A Medical Device Daily
Orqis Medical (Lake Forest, California), developer of the catheter-based Cancion CRS cardiac recovery system to treat the underlying disease progression of congestive heart failure (CHF), reported the closing of a $22.7 million Series D financing.
All of the company’s previous investors participated in the financing, along with additional new investor Lighthouse Capital Partners. Boston Scientific (Natick, Massachusetts) also purchased shares in the offering as a new investor.
“We are pleased to have Boston Scientific as an investor supporting our efforts to bring this novel catheter-based therapy to the CHF population,” said Ken Charhut, president and CEO of Orqis.
Proceeds from the Series D financing will be used to complete the current multi-center MOMENTUM trial of the company’s system for the enhanced treatment of CHF unresponsive to medical therapy, evaluating the Cancion CRS therapy and to advance the development of the company’s pipeline product, the Exeleras CRS therapy, designed to offer a long-term implantable therapeutic recovery solution for patients who suffer from chronic heart failure.
Orqis said that the Cancion CRS therapy is being studied as a “rest-to-recovery” therapy for CHF patients in up to 40 U.S. hospitals, with a focus on treating acutely decompensated CHF patients who do not respond to standard intravenous medical therapy.
“This financing will allow Orqis Medical to complete scientific and clinical validation of its novel hemodynamic discovery that continuous blood flow augmentation to the descending aorta treats underlying mechanisms responsible for heart failure,” said Marvin Konstam, MD, medical director at Orqis Medical and chief of cardiology at Tufts-New England Medical Center (Boston). “This discovery could be a significant advance in the treatment of patients who suffer from heart failure,” he added.
Founded in 1997, Orqis is backed by Domain Associates, Johnson & Johnson Development, Temasek Holdings, HealthCare Ventures, Rho Ventures, Care Capital, Boston Scientific and Lighthouse Capital Partners.
Grant Life Sciences (Murray, Utah) reported entering into an agreement with an accredited investor, providing it $2 million in connection with the sale of 10% callable secured convertible notes. Grant said it has received initial gross proceeds of $700,000 under this facility and that it will receive an additional $1.3 million in gross proceeds upon the filing and the effectiveness of a registration statement covering the common stock underlying the notes and warrants.
“This cash infusion is very significant at this stage in the evolution of Grant Life Sciences,” said Stan Yakatan, chairman and CEO. It allows the company, he said, “to begin executing our plans to generate revenues from our AccuDx product line, and it allows us to substantially advance development of our cervical cancer blood test.”
The test – or immunotest – involves antibodies especially associated with HPV-caused neoplasias or cancers that are detected with synthesized, proprietary peptides or amino acid sequences derived from certain proteins in HPV.
Earlier this year, Grant entered into an agreement with AccuDx (La Jolla, California), a biotech firm founded by Ravi Pottathil, PhD, an authority on HIV/AIDS diagnostics and therapeutics. Under the accord, Grant owns the exclusive rights to AccuDx’s rapid tests for HIV-1, HIV-2 and Dengue fever, as well as AccuDx’s proprietary colloidal gold reagent.
The agreement also establishes the right for Grant to manufacture these products in AccuDx’s “maquiladora”-modeled contract facility in Tijuana, Mexico.
Grant this year also announced agreements with two cervical cancer researchers – Mark Dodson, MD, and Andrew Soisoon, MD – to determine the utility of its cervical cancer diagnostic. They will be co-principal investigators in a newly IRB-approved clinical study through Intermountain Health Care (Salt Lake City), to determine the clinical utility of Grant’s serum-based diagnostic test for cervical dysplasia and cancer.
Grant said that the diagnostic assay it is developing has initial clinical validation indicating superior sensitivity and specificity in detecting cervical cancer and its precursors.