A Medical Device Daily

VeinRx (Miami), a company developing a method to deliver physician-specified fluids to the peripheral vasculature, reported it has closed its Series B round of financing raising about $15 million.

New investor De Novo Ventures led the financing and was joined by existing venture capital investors Three Arch Partners and CHL Medical Partners.

The company said it intends to use the proceeds from the financing to continue its clinical research program with the novel infusion catheter, as well as commence the commercial phase of the company.

Physicians worldwide have praised the unique design that allows physicians to infuse an agent of their choice in a uniform and controlled way. The catheter also incorporates a distal sealing balloon and the unique FloLock technology to insure patency of the catheter delivery holes.

Physicians have been using the catheter to treat venous insufficiency of the great saphenous vein.

Medwave (Danvers, Massachusetts) said it has closed on more than $4.43 million of additional capital to help further fund its growth and “aggressive market entry“ with the Primo system, Legato OEM Developer's Kit and other new products expected to be released during 2006.

The terms of the financing included the sale of more than 1.6 million shares of common stock at a price of $2.74 per share with additional investment rights (warrants) for up to 404,403 shares of common stock at an exercise price of $3.29 per share.

The additional warrants are exercisable only after six months from the closing date and have a five-year life.

Canaccord Adams Inc. was placement agent.

The financing was led by H&Q Healthcare Investors and H&Q Life Sciences Investors (San Francisco). Additional investors included Heartland Advisors (Milwaukee), Nite Capital (Chicago), Paragon Capital (New York) and certain other smaller investors.

Medwave develops sensor-based non-invasive blood pressure solutions.

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