LogMeIn Pulls Off a $107 million IPO, CombinatoRx To Pair With Neuromed, CloudSwitch Turns on $8M, & More Boston-Area Deals News

7/6/09

Finally, an IPO! That, and the rest of the week’s deals news from New England’s tech and life sciences industries below.

—Lexington, MA-based Highland Capital Partners reportedly pushed the close of its eighth venture fund back from late June until mid-July to give limited partners more time to contribute. PE Hub’s Dan Primack wrote that the firm is still about $100 million short of its $400 million target for the fund.

—Diagnostic test developer IntelligentMDx raised $3 million from a group of unnamed, non-venture investors. The Cambridge, MA-based startup had previously raised about $23.5 million.

—CloudSwitch, a Burlington, MA-based startup out to help make it easier for companies to avail themselves of cloud computing technology, closed an $8 million Series B funding round. Commonwealth Capital Ventures led the deal, which was joined by Matrix Partners and Atlas Venture.

—Software firm LogMeIn pulled off a $107 million IPO, the year’s first for a venture-backed New England firm. Shares of the Woburn, MA-based company (NASDAQ: LOGM), which makes software for remotely accessing computers, were priced at $16 apiece—the high end of the projected price range—and quickly climbed into the $20 range.

—Cambridge, MA-based CombinatoRx (NASDAQ:CRXX) announced plans to merge with a privately held firm in Vancouver called Neuromed Pharmaceuticals. The deal’s unusual structure initially gives each firm’s shareholders 50 percent of the combined company, with the ratio to shift in favor of Neuromed’s shareholders if the company’s anti-pain drug candidate Exalgo is approved by the FDA before October 1, 2010, or in favor of CombinatoRx shareholders if the drug is approved after that date or not at all.

—Weston, MA-based ActiFio, a stealthy IT firm, raised $4 million of a planned $8 million equity financing round. Investors in the deal were not identified, but James Goldstein of North Bridge Venture Partners is named in a federal filing as a member of the startup’s board.

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