Venture Funding Drops Sharply in San Diego; Life Sciences Deals Predominate in Our Top 10 List

7/19/10Follow @bvbigelow

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Young accounting firm.

Regnier estimated that VC funding in local life sciences startups accounted for more than 76 percent of the overall funding in San Diego during the quarter, based on the Dow Jones data. Funding for life sciences ventures accounted for more than 80 percent of the funding here, based on the MoneyTree data.

Regnier added that there was “virtually no funding for consumer services and business services” in San Diego during the quarter. There were a couple of tech deals worth noting though: Zeebo, which makes video game players, raised $13.5 million, and Imagine Communications, which specializes in streaming digital video technology, raised $10 million.

Here’s a list of the top 10 deals in San Diego, based on the MoneyTree list:

1. Sonexa Therapeutics, San Diego. Alzheimer’s drug developer. $37.23 million. Investors: Alta Partners, Domain Associates, Scale Venture Partners.

2. Astute Medical, San Diego. Medical diagnostics. $26.56 million. Investors: De Novo Ventures, Delphi Ventures, Domain Associates, Johnson & Johnson Development Corp.

3. Nereus Pharmaceuticals, San Diego. Cancer and other diseases. Investors: $20 million. Advent International, Alta Partners, Astellas Venture Capital, F. Hoffmann-La Roche, Forward Ventures, Gimvindus NV, HBM BioVentures AG, Pacific Venture Group.

4. Zeebo, San Diego. Wireless video game equipment. $13.50 million. Investors: Qualcomm Ventures, and undisclosed investor.

5. Tandem Diabetes Care, San Diego. Innovative insulin pump. $12.83 million. Investors: Domain Associates and undisclosed investor.

6. Aragon Pharmaceuticals, San Diego. Anti-endocrine cancer drugs. $12 million. Investors: Aisling Capital, The Column Group, OrbiMed Advisors .

7. Otonomy, San Diego. Novel drugs for inner ear disorders. $10.57 million. Investors: Avalon Ventures and undisclosed investor.

8. Imagine Communications, San Diego. Streaming Digital Media Technologies. $10 million. Investors: Carmel Ventures, Columbia Capital, Court Square Ventures.

9. Evoke Pharma, San Diego. Drugs for gastrointestinal tract diseases. $6 million. Investors: Domain Associates, Windamere Venture Partners, Latterell Venture Partners.

10. AltheaDx, San Diego. Improved diagnoses of pediatric and prostate cancers. $6 million. Investors: Telegraph Hill Partners.

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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