Elevation Partners Grabs $17M, NanoSort Wins Grants, NIH Collaborates with Afraxis on Rare Disease R&D, & More San Diego Life Sciences News

9/29/11Follow @bvbigelow

Funding needed to advance innovative technologies came in small dollops for several local life sciences startups last week, although one company got a big serving. Our weekly briefing begins now.

—San Diego’s Elevation Partners, which has been developing a long-lasting aerosol drug for treating chronic obstructive pulmonary disease, took in a $17 million tranche in a Series A financing that was previously disclosed. The company also reported some of its clinical results at the European Respiratory Society meeting in Amsterdam.

—The National Cancer Institute (NCI) awarded a two-year, $297,000 Small Business Innovation Research (SBIR) grant and a nine-month, $198,000 contract to San Diego-based NanoSort to develop devices capable of detecting circulating tumor cells using two new approaches. NanoSort, a development-stage biomedical device company, said it is working to use lab-on-a-chip technologies to drastically reduce the size and cost of high-performance flow cytometers and related equipment for research, diagnostics, and drug discovery.

—San Diego’s Naviscan, which won European clearance earlier this month to market its high-resolution Positron Emission Tomography (PET) scanners, raised almost all of a nearly $400,000 round of debt, rights, and securities, according to a recent regulatory filing. The scanner is predominantly used for mammography and guided breast biopsies. Since 2007, Naviscan has raised more than $17.5 million from Mayo Medical Ventures, QuestMark Partners, Sanderling Ventures and Walker Ventures, according to VentureWire.

Connect, the nonprofit group supporting innovation and entrepreneurship in San Diego, named 24 finalists for its annual Most Innovative Product awards, including six life sciences entries. The San Diego-area finalists selected for innovative products in diagnostics and research are Biocept, Life Technologies, and Targeson. The finalists selected for … Next Page »

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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