A Medical Device Daily

Spirus Medical (Stoughton, Massachusetts), specializing in the use of helix technology for ease of access in the gastrointestinal (GI) tract, has received $5.9 million in a first-round Series A preferred stock financing from STD Med (Stoughton).

STD said that the round was raised through its network of investors, Point Judith Capital, BioVentures Investors and Village Ventures. Boston Equity Advisors served as placement agent.

Spirus Medical's first product, the disposable EndoEase system, simplifies the insertion and advancement of colonoscopies into and through the colon by utilizing the company's patented "rotate-to-advance" technology. Spirus received FDA 510(k) clearance of the product in September.

Spirus is the third medical device company formed and incubated by STD Med. STD's first two spin-offs were AngioLink, a femoral closure technology company recently acquired by Medtronic (Minneapolis) (Medical Device Daily, Nov. 5, 2004), and ArthroSurface (Franklin, Massachusetts), an orthopedic company, with a technology for resurfacing cartilage damage to articulating joints, that last year received a $10.5 million round of financing (MDD, Feb. 14, 2005).

STD reported that it recently moved into a 70,000-square-foot medical device manufacturing facility in Stoughton, Massachusetts.

"It is our intent to leverage our skills as a medical device manufacturer, to allow us to bring new technology to market every 14 [to] 16 months," said Andrea Patisteas, vice president of sales and marketing for STD Med.

STD is a medical device manufacturer registered with the FDA and certified to ISO 9000 and ISO 13485 standards.

In other financing activity:

• Advanced BioPhotonics (Bohemia, New York) said it has filed a registration statement with the Securities and Exchange Commission that serves to complete the second milestone of its previously reported financing. The company received $1 million in proceeds, payable upon completion of the milestone, and another $2 million will be paid at the time the registration statement becomes effective.

Denis O'Connor, CEO of Advanced BioPhotonics, said: "The proceeds will be used to continue the clinical validation necessary to fuel market adoption and revenue opportunities for our BioScanIR product, which we hope will occur in the near future."

Advanced BioPhotonics develops functional medical imaging applications using advanced infrared technology for the measurement of changes of photonic activity within tissue. Advanced BioPhotonics provides imaging technology for clinicians and researchers for, disease detection and disease management and drug discovery applications.