A Diagnostics & Imaging Week
Calypte Biomedical (Lake Oswego, Oregon), developer of tests for the point-of-care and over-the-counter markets, primarily for the detection of antibodies to the human immunodeficiency virus (HIV), said it has entered into subscription agreements with two investors that will purchase $3 million of Calypte's stock in a private placement of 16.7 million shares at 18 cents a share.
The proceeds of the transaction are to be used for working capital for continuing commercialization of its Aware line of rapid diagnostic tests.
Roger Gale, CEO of Calypte, said the funding moves the company closer to its goal of delivering HIV diagnostic tests "to those population centers suffering from high levels of HIV infections. We are realizing a portion of that mission by recent serious product inquiries from humanitarian organizations operating in regions where our products have received clearance for sale and distribution."
Calypte develops tests for the detection of sexually transmitted diseases such as the HIV-1 BED Incidence EIA and for the rapid detection of HIV and other sexually transmitted diseases, several of which do not require blood samples.
GlycoMimetics (GMI; Gaithersburg, Maryland), developing a new class of glycobiology-based therapies for a range of indications, said it has completed its Series B financing, attracting an additional $15.4 million to advance its research.
GlycoMimetics said it will use the funding to advance its two lead programs, based on specific roles played by certain carbohydrates. Its lead drug candidates – an anti-inflammatory and an anti-infective – are in preclinical development.
"The investment enables us to continue to achieve value-creating milestones," said CEO Rachel King.
In other financings news:
• Lifeblood Medical (Freehold, New Jersey), a cell culture/biotech company, reported that it has raised $1.2 million in a Series B financing with private investors.
In March, the company raised $1 million in Series A financing through a private investor. Now, the company said that the total funding of $2.2 million will allow it to proceed with its plan of hiring and FDA approval of LIFOR, its product used for organ preservation.
Joseph Fischer, president and CEO of Lifeblood Medical, said, "This volume of financing will allow us to move ahead with … hiring of key employees and starting our FDA approval process with LIFOR. I am excited that the company can finally move forward with its proprietary products, which will lengthen the preservation of harvested tissues. The ability to have a readily available kidney through an organ bank network that has been properly screened for cross matching and testing of viral and other infections will not only improve the quality of life for mankind by reducing the organ waiting list, but will significantly reduce our nation's healthcare costs."
Lifeblood Medical distributes serum and reagents, its products including serum (including U.S. and Australia fetal bovine serum), serum enhancers (DMEM and RPMI), antibiotics, specialty media and customized applications.
For the cell and tissue preservation market, it offers LiforCell and LiforLab. For whole organ preservation, transportation and transplantation it is developing Lifor, currently in clinical trials for the support of heart and kidney harvesting, transport and reimplantation. It said that FDA submission is anticipated "later this year."
• Elekta (Stockholm, Sweden) reported repurchasing 54,500 B shares at an average price of SEK 125.86. Elekta said current holding of its own shares amounts to 54,500 B shares, with the number of shares in Elekta totaling 94,345,904 as of June 20.
Purchases will be made on the Stockholm Stock Exchange during the period until the next annual general meeting.
Elekta's solutions employ non-invasive or minimally invasive techniques, including, among others, its Leksell Gamma Knife for non-invasive treatment of brain disorders and Elekta Synergy for image-guided radiation therapy.