A Medical Device Daily
LDR (Austin, Texas), a company developing spinal implants for both non-fusion and fusion applications, reported that it has completed a $25 million Series C funding round. Telegraph Hill Partners led the investment along with original investors Austin Ventures, Rothschild Private Equity and PTV Sciences.
LDR, which now sells products in more than 30 countries, said it will use the funds for ongoing expansion. In the coming months the company will be introducing several new spinal products and concluding enrollment in its IDE study for Mobi-C®, the company’s second-generation cervical disc.
The company noted that the Mobi-C IDE study was the first FDA approved concurrent study for both one and two level indications. Introduced in France in late 2004, the product has now been implanted in more than 4,000 patients globally. The company continues to follow the first 200 patients that were implanted with the Mobi-C via a European clinical study and also has several ongoing clinical studies with patients outside the U.S. In the U.S., about 430 patients have been enrolled and completion of the study is forecasted in the next 90-120 days.
ThromboVision (Houston), a biomedical diagnostics company, said it has completed a $4 million Series A convertible preferred stock financing, led by private equity firm National Healthcare Services and a group of private investors. The offering was oversubscribed.
The company will use the investment to fund clinical trials, build its infrastructure, advance the FDA approval process for its ThromboGuide (T-Guide) and launch its first product.
The T-Guide consists of a disposable test kit and a point-of-care base unit. The system will help physicians individualize antiplatelet therapy that they use to prevent heart attacks, strokes and stent occlusions.
“Our goal is to help physicians improve their cardiac patients’ lives through better assessment of their antiplatelet therapy with the ThromboGuide platelet function monitor. The Series A funding should allow us to advance the T-Guide through FDA approval and product launch, so we can get this life-saving technology in the hands of physicians for their patients,” said company President/CEO Edward Teitel, MD.
ThromboVision reported that it also has negotiated a $750,000 credit facility with SVB Silicon Valley Bank. The agreement provides both growth capital financing and a formula-based revolving line-of-credit component.
ThromboVision’s products are being designed to improve medical care by assisting physicians in diagnosing and managing critical cardiovascular risk factors, especially those related to platelet function and antiplatelet drug therapy.
In other financing news:
• Accenx (Irvine, California), a provider of interoperability and integration in electronic healthcare records, reported that it has received $3 million in a round of Series A financing. National Healthcare Services (Long Beach, California) led the round and contributed the majority of the funds.
The company said it will use the funding to meet two primary objectives. First, the company will seek to further expand market share by ramping up the sales team. Second, the company will devote significant resources to implementation teams and ongoing client support to maintain its customer satisfaction level.
Accenx’s interoperability solution, RyTRAK ACM, is designed to offer hospitals and laboratories a full service partnership to implement and support an information exchange with the physicians’ medical record information systems. The system is designed to allow hospitals, laboratories and physician offices to electronically send and receive clinical information, including lab values, pathology and radiology results, clinical notes, discharge summaries and other clinical department information.
• Clinical Data (Newton, Massachusetts) reported that its board of directors authorized a 3-for-2 split of the company’s common stock in the form of a stock dividend of one share of the company’s common stock for every two outstanding.
The record date for the stock split is Sept. 24, 2007. The distribution of the stock dividend will be made on Oct. 1, and trading of Clinical Data shares on a split-adjusted basis will begin on Oct. 2.
After the stock split, the number of outstanding shares of Clinical Data stock will increase to about 20.5 million.
“We believe this stock split provides an opportunity to broaden our base of investors by making our stock more accessible while improving its liquidity,” said Drew Fromkin, president/CEO of Clinical Data.
Clinical Data’s PGxHealth division focuses on genetic test and biomarker development to help predict drug safety and efficacy, thereby reducing health care costs and improving clinical outcomes. Its Cogenics division provides molecular and pharmacogenomics services to both research and regulated environments. Its Vital Diagnostics division offers in vitro diagnostics solutions for the clinical laboratory.