A Totally Cool $45M for Konarka, a $24M Boost for Momenta, IPO Woes for TransMedics and BioTrove, & More Boston-Area Deals News

12/19/08

A couple more IPOs bit the dust this last week. But elsewhere in the Boston area, tech and life sciences firms were having reasonable luck raising money and cutting deals.

Konarka raised $45 million from Total and inked an R&D agreement with the Paris-based international oil and gas conglomerate. Based in Lowell, MA, Konarka is developing a process for making photovoltaic cells on flexible plastic.

—Another player in the flexible-photovoltaics space, Cambridge, MA-based Lightwave Power, reportedly raised $13 million in a Series A financing round led by Quercus Trust and joined by 21Ventures.

—Cambridge, MA-based Momenta Pharmaceuticals (NASDAQ:MNTA) announced it has lined up investors to put $24.1 million into the company. The developer of generic versions of complex drugs will use the new funding for manufacturing, clinical trials, and potential acquisitions of companies and technologies.

—Andover, MA-based TransMedics, which is developing systems for transporting donated organs, withdrew plans for an IPO worth up to $86 million, citing unfavorable market conditions.

—Woburn, MA-based BioTrove, a developer of tools for genomic analysis and drug discovery, followed suit a few days later, pulling the plug on a public stock offering worth as much as $75 million.

—Waltham, MA- and Menlo Park, CA-based Battery Ventures led a $10.5 million Series B investment in Bellevue, MA-based online marketing firm BlueKai. Returning investor Redpoint Ventures also participated.

—Axeda of Foxborough, MA, acquired fellow software-as-a-service firm Questra of Redwood City, CA for an undisclosed sum.

—Ryan got a sense of what Seventh Sense was up to after the stealthy startup’s $4.75 million Series A financing from Flagship Ventures, Polaris Venture Partners, and Third Rock Ventures came to light. With the advice of top-shelf board members such as MIT’s Bob Langer, Massachusetts General Hospital’s R. Rox Anderson, and former FDA chief counsel Peter Barton Hutt, the startup is developing tools to allow people to monitor their own health.

—Entra Pharmaceuticals of Waltham, MA, reportedly raised $4.2 million in the first tranche of a Series A venture financing from Flybridge Capital Partners and North Bridge Venture Partners. The startup is developing drug delivery technology.

—Westborough, MA-based ExaGrid Systems raised $12 million in Series D round from Highland Capital Partners, Sigma Partners, and Lehman Brothers Venture Partners, according to PE Hub, bringing the total venture funding raised by the provider of disk-based backup tools to about $87 million.

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