A Medical Device Daily
Clinical Data (Newton, Massachusetts) reported that it has entered into definitive agreements with certain institutional and other accredited investors with respect to the private placement of 1,039,783 shares of newly issued common stock, and warrants to purchase 519,889 shares of common stock, for a total purchase price of about $17 million.
“This transaction enhances Clinical Data's capacity to deliver shareholder value,” said President and CEO Drew Fromkin. “We believe the additional capital will strengthen our ability to advance our key initiatives: commercializing molecular diagnostics designed to improve patient outcomes; continuing the Phase III clinical development of Vilazodone, the company's novel dual-mechanism antidepressant, while moving to spin off Vilazodone into Precigen Therapeutics; and enhancing our genetic services and analysis business while continuing to position the Vital Diagnostics division as a leader in its space.”
The company said that gross proceeds from this financing will be used for general working capital purposes, executing Clinical Data's previously reported restructuring activities (Medical Device Daily, March 6, 2006), and launching its clozapine-induced agranulocytosis and warfarin response tests. The company also anticipates pursuing new product initiatives through the development and in-licensing of clinically relevant biomarkers in several therapeutic classes.
The company, founded in 1972, is organized under three worldwide divisions segmented by service offerings and varying client constituents: PgxHealth, Cogenics and Vital Diagnostics.
Liquidia Technologies (Research Triangle Park, North Carolina) said it has secured a $6 million Series A round of financing and also reported that it has named Todd Pope as its new CEO.
The funding round was led by the Wakefield Group, with additional funding from Firelake Capital Management, Siemens and private investors W. Lowry Caudill, PhD, Alfred Childers, PhD, and William Starling.
The additional funding will be used to make critical hires, build out vital manufacturing capabilities for the breakthrough particle molding technology for material science and nanomedicine applications, and to scale up the capacity for large-scale Fluorocur production, the company said.
Before joining Liquidia Technologies, Pope had roles of increasing executive responsibilities in sales and marketing at Johnson & Johnson (New Brunswick, New Jersey) and Boston Scientific (Natick, Massachusetts), rising to vice president of global sales and marketing at the Neurovascular Division of Boston Scientific.
He will be relocating from the San Francisco area to Research Triangle Park.
Liquidia Technologies develops fluoropolymer materials for high-value industrial applications in the electronics, life science and chemical industries.
In other dealmaking news, PatientKeeper (Boston), a developer of physician information systems, said that it has closed an $8 million round of funding.
This round of funding includes a syndicate of healthcare venture capital firms including Frazier Healthcare, Mediphase Venture Partners, Mosaix Ventures, New Enterprise Associates, Pacific Venture Group, Saints Capital and Whitney & Co.
The company said the proceeds would be used to expand operations to meet growing customer demand and invest in new product development to extend the company's leadership position in physician information systems.
“I am excited that this funding round was both oversubscribed and completed only by our current investors,” said CEO Paul Brient. “It is a strong endorsement of our strategy and gives us the ability to continue to invest in support of our continued growth.”