For General Corporate Purposes: A Roundup of San Diego Startups Raising Capital

4/16/10Follow @bvbigelow

Startup companies have been busy raising capital over the past few weeks, which include some time when I was out of the country. In a bid to catch up, I’ve collected these recent deals to help you catch up as well.

—Ambit Biosciences disclosed in a regulatory filing that it has raised $12 million out of a targeted $13.4 million financing that includes warrants to purchase as many as 284,584 preferred Series D shares or an undetermined number of preferred stock. The San Diego biotech has focused its technology on developing anti-cancer drug treatments from an emerging class of compounds that block the cellular activities of certain enzymes known as kinases. Ambit has moved to develop its own anti-cancer compounds after developing technology to screen large numbers of kinases for the best candidate compounds to block them.

—San Diego’s Allylix says it has closed its Series C round of funding by raising a total of $9 million, which includes $6 million the company disclosed in a regulatory filing in January. The company has been developing ways of using genetically engineered yeast to make specialty chemicals known as terpenes, a basic building block for both synthetic and naturally occurring fragrances, flavors, and other products. The company received additional investment from new investor Middleland Capital as well as existing investors Blue Grass Angels, Life Science Angels, Tech Coast Angels, Pasadena Angels and Tate & Lyle Ventures.

—San Diego-based TweetPhoto, a real-time platform for sharing Twitter and other social web media, says it has secured $2.6 million in a Series A financing led by Canaan Partners, with additional investment from Anthem Venture Partners and angel investors. The company plans to use the capital to accelerate development of its core technology, a platform of open application program interfaces, or APIs, and mobile software development kits for real-time media sharing across the social web. The funding also allows the company to expand its developer relations program and to introduce new products that further strengthen its position as the preferred way for leading application developers to incorporate real-time media sharing into their applications.

—Sotera Wireless, a San Diego startup previously known as Triage Wireless, says it has raised $10.7 million as part of a targeted $15 million round, according to a recent regulatory filing. While the company did not name investors in its latest funding round, existing investors include Qualcomm Ventures, Sanderling Ventures, 3i Group, and Intel Capital. The company has raised more than $36 million, including the latest funding.

—Chimeros, previously known as ChimeraCore, has raised $444,081 of $500,000 debt offering, according to a recent regulatory filing. Chimeros, which moved to San Diego from Santa Barbara in mid-2008, showed up in our under the radar deal list in November, when the biotech disclosed raising $611,246 in equity funding. Investors were not disclosed, although Chimeros appears as a portfolio company on the DFJ Frontier website, where it is described as a cancer therapeutics company developing nano-scale technology for the delivery of nucleic acids.

—NexMed (NASDAQ: NEXM) recently raised $4 million by issuing warrants or options to be exchanged at a future date for its securities, according to a recent regulatory filing. The life sciences company, which moved to San Diego following its buyout of Bio-Quant, a San Diego contract research organization (CRO), says in the filing that roughly $2.6 million of the proceeds was used to pay off previous indebtedness. The remaining proceeds from the offering will be used for general working capital. NexMed is developing transdermal drug delivery technology, which is intended to enhance the absorption of an active drug through the skin, allowing patients to avoid getting stuck with needles.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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