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.
Sign up to get our free newsletters delivered right to your inbox
"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."
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
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
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
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
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
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
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
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
Urologix takes out $2M credit line
Urologix (NSDQ:ULGX) took out a $2 million credit facility with Silicon Valley Bank. Read more
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
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
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
SPR Therapeutics raises $2.2M
Neurostimulation pain-relief device company SPR Therapeutics raised a Series A round of $2.2 million. Read more
