Sensydia Corp. reeled in $8 million in a financing round to advance its noninvasive Cardiac Performance System (CPS) platform, which uses heart sound analysis to enable earlier detection and better therapy guidance for patients suffering from heart failure and pulmonary hypertension. The funds will be used to finalize product development, acquire tooling, begin manufacturing and make submissions to the U.S. FDA.
Magenta Medical Ltd. has raised $55 million to fast-track the development of the world’s smallest left ventricular assist device (LVAD). The financing round was led by Orbimed Private Investment LLC. With the participation of existing investors, New Enterprise Associates, Pitango VC Ltd. and Alive MS Ltd. “We will use this funding, in particular, to advance the clinical programs in the U.S. towards our first FDA approval,” David Israeli, CEO of Magenta Medical, told BioWorld.
Patient Square Capital bankrolled a new portfolio company, Elevage Medical Technologies, with $300 million to provide capital and strategic expertise to promising medical device companies. Evan Melrose, founding managing director of Spindletop Capital and a practicing family medicine physician, will lead Elevage.
Med-tech companies are facing a new reality of high interest rates, inflation, bank failures, and geopolitical turmoil that are impacting financing and M&A opportunities. To secure finance and attract partnership deals they must keep their product simple, focus on proof of concept and ensure that it has quality, delegates at the LSX World Congress in London heard during a panel presentation.
Pattern Bioscience Inc. reeled in $28.7 million in a series C financing led by Illumina Ventures and Omnimed Capital. The money will be used to complete development of its rapid phenotypic test platform for infectious diseases, conduct clinical validation studies and submit the platform and Pattern’s initial test, for pneumonia, for U.S. FDA review.
Ciliatech SAS secured $3.87 million in series A funding to continue developing its second-generation implant to treat open-angle glaucoma. This round was led by its historical shareholders, including BNP Development SAS, Kreaxi SAS and individual investor Bernard Chauvin. “With this additional money, we can continue clinical trials to obtain the CE mark,” Olivier Benoit, co-founder and CEO of Ciliatech SAS told BioWorld.
In an ideal world, when a patient takes a medicine, it acts only at the specific site of disease in the human body whilst sparing healthy tissues. But it almost goes without saying that with many drug regimens, side effects or complications are part of the package. Working behind the scenes to address this limitation over the past couple of years, Cambridge, Mass.-based venture capital company Flagship Pioneering is now publicizing its platform of “programmable medicines” that directly and precisely target diseased tissue, funnelling $50 million of investment in the technology and recognising its achievements formally through the launch of Ampersand Biomedicines.
Tricares SAS raised $47 million in a first closing of its series C financing to fund further development of Topaz, its minimally invasive treatment for tricuspid regurgitation. The completion of the series C financing round is expected later in 2022.
Galvanize Therapeutics Inc. scooped up $100 million in a series B funding round aimed at advancing its pulsed electric field (PEF) energy platform. Completion of the financing coincided with the merger of Galvanize with two other med-tech startups built around the same core intellectual property portfolio: Gala Therapeutics Inc. and Galaxy Medical Inc.
Nutromics Pty Ltd. has raised $14 million to build out its wearable diagnostic platform that uses DNA sensors to track multiple targets in the body using a single patch.
