A Medical Device Daily

Octagon Research Solutions (Wayne, Pennsylvania), a company working for the electronic transformation of clinical R&D in the life sciences, reported completing a $10 million third round of funding led by Edison Venture Fund.

Zurich Financial Services Group and Ticonderoga Capital also participated in the round, and with the financing Tyler Wick of Ticonderoga Capital joined the board of Octagon.

The company said the proceeds will be used to accelerate development and fuel its domestic and international growth.

The company completed a first round of funding for $3.8 million in February 2003, and a second round of $3.5 million in March of 2005, also led by Edison Venture Fund.

The $10 million dollar funding includes $2 million each from Edison Venture Fund and Ticonderoga Capital and $3 million each from Zurich and another investor.

Acusphere (Watertown, Massachusetts), reported that it has received a commitment from Azimuth Opportunity for the purchase of up to 5,762,966 shares of its common stock.

The shares in the aggregate are based upon a closing price on Aug. 31 of $3.39 a share, and have an approximate market value of $19.5 million.

Subject to the terms and conditions of a purchase agreement between Acusphere and Azimuth Opportunity, over the next 18 months Acusphere may sell up to 5,762,966 registered shares of its common stock, at its discretion, to Azimuth at a discount from market price.

No shares of Acusphere common stock were issued in connection with entering into this arrangement, and no shares may be issued until certain conditions have been satisfied, as specified in the agreement. Acusphere has no minimum commitment to sell shares under the agreement.

The company is developing AI-700, currently in Phase III clinical trials, as an ultrasound contrast agent to support the assessment of myocardial perfusion, an indication for which it said no contrast agent is currently approved.