Tenn. Council Ventures joins existing investor Buckhead Investment Partners of Atlanta, Ga. A portion of the investment will be used to fund Ingenious Med’s continued growth and a portion of the proceeds will be used to re-capitalize existing shareholders. Ingenious Med has nearly doubled in terms of revenue, clients and personnel each of the past two years, according to the company.
- Teleflex retires of 2004 senior notes
Teleflex Inc. (NYSE:TFX) announced today that on March 16 it prepaid the remaining $64.0 million in aggregate principal amount of its 2004 senior notes. This consisted of $26.75 million of 6.66% senior notes due in 2011, $21.75 million of 7.14% senior notes due in 2014, and $15.5 million of 7.46% senior notes due in 2016, which completely retired all of the 2004 senior notes.
- ConvaTec Healthcare holds off on refi plans
ConvaTec Healthcare, a world-leading developer, manufacturer and marketer of innovative medical technologies for community and hospital care, today announced that, following a review of current conditions in the credit markets, it is postponing the refinancing of its senior secured term loans originally entered into on Dec. 22, 2010.
- Veran Medical closes $15 million round
Veran Medical Technologies announced today that it has completed a round of financing worth more than $15 million. Participants in the financing included existing investors and a new strategic partner. The proceeds from this financing will be used to commercialize products on the IG4 four-dimensional image guidance platform of technology.
- BioNanomatrix secures $23.3 million in Series B financing
BioNanomatrix Inc., a developer of nanoscale, single-molecule imaging and analysis platforms designed to dramatically reduce the time and cost needed to analyze the genome, has closed a $23.3-million Series B round of equity financing. Domain Associates, based in Princeton, N.J., and San Diego, Calif., led the round, with new investor Gund Investment Corporation and existing investors Battelle Ventures, Innovation Valley Partners and KT Venture Group joining the round.
- NxThera drums up $12.6 million
St. Paul, Minn.-based NxThera Inc. raised $12.6 million in a Series B round. The medical device maker secured investments from Arboretum Ventures in Ann Arbor, Mich., American Medical Systems, Aberdare Ventures and GDN Holdings, the investment firm of former Medtronic vice chairman Dr. Glen Nelson, according to Xconomy.
Material from MedCity News was used in this report.