July was a busy month for small deals, according to the latest data from CB Insights, the New York information and data services firm that tracks the private company deals that help fuel the innovation economy. CB Insights sweeps the sub $1 million deals for both technology and life sciences companies into this roundup. Many of these are debt or option financings, rather than venture equity investments, which makes me wonder if this could be part of the “new normal” for raising capital in these parts. Or perhaps this is just a kind of pay-as-you-go plan as startups do what needs to get done.
Perhaps folks out there have some thoughts on that. Here’s the rundown, drawn from CB Insights, and other sources as noted:
—San Diego’s Novalar Pharmaceuticals, the specialty dental pharmaceutical company, raised just over $1 million of a $2.5 million round of debt, rights to acquire securities, and other securities. The company’s chief product is an injectable drug, phentolamine mesylate, that helps dissipate the numb feeling of dental anesthetic. Novalar raised $30 million in a 2007 Series D round that included Domain Associates, Genevest, Montreux Equity Partners, New Enterprise Associates, Sears Capital Management and SR One, according to VentureWire.
—Ortiva Wireless, a San Diego developer of software to deliver video clips over mobile networks, is offering $151,000 in warrants that can be converted into shares of preferred stock and other securities. The wireless company raised $15 million in a 2007 round that included Artiman Ventures, Avalon Ventures, Comcast Interactive Capital and Mission Ventures.
—Althea Technologies, a San Diego a contract services organization for the life sciences industry, is offering $552,500 in warrants that can be converted to
