Here are the week’s headlines in North Carolina biotech news: —Scynexis (NASDAQ: [[ticker:SCYX]]) is raising $30 million through a secondary stock offering largely to finance clinical trials for its lead drug, an antifungal. The offering boosts the Durham, NC, company’s cash reserves. In a securities filing, the company said its cash and cash equivalents totaled … Continue reading “Raleigh-Durham Roundup: Scynexis, Contego Medical, Argos, & More”
Author: Frank Vinluan
Xconomy Editor Frank Vinluan is a business journalist with experience covering technology and life sciences. Based in Raleigh, he was a staff writer at the Triangle Business Journal covering technology, biotechnology and energy before joining MedCityNews.com as North Carolina bureau chief. Prior to moving to North Carolina’s Research Triangle in 2007 he held business reporting positions at The Des Moines Register and The Seattle Times.
Innocrin Pharmaceuticals Lands $28M for Prostate, Breast Cancer Trials
[Updated 4/16/15, 10:56 am. See below.] Innocrin Pharmaceuticals is moving forward with a prostate cancer drug that it believes could better target the cancer while also causing fewer side effects compared to existing treatments. Now the company has some additional cash to try and make its case. The Durham, NC, company has raised $28 million … Continue reading “Innocrin Pharmaceuticals Lands $28M for Prostate, Breast Cancer Trials”
HAP Innovations Tackles Missed Meds with Automated Dispenser
Most people who take prescription medication relate to the experience of occasionally missing a pill. For those who juggle multiple prescriptions, forgotten doses can become a regular occurrence. Durham, NC, company HAP Innovations believes it can resolve those problems with a device that tracks all of a patient’s pills and dispenses them precisely when they … Continue reading “HAP Innovations Tackles Missed Meds with Automated Dispenser”
Startups Strut on Stage at UNC Innovation Showcase
In an annual spring ritual at the University of North Carolina at Chapel Hill, startup companies associated with the university get the opportunity for five minutes of stage time to present their technologies or products to a live audience. The UNC Innovation Showcase is a popular draw for the Research Triangle’s broader entrepreneurial community. Startups … Continue reading “Startups Strut on Stage at UNC Innovation Showcase”
Raleigh-Durham Roundup: Quintiles, BDSI, BioCryst, & More
Here are the headlines from the last week in North Carolina biotech news. —Pharmaceutical services provider Quintiles (NYSE: [[ticker:Q]]) is teaming up with lab testing company Quest Diagnostics (NYSE: [[ticker:DGX]]) to provide clinical trial laboratory services around the world. Durham, NC-based Quintiles will own 60 percent of the joint venture while Quest will own the … Continue reading “Raleigh-Durham Roundup: Quintiles, BDSI, BioCryst, & More”
Equity Crowdfunding Backers Clash Over Fundraising Limits in States
After five years of bootstrapping his startup, Instancy, Harvey Singh’s company has a finished education software product, revenue, and a growing roster of employees. As Singh looks overseas to expand Instancy’s sales reach, he says he is now ready for outside investors. He wants to raise that capital through crowdfunding. The federal Jumpstart Our Business … Continue reading “Equity Crowdfunding Backers Clash Over Fundraising Limits in States”
Fresh Off Boston Move, CoLucid Plots IPO For Migraine Drug Push
CoLucid Pharmaceuticals has barely finished unpacking after relocating to Massachusetts last week, but it has already pulled one thing out of its moving boxes—a document outlining plans for an initial public offering. According to CoLucid’s IPO prospectus, the company could raise up to $86 million. But that figure is just a placeholder. The details won’t … Continue reading “Fresh Off Boston Move, CoLucid Plots IPO For Migraine Drug Push”
Novan Therapeutics Lands $50M to Tackle Acne, HPV
Novan Therapeutics, which is researching applications of nitric oxide in treating skin conditions, has closed on $50 million in financing as the Durham, NC, moves its lead drug forward in clinical trials. New investor Malin Corporation (ISEQ: [[ticker:MLC]]), an Ireland-based life sciences investment company that went public last week, led the Novan deal, which included … Continue reading “Novan Therapeutics Lands $50M to Tackle Acne, HPV”
Convenience, Not Cleantech Drives Internet of Things Opportunity
Energy savings that come from using networked devices make the concept of the “Internet of Things” an obvious cleantech play. But getting people to adopt these new systems might come down to the technology’s ability to adapt to, and perhaps improve upon, familiar patterns of human behavior—such as checking the refrigerator. Tony Atti, CEO of … Continue reading “Convenience, Not Cleantech Drives Internet of Things Opportunity”
