A Medical Device Daily

Carticept Medical (Alpharetta, Georgia) said it has completed a $20 million Series B financing round. New investor SonoSite (Bothell, Washington) joined existing investors Domain Associates and New Enterprise Associates, the company noted.

The financing will provide funding for the expected launch of the company's Navigator delivery system, an integrated, computer-controlled, fluid delivery system designed to automate the delivery of medication for the benefit of both the patient and the physician. Carticept said the funds would also help complete patient enrollment in the clinical study of its Cartiva synthetic cartilage implant.

“We are excited to add SonoSite to our group of existing investors that have provided strong support to the company,“ said Timothy Patrick, president/CEO. “This additional funding provides further validation of Carticept's leadership in the development of innovative treatments for patients with osteoarthritis or cartilage damage.“

In other financing activity, Cardium Therapeutics (San Diego) reported entering into agreements with certain institutional investors to sell $5 million out of its proposed $10 million registered direct offering. The company expects the balance of the offering to be confirmed by additional investors on or around Friday, resulting in aggregate gross proceeds of up to $10 million, before deducting placement agent fees and offering expenses.

Cardium says it will use the proceeds for general corporate puposes.

In the offering, Cardium is selling 2 million units for $5 each. Each unit consists of 10 shares of common stock and a common stock purchase warrant to purchase 5 shares of common stock. The common stock purchase warrants are exercisable at an exercise price of 64 cents a share, are exercisable at any time after six months from the date of closing and have a term of exercise equal to five years.