Here’s a roundup of the latest dealflow and investment news:
- Tibion drums up $10 million for bionic leg
Sunnyvale, Calif.-based Tibion Corp., the privately held Silicon Valley firm developing a robotic bionic leg for stroke rehabilitation, closed a $10.2 million financing round. Leading the recent financing round were Portola Valley, Calif.-based Three Arch Partners and Boston-based Hambrecht & Quist Capital Management. "The new financing will enable us to accelerate roll-out of the new interchangeable battery version of our wearable gait-rehabilitation robot, and to expand our sales and marketing programs," CEO Charles Remsberg said in prepared remarks. Most stroke survivors experience upper and lower extremity weakness on the side of their body opposite the brain hemisphere in which the stroke occurred. The Tibion Bionic Leg provides the assistance and resistance required by a stroke survivor’s weakened leg, enabling the repetitive sit-to-stand, overground walking and stairclimbing exercises to promote the “brain re-wiring” believed necessary for gait recovery.
- Thermo Fisher redemes 3.25% convertible senior subordinated notes due 2024
Waltham, Mass.-based Thermo Fisher Scientific Inc. (NYSE:TMO) gave notice of its intention to redeem all of the outstanding 3.25 percent Convertible Senior Subordinated notes due 2024. As of Feb. 25, $329.2 million in aggregate principal amount of the notes was outstanding. In accordance with the terms of the indenture governing these notes, they will be redeemed on March 30, at 100 percent of their principal amount plus accrued and unpaid interest to the redemption date. The notes are convertible at any time prior to March 29, at a rate of 24.8756 shares of common stock per $1,000 principal amount of the notes surrendered. The notes surrendered for conversion will be settled in cash in accordance with the provisions of the indenture.
- Xenogenics hires Emmes Group for fundraising advice
Woonsocket, R.I.-based Xenogenics Corp., a majority owned subsidiary of MultiCell Technologies, Inc. (OTC:MCET), has retained the Emmes Group to assist with the development and execution of its capital formation strategy to help finance expanded human clinical trials of its Ideal BioStent. In animal testing and initial human use, the Ideal BioStent demonstrated equivalence in safety, short-term efficacy, and structural integrity when compared with today’s leading bare metal stents and drug-eluting metal stents. Unlike other bioabsorbable stent technologies, the Ideal BioStent showed no stent recoil, both acute and at six month follow up, remaining well apposed to the vessel wall. The Ideal BioStent is designed to be fully absorbed at 12 months.
- HTG closes first tranche of $15.7 million Deries D round
Tucson, Ariz.-based HTG Inc. completed the first tranche of a Series D financing round led by new investor Novo A/S. Fletcher Spaght Ventures also a new investor, joined the round along with existing investors Merck Capital Ventures, Solstice Capital and Valley Ventures. The new financing will be used to fuel the growth and adoption of HTG’s multi-plex gene expression testing platform for validation and clinical applications across different therapeutic areas. HTG’s qNPA platform is in use at major academic and cancer research centers as well as big pharma. This cash infusion will help drive additional utilization across these areas as well as into new high growth molecular diagnostic opportunities. The company will also be looking to hire additional personnel in 2011 including sales and marketing, operations and development scientists with particular experience working in diagnostics.
- SourceMDx signs CPA for asset liquidation
Wellesley Hills, Mass.-based Source Precision Medicine Inc., dba SourceMDx, assigned all its assets to Joseph Finn, Jr. of Finn, Warnke & Gayton LLP to be liquidated for the benefit of SourceMDx creditors. Source MDx develops simple blood tests that can consistently detect the presence and aggressiveness of cancer by measuring specific RNA transcripts in blood. RNA is an early biological measure of disease, providing a significant indicator of disease onset or progression in the blood stream before other clinical manifestations become observable. Source MDx is the first to translate robust RNA-transcript based assays into clinically useful oncology molecular diagnostic tests using a simple, non-invasive blood test. The intellectual property, patents, etc. will be sold at a sealed bid sale on April 29 at noon.