Raleigh-Durham Roundup: Heat Biologics, nCino, Scioderm, & More
Here are the week’s top stories in North Carolina tech and biotech (not college basketball) news: —Cancer immunotherapy company Heat Biologics (NASDAQ: [[ticker:HTBX]]) closed a stock offering that raised $12.2 million, which the Durham, NC, company plans to use for research and development, clinical trials, and other corporate expenses. Heat is currently in mid-stage clinical … Continue reading “Raleigh-Durham Roundup: Heat Biologics, nCino, Scioderm, & More”
Clinical Ink, CentrosHealth Merge in Paperless Drug Trials Push
Clinical trials software company Clinical Ink is adding new mobile capabilities through a merger with CentrosHealth, in a deal that also comes with a capital infusion into the combined company. Winston-Salem, NC-based Clinical Ink disclosed no financial terms for either the merger or for the new investment, which was led by MPM Capital, the Boston-based … Continue reading “Clinical Ink, CentrosHealth Merge in Paperless Drug Trials Push”
Valeant Boosts Bid For Salix By $1B, Endo Withdraws
[Updated 3/16/15, 11:18 am, see below.] Valeant Pharmaceuticals is raising its offer to acquire Salix Pharmaceuticals and it aims to close the deal in about two weeks. The new offer from Valeant (NYSE: [[ticker:VRX]]) raises its initial $158 per share bid to $173 per share, valuing the transaction for Raleigh, NC-based Salix (NASDAQ: [[ticker:SLXP]]) at … Continue reading “Valeant Boosts Bid For Salix By $1B, Endo Withdraws”
Salix Bidding War Erupts as Endo Tops Valeant’s Offer
[Updated 3/11/15, 6:44 pm. See below.] Salix Pharmaceuticals, which just two weeks ago reached a deal to be acquired by Valeant Pharmaceuticals, now has a better offer from Endo International. Dublin, Ireland-based Endo (NASDAQ: [[ticker:ENDP]]) has proposed to Salix (NASDAQ: [[ticker:SLXP]]) a cash and stock offer that amounts to $175 per share—about 11 percent more … Continue reading “Salix Bidding War Erupts as Endo Tops Valeant’s Offer”
Heat Biologics Launches $10M Stock Offering; CFO To Move On
Cancer immunotherapy company Heat Biologics (NASDAQ: [[ticker:HTBX]]) is raising $10.6 million through a stock offering—just as the company prepares to bid farewell to its chief financial officer. Durham, NC-based Heat is offering 1.64 million shares at $6.50 per share. Underwriters have 45 days to purchase 246,000 additional shares. Heat says it will use proceeds from … Continue reading “Heat Biologics Launches $10M Stock Offering; CFO To Move On”
DARA BioSciences Nabs U.S. Rights to Oral Thrush Drug
Some cancer patients develop a fungal infection in the mouth when a commonly found fungus takes advantage of a weakened immune system that can no longer keep it in check. Antifungals already exist to treat this overgrowth of Candida albicans. But DARA BioSciences (NASDAQ: [[ticker:DARA]]) hopes to compete with those drugs with a product that … Continue reading “DARA BioSciences Nabs U.S. Rights to Oral Thrush Drug”
Raleigh-Durham Roundup: MaxPoint, Targacept, Frontier Capital, & More
Here are the week’s headlines in North Carolina tech and biotech news: —MaxPoint Interactive (NYSE: [[ticker:MXPT]]) is North Carolina’s newest publicly traded company. Morrisville, NC-based MaxPoint, whose software analyzes “big data” to help businesses develop targeted marketing campaigns, debuted on the New York Stock Exchange on Friday, pricing its initial public offering at $11.50 per … Continue reading “Raleigh-Durham Roundup: MaxPoint, Targacept, Frontier Capital, & More”
North Carolina Tech Investments Outpaced Life Science Deals in 2014
At a North Carolina conference full of life science professionals, technology companies made the loudest investment noise. Investments in tech companies last year outpaced life science dealflow, both in total dollars raised and the number of deals—the first time in a long time that tech deals overshadowed life science deals. A total of 83 tech … Continue reading “North Carolina Tech Investments Outpaced Life Science Deals in 2014”
Vascular Pharmaceuticals Lands $9M For Diabetes Drug Trials
Patients whose diabetes has progressed to a type of kidney damage called diabetic nephropathy have few treatment options available to them. Some doctors treat the condition with blood pressure medication. But there are no FDA-approved drugs to specifically treat diabetic nephropathy, which can lead to end-stage renal failure. At that stage, patients will likely need … Continue reading “Vascular Pharmaceuticals Lands $9M For Diabetes Drug Trials”
Chimerix Drug Shows Promise As Virus Fighter for Transplant Patients
The commonly found adenovirus poses little problem for healthy people, whose immune systems can fight the respiratory and gastrointestinal infections the virus can cause. But in bone marrow and organ transplant patients, adenovirus often becomes deadly. Their weakened immune systems can’t fight off the virus, which studies show can be fatal in up to 80 … Continue reading “Chimerix Drug Shows Promise As Virus Fighter for Transplant Patients”
