Pharmaceutical fundings dropped by $111 million, from $807 million in Q1 08 to $696 million in the current quarter.
There were a number of notable corporate investments in pharmaceutical startups, such as GlaxoSmithKline's investment in Mpex Pharmaceuticals and Bayer's investment in ACT Biotech.
Mpex is developing anti-bacterial drugs that help fight multi-drug-resistant bacterial pathogens. GlaxoSmithKline and Mpex concluded an agreement that will grant GSK rights to certain product candidates developed via their collaboration.
Potentia Pharmaceuticals received $12 million in its series B financing round. Potentia has developed a peptide that it feels will assist in the treatment of age-related macular degeneration (AMD). HealthCare Ventures led the funding round.
In late stage funding news, Diasome Pharmaceuticals raised an undisclosed sum to fund its late stage human clinical trials of the company's oral HDV-Insulin treatment for diabetes.
Venture capital funding for medical device companies continued at roughly the previous quarter level, with 92 companies receiving $966 million, a 2% dollar volume increase.
There were a significant number of first-round fundings, which included the following companies:
Rox Medical (no website) raised $35 million in its third round of funding. Rox is developing devices for the treatment of respiratory system diseases, and is supported by investors Essex Woodlands Health Ventures, Domain Associates, Prism VentureWorks and Versant Ventures.
StroMedix secured $25 million in its series B financing round. The company has licensed a humanized monoclonal anti-body from Biogen Idec, and is in Phase I clinical trials on its lead candidate STX-100. Biogen Idec is also a shareholder in the company.
Venture Funding Activity – 2nd Quarter 2008
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||- 14 %
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||+ 12 %
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