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Carticept closes $10M round from SonoSite, others | Funding Roundup

January 19, 2012 By drugdelivery

Carticept Medical

Carticept Medical closed a $10 million financing led by existing investors Domain Associates, New Enterprise Associates and SonoSite Inc.

The Alpharetta, Ga.-based company said it will use the proceeds to fund the commercial launch of its Navigator computer-controlled drug delivery system. The device uses ultrasound guidance to deliver medications for joint pain.

Carticept won 510(k) clearance from the FDA last year for the Navigator and said it plans to have the device on the market this quarter. VC backers have sunk $53 million into the company, including the latest round, according to a press release.

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"The support of our existing investors validates the investment community’s continued confidence in the vision of the company and the benefits of our product platform to improve the efficiency and accuracy of injection delivery," president & CEO Timothy Patrick said in prepared remarks. "With the completion of this financing, we are well positioned to launch the Navigator DS in leading orthopedic and sports medicine centers across the United States."

tiny md logo SK Capital, IBA ink imaging JV
Private equity firm SK Capital Partners inked a €180 million ($229 million) deal to create a medical imaging joint venture with Belgian med-tech maker Ion Beam Applications’ radio-pharmaceutical division. SK Capital will own 60% of IBA Molecular Imaging, with the other 40% held by IBA. The deal is expected to close during the second quarter. Read more

tiny md logo Canaan Partners drums up $600M
Menlo Park, Calif.-based VC shop Canaan Partners closed its $600 million Canaan IX fund, bringing its total managed capital to $3.5 billion. Canaan targets the technology and health care sectors for investment. Read more

tiny md logo Uptake Medical closes $35M Series C round
Uptake Medical raised $35.1 million of a hoped-for $41.7 million Series C funding round, according to an SEC filing, led by Singapore-based Crescent Point Group, with existing investors, Maverick Capital, ONSET Ventures, GBS Venture Partners, WRF Capital, Arboretum Ventures and Affinity Capital. Read more

tiny md logo Cardio3 BioSciences reels in $4M
Cardio3 BioSciences secured a total of €3.1 million (~$4.0 million) in non-dilutive funding from the Walloon Region and the European Commission’s Seventh Framework Programme. Read more

tiny md logo Aribex lands Utah grant
Hand-held X-raydevice maker Aribex Inc. qualified for up to $350,000 in financial incentives from Utah to expand its manufacturing capacity. Read more

tiny md logo Angels add $2M to Practice Fusion’s coffers
Practice Fusion landed more than $2 million in additional funding from angels investors, including former Facebook mobile director Jed Stremel, LinkExchange co-founder Ali Partovi and Hadi Partovi, co-founder of Tellme. Read more

tiny md logo NeuroLogica raises $12M
Portable CT device maker NeuroLogica Corp. raised $12 million in a funding round intended to support higher-than-expected orders of its BodyTom scanner, CFO Jeff Cohen tells the Boston Business Journal. Read more

tiny md logo GE Healthcare wins U.S. DoD contract extension
GE Healthcare was issued a modification exercising the 3rd option year on a $43.2 million contract with the U.S. Defense Dept. for patient monitoring systems. Read more

tiny md logo Urologix takes out $2M credit line
Urologix (NSDQ:ULGX) took out a $2 million credit facility with Silicon Valley Bank. Read more

tiny md logo Bioconnect Systems seeks $10M
Bioconnect Systems is hoping to raise up to $10 million in a Series B funding round to develop its surgical implant to create fistulas for hemodialysis patients. Read more

tiny md logo Cambridge Heart closes $2.5M private placement
Cambridge Heart (NSDQ:CAMH) closed a private debt placement that raised about $2.5 million for the heart test device maker. Read more

tiny md logo Cadence Biomedical rolls up $750k
Cadence Biomedical rolled up $750,000 of a hoped-for $1 million funding round for its prosthetic brace designed to help the disabled walk. Read more

tiny md logo SPR Therapeutics raises $2.2M
Neurostimulation pain-relief device company SPR Therapeutics raised a Series A round of $2.2 million. Read more

Filed Under: Drug-Device Combinations Tagged With: Aribex, Bioconnect Systems, Cadence Biomedical, Cambridge Heart Inc., Canaan Partners, Cardio3 Biosciences Inc., Carticept Medical Inc., Domain Associates, Fujifilm Holdings, GE Healthcare, IBA, NeuroLogica Corp., New Enterprise Associates, Practice Fusion, SK Capital, SPR Therapeutics LLC, Uptake Medical, Urologix Inc.

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