After more than 25 years in drug development that culminated in a corner office at Calistoga Pharmaceuticals, Carol Gallagher decamped for the venture world last year, and now she has accepted a position at New Enterprise Associates to help nurture the next generation of disruptive biotechs.
New Enterprise Associates has stepped up to back San Diego-based Tracon Pharmaceuticals, joining a syndicate that is betting $27 million on the company's two cancer therapies, including a mid-stage drug now in the clinic for soft tissue sarcoma.
On the heels of a $42 million Series F closed last fall, CVRx is picking up an additional $15 million in a debt facility from Silicon Valley Bank. But that's chump change in the long run for this startup, which has raised about $265 million since its 2001 inception.
Intrinsic Therapeutics is aiming at more effective surgical treatment of lumbar disc herniation and is in the process of raising almost $21 million in venture capital, according to a Sept. 17 SEC filing.
While medical device venture activity may have picked up this year, the comparison point in 2013 was abysmally low. In addition, Series A device investment was still shrinking. That's according to a new report from Silicon Valley Bank. These trends are pushing the sector to be more reliant on angel investors, which are becoming more accessible with the advent of crowdfunding, and corporate VCs, who are stealthy but increasingly active.
This morning Atlas Venture and New Enterprise Associates announced that they have committed $29.4 million to launch Synlogic, a new Cambridge, MA-based upstart initially seeded last fall that has set out to build a platform that can create therapeutic microbes.
Startup Rotation Medical nabbed a $27.2 million Series B round from a group of high-profile VCs including Life Science Partners and New Enterprise Ventures. It will use the money to finance a July launch and post-market clinical studies of its rotator cuff system that FDA cleared in March.
New Enterprise Associates has stepped up to help with a $14 million A round designed to get Austin, TX-based startup Lumos Pharmaceuticals in the clinic with a new therapy for an autism spectrum disorder characterized by severe cognitive impairment.
Elliott Sigal has opened the next chapter of his career. The former R&D chief at Bristol-Myers Squibb, who helped squire a number of blockbuster programs through the clinic, is joining David Mott as a venture partner at New Enterprise Associates.
Cydan, an orphan-drug accelerator bankrolled by New Enterprise Associates and Pfizer Ventures, has secured another $10 million in venture cash.