Weekly Biopharm Financing: Cardiome, Genomic Vision, RF Surgical, NuPathe, Cell and Cara Tharapeutics

This post was commissioned on July 25, 2008, and it was categorized as Venture Capital.

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NuPathe (Business Wire)
Raised $30 million in a Series B, private stock sale. They will mainly use the funds to support the phase 3 trial of their sumatriptan patch for migraine but some money will get funneled into their Parkinson’s

Cardiome (PRNewswire)
Under the non-brokered private placement, Cardiome has entered into an agreement to sell 2,272,727 Series A convertible preferred shares at a price of US$11.00 per share for gross proceeds of US$25 million to CR Intrinsic Investments

Cara Therapeutics (FierceBiotech)
Announced that it had closed on $12.3 million of additional funding to its original $24 million Series C financing which was completed in 2007. The round was led by new investor, Devon Park Bioventures, and included participation by Connecticut Innovations. The additional funds will be used primarily for further clinical development of both intravenous and oral formulations of Cara’s second generation peripherally-selective kappa opioid agonist, CR845. Unlike currently marketed opioids, CR845 did not inhibit intestinal transit (ileus), impair breathing or elicit signs of addiction in animal models. CR845 is currently completing Phase Ia studies.

Cell Therapeutics (PRNewswire)
A single institutional investor has agreed to purchase $44.5 million units consisting of senior convertible notes and warrants. The newly issued 18.33 percent convertible senior notes come due in 201 1 , with a conversion price of 79 cents per share. Of the total purchase, $22.25 million will be funded this week and the remaining $22.25 million must be funded prior to Aug. 25.

Good news for Cell Therapeutics but the $44.5 still might not be enough to continue operations.

FierceBiotech via the Seattle Times has the scoop

RF Surgical Systems
Announced that it has recently raised $8.2 million in a Series A round of venture capital financing from Menlo Ventures and Stanford University.With previous private placement investments, the company has raised over $12 million during 2008 and over $20 million since its inception. The Company intends to use the new capital to support the expansion of its RF Surgical Detection System™ into acute care hospitals throughout the country.

Theoretically Related Posts

April 16, 2009 -- Lycera Closes $36 Million Series A (0)
April 15, 2009 -- Synageva Nets $30M (0)
November 11, 2008 -- Accera Completes $35 Million Series C Financing (1)
October 29, 2008 -- Salient Surgical Technologies Nets A $17.9M Series F (0)
October 29, 2008 -- DFine Secures $30 Million in Series D Funding (0)
October 22, 2008 -- Neuroptix Raises $18.5 Million in Successful B Round (0)
October 22, 2008 -- Apitope Raises EUR 10 Million in Series A Financing (0)
August 12, 2008 -- Heathcare / Medical Venture Capital Groups (1)
June 4, 2008 -- Novartis Buys Protez For Superbug Defense (0)
April 30, 2008 -- Financing for Concert Pharmaceuticals (0)

This post was constructed by

Eben Tessari

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Eben is a highly caffeinated business development associate at a small, cash sensitive pharmaceutical company somewhere in Massachusetts. He enjoys cliche-less banter, compartmentalization, non-equilibrium thermodynamics and NPV analysis. Agree or disagree with what he's posted? He encourages comments.

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