San Diego Life Sciences Roundup: Cadence, Mast, Illumina, and More
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select a few promising startup management teams, and invest $100,000 in each company in exchange for a 10 percent share of the company’s common stock. Russian billionaire Yuri Milner also will invest in the startups, which also can tap as much as $20,000 in debt from Silicon Valley Bank.
—AT&T said it has hired Eric Topol, a San Diego cardiologist, digital healthcare leader, and director of the Scripps Translational Science Institute, to serve as the wireless carrier’s chief medical advisor. Topol, who will continue in his various roles at Scripps Health and The Scripps Research Institute, will help AT&T move its digital healthcare technologies into the market.
—MD Revolution, a San Diego healthtech startup, said it closed a $7 million Series B round of equity financing that came entirely from individual investors. The round brings MD Revolution’s total venture funding to about $8 million since the company was founded three years ago. MD Revolution has developed online technology to help people improve their health and cardiovascular fitness.
—San Diego’s Sorrento Therapeutics (NASDAQ: SRNE) said it has expanded its rights to a formulation of the anticancer drug paclitaxel that is intended to increase cellular absorption. Sorrento said it added exclusive rights to polymeric micellar paclitaxel in Australia, Canada, and Mexico from South Korea’s Samyang Biopharmaceuticals. The company already has exclusive rights to the drug in the United States and 27 countries of the European Union.