ProteoStasis Takes Off From $45 Launch Pad, BitWave Receives $10M Transmission, GameLogic Reckons $8M Will Do, & More Deals News

8/25/08

There was a decent amount of venture activity in the Boston area this past week, as you can see below—and I’m not even including the smaller deals.

—Cambridge, MA-based HealthCare Ventures, Fidelity Biosciences, the VC branches of Genzyme and Novartis, and others put a whopping $45 million into a first round of financing for ProteoStasis Therapeutics, according to the Boston Globe. The startup is being formed around work from the lab of Scripps Research Institute chemist Jeffrey Kelley and is aiming to treat ailments such as Parkinson’s disease, cystic fibrosis, and diabetes by preventing abnormal protein production.

—Online casino-gaming firm GameLogic of Waltham, MA, reportedly raised $8 million of a $10 million Series C funding round from existing investors Bain Capital Ventures, General Catalyst Partners, and Maveron.

—Novelos Therapeutics (OTC:NVLT) raised $3 million is a private placement of stock. The Newton, MA-based drug developer is targeting cancer and hepatitis.

—Ipanema Technologies of Waltham, MA—a provider of application traffic management systems for wide area networks—raised $7 million from Noble Venture of London.

—Lowell, MA-based BitWave Semiconductor, which makes RFIC transceivers, raised $10 million in a Series B round from Apex Venture Partners, TVM Capital, ECentury Capital Partners, and others.

—Moving from the venture-financing end of the startup life cycle to the exit, Ryan revisited our list of pending area IPOs and found that many of them are, well, no longer pending—and not because they managed to go public. A few firms are braving the market, however; Ryan rounded up those new filings as well.

—Danvers, MA-based cardiac device maker Abiomed (NASDAQ: ABMD) announced a secondary offering of some 2.4 million shares of common stock.

—Speech-recognition giant Nuance Communications (NASDAQ: NUAN) of Burlington, MA, inked a deal to acquire Bellevue, WA-based SNAPin for some $180 million in stock.

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