• Akela Pharma Inc., of Montreal, said it has filed a preliminary short form prospectus with Canadian regulatory authorities for an offering of up to 7.5 million units, of which half are underwritten and the other half are offered on a best efforts basis at a price of $1.20 per unit for aggregate maximum proceeds of $9 million. The offering is being led by Jennings Capital Inc. and includes Desjardins Securities Inc., together with the underwriters. The underwriters will have the option to purchase at $1.20 up to that number of additional units as is equal to 15 percent of the total number of units sold under the offering. The transaction is expected to close in mid-March.

• Clarus Ventures LLC, of Cambridge, Mass., and San Francisco, said it has closed a $660 million fund in limited partner commitments. Clarus Lifesciences II LP is the second investment fund formed by Clarus Ventures since 2005, when it closed its inaugural fund of $500 million. Clarus II will invest $20 million to $60 million in biotechnology, specialty pharmaceutical and medical technology companies developing innovative products to treat human diseases. The firm said its first fund has committed 90 percent of its proceeds to date.

• Helix BioMedix Inc., of Bothell, Wash., said it has entered into a convertible note and warrant purchase agreement with RBFSC Inc. resulting in gross proceeds of $3 million. The money will be used for general corporate purposes and working capital, according to the company. Under the agreement, the convertible promissory note issued to RBFSC in the principal amount of $3 million shall accrue interest at 8 percent a year and is due and payable Feb. 14, 2010, unless converted into shares of the company's capital. The agreement also provides that RBFSC may be entitled to receive a warrant to purchase shares of the company's common stock under certain circumstances.

• Insite Vision Inc., of Alameda, Calif., said it has closed a private placement to institutional investors of $60 million in aggregate principal amount of nonconvertible, nonrecourse promissory notes. The notes are secured by royalties to be paid from sales in the U.S. and Canada of AzaSite (azithromycin ophthalmic solution) 1 percent, a drug licensed to and sold by Inspire Pharmaceuticals Inc., of Durham, N.C., for the topical treatment of bacterial conjunctivitis (pink eye). InSite Vision intends to use the proceeds of the placement to fund the advancement of its pipeline products.