Our Seattle compatriots have all arrived in Boston for XSITE. We wish we could say they brought the rain with them, but in fact, Boston has been far wetter than Seattle all month. The week’s life sciences news, however, isn’t quite the downpour you’ve all been dealing with outside.
—Wide-roaming correspondent Ryan McBride took in some sea air while attending the Convergence conference in Newport, RI. Policy wonks abounded, as the health care industry is nervously awaiting changes to federal patent standards, generic biotech drug regulation, and healthcare coverage. Ryan gathered insights on GlaxoSmithKline (NYSE: GSK)’s purchase of Cambridge, MA-based Sirtis last spring from Genzyme (NASDAQ: GENZ) CEO Henri Termeer’s account of a conversation he had with Sirtis CEO Christoph Westphal. For all this and more, check out his report.
—Ryan also profiled PubGet, a Cambridge-based scholarly search engine aiming to provide faster, more useful results than the likes of GoogleScholar and PubMed. Instead of clicking through multiple links to get to the paper, a PubGet search will take you directly to a full-text PDF (assuming your institution has access). PubGet’s just announced that 50 research institutions have adopted its service.
—ImmunoGen (NASDAQ: IMGN), which produces technology to aid the effectiveness of antibody drugs, raised $33 million, after expenses, through a stock offering. The Waltham company sold 5 million shares at $7 apiece.
—Cambridge’s Living Proof, which aims to apply advanced materials science to beauty products, raised $9 million in an equity financing round. The funds came from Polaris Venture Partners, the sole venture backer of the company. Living Proof recently debuted its first product, the hair treatment NoFrizz.
—I-Therapeutix, a Waltham-based maker of tiny hydrogel-based eye bandages, landed $15 million in venture capital during a Series C Financing round. Between this latest news and the recent clearance of its flagship product, the I-Zip bandage, in European markets, I-Therapeutix is sitting pretty. The company hopes to enter the American market early next year, and is currently batting its lashes at the FDA.
—Norwich Ventures sounds like a great boss to work for. The Waltham venture firm loves to invest in medical device companies at an early stage, and unlike other, larger players, doesn’t pressure companies in its portfolio to sell or exit within five years. Hear more about their strategy in Ryan’s piece here.
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