A Medical Device Daily
Theranox (Philadelphia), a company exploring medical applications of topically applied gaseous nitric oxide (gNO), reported that it has raised more than $14 million in Series A financing.
Theranox said it plans to use the financing to fund clinical trials and commercialize the use of gaseous nitric oxide for the treatment of chronic wounds such as diabetic ulcers and venous stasis ulcers, as well as for other topical applications such as the treatment of post-surgical infections. The financing was led by Quaker BioVentures and NewSpring Capital.
The key patent portfolio for the topical use of gaseous nitric oxide was licensed from Viasys Healthcare (Conshohocken, Pennsylvania). Viasys said it determined that the optimal path for exploring the full potential of the patent estate was a new, focused externally funded enterprise.
“Published studies have demonstrated that nitric oxide has anti-infective and anti-inflammatory properties, as well as effects on cell populations that are important in the wound healing process,“ said Randy Thurman, chairman, president and CEO of Viasys. He added that his company is pleased “to be licensing its patents in this area to a company dedicated to the commercialization of this technology and to improving the quality of the lives of those suffering from chronic wounds, serious post-surgical infections, and other topical wounds or infections.“
Former Viasys officer Frank McCaney was named as the president and CEO of Theranox.
Theranox said thatPulmonox Medical (Tofield, Alberta), a company that has completed scientific and clinical work on the effects of gNO, will perform preclinical work, design the gas delivery devices, and assist in clinical trials.
Both Viasys and Virtucon , a company owned by investors in Pulmonox, participated in the financing.
In other financing news:
• CytoCore (Chicago) reported that it has secured more than $1 million in new financing from institutional sources through the issuance of common stock “at current market prices.“ The company said the funding will be used to implement its product development plans.
“This new funding . . . will be putting a number of key programs into motion,“ said CEO David Weissberg. “They include hiring key personal for our research laboratory with Dr. [George] Gorodeski and our product development laboratory with the AIPS project in Chicago, putting the e2 Collector into manufacturing development, and bringing together resources and people to develop the strategic distribution strategy for the collector. We expect to have a string of positive developments to announce over the coming months.“
CytoCore develops cancer screening systems used in a laboratory or at the point-of-care to assist in the early detection of cervical, endometrial and other cancers.
• Immucor (Norcross, Georgia), a maker of automated instrument-reagent systems for the blood transfusion industry, reported that its board of directors has approved a 3-for-2 stock split, which will be effected in the form of a 50% stock dividend to shareholders of record as of the close of business on April 24.
As of March 31, the company said it had about 45.21 million shares of common stock outstanding. The split will increase the number of shares of common stock outstanding to roughly 67.82 million shares, with the expected date of distribution May 15.
The stock split is the eighth for Immucor since its initial public offering in December 1985. Most recently, the company implemented 3-for-2 splits in June and November 2004.