A Medical Device Daily
TyRx Pharma, (Monmouth Junction, New Jersey) a developer of implantable combination drug/device products, said it has raised $25 million in a venture capital financing led by Clarus Ventures (Cambridge, Massachusetts) and co-led by Pappas Ventures (Durham, North Carolina).
In connection with the financing, Jeffrey Leiden, MD, managing director, and Scott Requadt, principal, both of Clarus Ventures, and Arthur Pappas, managing partner, Pappas Ventures, will join TyRx’s board of directors.
“We are pleased to attract new investment from Clarus and Pappas Ventures,” said TyRx Pharma CEO William Edelman. “In January, we [reported] FDA clearance of the AIGISrx CRMD Anti-Bacterial Envelope, our third implantable combination drug/device product to reach the market. The funds from the current financing round will enable our continuing transition from the development stage to commercialization, targeting the market in medical device infection control estimated at $3 billion in the U.S.”
“We are excited about working with the TyRx management team to develop and commercialize the company’s novel and proprietary pipeline of drug-eluting devices,” Leiden said. “We believe TyRx’s combination drug/device products are well-positioned to meet the needs of the growing number of patients requiring implantable medical devices.”
In other financing activity:
• Bruker (Billerica, Massachusetts) reported financial results for the fourth quarter and full year ended Dec. 31. Results show revenue to have increased slightly last year.
On Feb. 26, Bruker BioSciences closed its acquisition of the Bruker BioSpin Group, and renamed itself Bruker (Medical Device Daily Feb. 27).
For 4Q07, revenue increased by 35% to $183.7 million, compared to revenue of $135.6 million a year earlier. Excluding the effects of foreign currency translation, 4Q07 revenue increased organically by 26% year-over-year.
For full-year 2007, revenue increased by 26% to $547.6 million, compared to $435.8 million in 2006. Excluding the effects of foreign currency translation, full-year 2007 revenue increased by 19% year-over-year, including 17% organic growth and 2% growth from acquisitions.
During 4Q07, cash flow from operations was $36.4 million and free cash flow, defined as operating cash flow less capital expenditures, was $34.3 million. During full-year 2007, cash flow from operations was $26.3 million and free cash flow was $10.8 million. As of Dec. 31, the company had $72.9 million in cash and cash equivalents, and $38.1 million in outstanding debt.
Bruker is a provider of high-performance scientific instruments and solutions for molecular and materials research, as well as for industrial and applied analysis.
• Osiris Therapeutics (Baltimore) a stem-cell therapeutic company focused on developing products to treat medical conditions in the inflammatory, orthopedic and cardiovascular areas, reported its results for the fourth quarter and year ended Dec. 31. Total revenues for the quarter were $7.2 million, up 125% from revenues of $3.2 million for the prior-year period.
The company reported a net loss of $21.6 million for 4Q07 compared to a net loss of $12.7 million for the year-earlier quarter.
“In 2007, Osiris performed exceptionally well, as evidenced by our objective record of success,” said President/CEO C. Randal Mills, PhD. “It is becoming clear that cellular therapies offer unique advantages that may allow us to solve many of the most challenging problems facing medicine today. Moving forward, we intend to further our leadership position in cell therapy by leveraging our infrastructure, intellectual property, and experience to usher in a new era of smart medicine.”