A Diagnostics & Imaging Week

Neuroptix (Acton, Massachusetts), a company developing a non-invasive eye test to assist in the early diagnosis of Alzheimer's disease, reported that it has successfully raised a total of $18.5 million in its Series B funding round, as the company advances its diagnostic test toward clinical trials.

The investment, led by Inventages, will advance continued development of the Neuroptix Sapphire diagnostic platform and related technologies. The Neuroptix system consists of a non-contact optical device combined with an eye drop which specifically identifies Alzheimer's-related proteins found in the lens of the eye. Rockport Venture Partners acted as the financial advisor on the transaction.

In pre-clinical testing to date, the system has shown highly promising results, with research showing strong indications that the a-beta proteins associated with the formation of Alzheimer's-related plaques in the brain can be detected in the eye prior to their aggregation in the brain.

"Our goal is to help patients, physicians and pharmaceutical companies combat the disease in its earliest stages, where intervention will do the most good," said Paul Hartung, president/CEO of Neuroptix.

In other financing activity, Helicos BioSciences (Cambridge, Massachusetts) said it has agreed with certain investors to raise about $18.6 million in gross proceeds in a private placement through the sale of shares of its common stock and warrants.

Helicos, a life science company focused on genetic analysis technologies for the research, drug discovery, and diagnostic markets, estimates that net proceeds from the offering will be about $17.9 million, after deducting placement agent fees and estimated offering expenses. The company said it plans to use the proceeds for working capital and general corporate purposes.

Helicos has agreed to sell a total of 42,753,869 units, each unit consisting of one share of common stock and one warrant to purchase 0.6 shares of common stock at an exercise price of 45 cents a share, for a purchase price of about 44 cents a unit, representing the closing bid price plus an additional amount for the warrants.

Units will not be issued or certificated. The shares of common stock and warrants are immediately separable and will be issued separately. The warrants will have a five-year term and will be exercisable immediately following the closing of the transaction.

The company said it expects the deal to close this week. Leerink Swann was placement agent for the offering. Institutional investors and certain current investors, which include Flagship Ventures, Atlas Venture, Highland Capital and Versant Ventures, provided the financing.

Helicos' True Single Molecule Sequencing technology allows direct measurement of billions of strands of DNA, enabling scientists to perform experiments and ask questions never before possible, according to the company.