The Venture Codex

Participated · Series D · Mar 2012

Myoscience develops a platform technology called focused cold therapy (FCT) for treating conditions involving nerves. FCT is approved in Europe and Canada for temporary wrinkle reduction, temporary pain reduction, treatment of dermatologic conditions and focal cryo‑treatment of tissue, and has been cleared in the United States for pain management and general surgical use. The company plans to use proceeds from its recent financing to commercialize its first indication in Europe: a treatment to reduce dynamic facial lines (forehead wrinkles). Myoscience is led by President & CEO Clint Carnell and is based in Redwood City, California. The company is also working to raise a second tranche of up to $12M in addition to the Series D.

Participated · Equity · Apr 2010

Aethon develops TUG® smart autonomous mobile robots and MedEx™ software to automate intralogistics in hospitals, delivering and tracking medication, meals, linen, equipment and supplies. The company launched commercially in 2004 and has deployed over 400 TUG robots performing more than 50,000 deliveries each week across U.S. hospitals. Aethon positions its solutions to improve safety, security and efficiency while freeing clinical staff for direct patient care. It plans to expand its U.S.-based sales force, increase marketing, and grow business development efforts in foreign markets with support from strategic investors. Aethon has received capital from corporate backers and venture firms, including Mitsui USA, the Bosch Group and Trident Capital. Aethon is a developer of autonomous mobile robots and accompanying logistics and tracking software for hospitals, selling its TUG robots and the MedEx medication tracking/delivery system. The company launched into the commercial market in 2005 and is based in Pittsburgh. Nearly 400 TUG robots have been deployed across 135 hospitals, collectively logging more than 50,000 deliveries each week. TUGs transport medication, meals, linens, equipment, supplies and lab specimens, and Aethon positions its platform as a technology-based logistics solution to improve safety and efficiency. The company plans geographic expansion, citing discussions into Europe following a 2010 strategic partnership with the Bosch Group and exploring Asian markets with support from new investor Mitsui USA. Financially, Aethon announced $7.1 million in growth capital in its latest round, part of which came from Mitsui & Co. (USA) Inc. Aethon develops mobile robotics for hospital supply chain logistics, offering departmental and hospital-wide applications that automate the movement of goods such as medications, supplies, meals, and equipment. Its systems aim to improve asset utilization and ensure regulatory compliance. The company recently raised $6.6M to accelerate sales expansion and new product development. Bosch will support engineering efforts as Aethon adds product extensions and scales production capabilities. Aethon is pursuing opportunities to embed its technology in the global healthcare marketplace as it commercializes hospital logistics automation.

Participated · Series D · Jan 2010

EyeGate Pharma develops ocular therapeutics and is advancing a pipeline using its proprietary EyeGate® II Delivery System, a non-invasive iontophoretic drug delivery platform. Its lead program, EGP-437, is a dexamethasone‑derived corticosteroid solution formulated to treat Dry Eye Syndrome (DES). The company raised an additional $5.9M as part of its Series D, bringing the Series D total to $28.5M to date. These funds will be used to continue development of EGP-437. The ALLUVION Phase III study of EGP-437 is fully enrolled and is awaiting last patient last visit, with top-line data expected by the end of Q1 2011. A prior Phase II study showed significant improvements in signs and symptoms of dry eye during and after Controlled Adverse Experiment exposure. EyeGate Pharmaceuticals is a Waltham, MA-based company developing ocular therapeutics and a proprietary non-invasive iontophoretic drug delivery system (EyeGate® II). The company is advancing EGP-437, a dexamethasone-derived corticosteroid solution, for the treatment of Dry Eye Syndrome (DES). According to EyeGate, EGP-437 significantly improved the signs and symptoms of DES in a Phase II clinical study. A pivotal study was expected to begin in the first half of 2010. EyeGate raised $22.6M in Series D financing, with $11M available immediately and $11.6M held in reserve. The new capital will support continued development of EGP-437 and the company’s pipeline using its EyeGate II delivery system.