Atreaon and Arsenal Spinoff 480 Biomedical Nab Funds
Here are a couple of mid-week life sciences financings.
—Watertown, MA-based Arsenal Medical, a developer of biomaterial-based scaffold and drug delivery products, announced it is spinning out a new company called 480 Biomedical. Both firms raised new funding ($15 million for 480 and $3 million for Arsenal) from Arsenal Medical’s return investors Polaris Venture Partners, North Bridge Venture Partners, and Intersouth Partners. 480 Biomedical, which will focus on scaffold technology used in treating a form of peripheral vascular disease known as SFA occlusive disease, received part of its funding from an unnamed strategic investor, according to the announcement.
—A new biotech company Atreaon raised $8 million of a targeted $20 million from one investor, an SEC filing shows. The document names Isaac Cheng and Reenie McCarthy of Morningside Group as company directors and lists Morningside’s Newton, MA, address as the Atreaon company address.