A Medical Device Daily

ProQuest Investments (Princeton, New Jersey), a venture capital firm focused on healthcare, reported the closing of ProQuest Investments IV, a $425 million fund. The closing of ProQuest Investments IV brings funds under management at ProQuest to about $900 million, it said.

Pasquale DeAngelis, CFO and administrative partner of ProQuest Investments, said, “The strong demand for participation in this fund by both our returning and new limited partners led to a significant over-subscription. We were gratified to receive a commitment far exceeding our target raise but held to our promise to cap the fund at $425 million.”

ProQuest, which also has offices in San Diego and Montreal, says it invests across North America in biopharmaceutical companies with clearly differentiated products or potential products that address unmet medical needs. Since its inception in 1998, it says its 12 investment professionals have invested in more than 40 emerging healthcare companies.

Arcadia Resources (Southfield, Michigan) reported completing a new $10 million equity funding by a “major” mutual fund in the U.S., it said.

The Shemano Group (San Francisco), acted as placement agent.

John Elliott II, CEO/chairman of Arcadia, said, “This capital facilitates our current business plan to open walk-in, routine medical clinics contracted for development within host sites. Recently, we opened three clinics in Nevada, one in Indiana and three in Michigan. We are contracted to open a total of 34 sites over the next three months.”

Arcadia is a national provider of home care services and products, including respiratory and durable medical equipment; non-medical and medical staffing, including travel nursing; a mail-order pharmacy; and a catalog of health care-oriented products. The company also is establishing walk-in routine medical clinics inside of super center retail stores.