Battery Ventures Backs ExactTarget, $22M for Tokai Pharmaceuticals, Ironwood Banks $40M in European Deal, & Much Much More Boston-Area Deals News

5/11/09

Sheesh there were a lot of deals last week! Let’s get to it.

Ironwood Pharmaceuticals of Cambridge, MA, earned $40 million in upfront payments as part of a deal giving Barcelona, Spain-based Laboratorios Almirall European development and commercial rights to linaclotide, Ironwood’s experimental drug for irritable bowel syndrome with constipation. The Spanish firm will potentially pay Ironwood another $15 million for reaching near-term milestones, plus $40 million before linaclotide is commercialized.

—Burlington, VT-based Vermedx raised $500,000 in a Series A financing to help develop information technology tools for the diabetes care market. Shelburne, VT-based FreshTracks Capital led the deal.

—Waltham, MA-based diagnostics maker Inverness Medical Innovations (NYSE:IMA) announced a $200 million public offering of senior subordinated notes due in 2016.

—Providence, RI-based NABsys, a startup developing fast, cheap DNA sequencing technology for use in healthcare, raised $4 million in a Series A financing round led by Point Judith Capital and joined by the likes of the Slater Technology Fund.

—Medical devices firm Arsenal Medical of Watertown, MA, reportedly raised $8.2 million in a third round of venture financing. The company, which was formerly called WMR Biomedical, is developing devices incorporating advanced biomaterials for the cardiovascular and ophthalmology markets.

—Acton, MA-based Azuki Systems (formerly called PeerMeta—I guess local startups are in the mood for change) raised $6 million in equity financing from previous backers Kepha Partners and Sigma Partners, as well as company executives. Azuki provides a cloud-based platform for mobile websites, mobile applications, and desktop widgets.

Synageva BioPharma of Waltham, MA, collected $3 million more of a previously announced private equity round, bringing the total for the round to $33 million. New investors Hunt BioVentures and Yasuda Enterprise Development provided the latest funding.

—Viximo, a provider of online services for artists, reportedly raised $5 million in a round of venture capital from North Bridge Venture Partners and Sigma Partners.

—Cambridge, MA-based CombinatoRx (NASDAQ:CRXX) inked a deal with Swiss pharmaceutical giant Novartis aimed at applying CombinatoRx’s technology for discovering combination drugs to developing treatments for cancer. Novartis will pay $4 million up front, fund research related to the alliance for at least two years, and make up to $58 million in milestone payments for each drug produced under the arrangement.

—Software maker VKernel of Portsmouth, NH, raised $7.06 million in Series B venture funding, according to federal filings. Longworth Venture Partners led the round. and Polaris Venture Partners and Hummer Winblad Venture Partners participated as well.

SeeWhy of Andover, MA, raised $4.5 million from new investor Scottish Enterprise and existing investors Logispring, Pentech Ventures, and Delta Partners. SeeWhy provides website owners with “abandonment tracking” tools that can help them track down visitors who leave their sites without completing an online purchase, form, application, or registration.

—Battery Ventures, which has offices in Waltham, MA, led a $70 million financing round for ExactTarget, an Indianapolis-based e-mail marketing software firm. Boston-based Battery general partner Michael Brown joined ExactTarget’s board of directors as part of the deal.

—Business software maker Kalido of Burlington, MA, raised $5.15 million in Series E venture funding, according to federal filings. Atlas Venture and Matrix Venture Partners led the round, $3.1 million of which has been collected so far.

—Medical software maker Casenet raised $5 million in a round of venture capital, according to an SEC filing. Previous backers of the Bedford, MA-based firm include HLM Venture Partners, Sigma Partners, and Aurora Funds.

—Lexington, MA-based RainDance Technologies, a provider of life sciences research tools, raised $6 million of a $12 million round of private equity financing, according to federal filings.

—Cambridge, MA-based Tokai Pharmaceuticals, a prostate-cancer-drug developer, raised $22 million in a round of private equity financing led by Novartis Venture Funds and joined by Apple Tree Partners.

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