Financial Software Startup nCino Banks $29M in Series B Round
[Updated 2/24/15, 4:19 pm. See below] Cloud banking software company nCino has raised $29 million in a Series B round of financing as the startup charts a growth course that could take its offering into bigger banks and international markets. Insight Venture Partners led the round, which also included investments from existing investors Wellington Management; … Continue reading “Financial Software Startup nCino Banks $29M in Series B Round”
Raleigh-Durham Roundup: LabCorp, Alevo, Piedmont Pharma, & More
Here are the headlines from the past week in North Carolina tech, biotech, and cleantech news. —LabCorp completed its $6.2 billion acquisition of Covance. Burlington, NC-based LabCorp (NYSE:[[ticker:LH]]), announced last November an agreement to acquire New Jersey-based Covance, a provider of outsourced services to the pharmaceutical industry. LabCorp, a laboratory testing and diagnostics company, says … Continue reading “Raleigh-Durham Roundup: LabCorp, Alevo, Piedmont Pharma, & More”
Valeant to Acquire Specialty Pharma Salix in $14.5B Deal
Valeant Pharmaceuticals has reached an agreement to acquire Salix Pharmaceuticals in a cash deal that values the gastrointestinal drug company at $14.5 billion, the companies said Sunday. Under the definitive agreement, Valeant (NYSE: [[ticker:VRX]]) based near Montreal, Canada, will acquire Raleigh, NC-based Salix (NASDAQ: [[ticker:SLXP]]) for $158 per share, a modest premium given the stock’s … Continue reading “Valeant to Acquire Specialty Pharma Salix in $14.5B Deal”
Heat Biologics, OncoSec Collaborate on Cancer Immunotherapy
Heat Biologics and OncoSec Medical are joining forces to see how their different approaches to cancer immunotherapy might work together. Durham, NC-based Heat (NASDAQ: [[ticker:HTBX]]) and San Diego-based OncoSec (OTC: [[ticker:ONCS]]) announced the collaboration Wednesday. No financial terms were disclosed. Heat has developed a technology platform that introduces antigens that share characteristics of cancer cells. … Continue reading “Heat Biologics, OncoSec Collaborate on Cancer Immunotherapy”
Big Data Startup Automated Insights Acquired by Vista Equity
Automated Insights, a startup whose software turns “big data” into plain English, has been acquired by private equity firm Vista Equity Partners. The deal will bring the Durham, NC, company under STATS, a Chicago sports-data company that Vista acquired last year. No financial terms were disclosed for the Automated Insights deal. The company had raised … Continue reading “Big Data Startup Automated Insights Acquired by Vista Equity”
Health Analytics Firm Bivarus Raises $1.9M for Patient Software
Hospitals often try to improve their services by getting direct feedback from customers—their patients. But even when patient surveys are electronic, many patients decline to respond to all of the questions, if they bother to respond at all. Bivarus is addressing that problem with a software platform that simplifies the patient’s experience while giving hospitals, … Continue reading “Health Analytics Firm Bivarus Raises $1.9M for Patient Software”
Kickstarter Report: Top Crowdfunded Tech Projects in North Carolina
The top Kickstarter-backed North Carolina technology projects in 2014 tilted toward consumer convenience. Tired of fumbling with how to plug in the charging cord for your electronic devices? A company called BelayCords developed a cord that solves that problem. Want to keep beverages hot or find an easier way to channel-surf television channels? Those are … Continue reading “Kickstarter Report: Top Crowdfunded Tech Projects in North Carolina”
Cancer Drug Developer G1 Therapeutics Closes $33M Series B Round
G1 Therapeutics CEO Mark Velleca knows that three large pharmaceutical companies are researching the same cancer target as his tiny startup. But even though Velleca concedes those companies are ahead for now, he believes G1 can eventually stand out against those bigger, better-financed counterparts by taking a different approach. Now the Research Triangle Park, NC-based … Continue reading “Cancer Drug Developer G1 Therapeutics Closes $33M Series B Round”
Digital Marketer MaxPoint Interactive Files Plans for IPO
Digital marketing company MaxPoint Interactive, a company founded and led by former eBay (NASDAQ: [[ticker:EBAY]]) executives, has filed paperwork to raise an estimated $75 million in an initial public offering of stock. Morrisville, NC-based MaxPoint’s software analyzes “big data” to develop targeted marketing campaigns that help national retailers boost sales—not online, but at their brick … Continue reading “Digital Marketer MaxPoint Interactive Files Plans for IPO”
Report: Troubled Salix Emerges as Valeant’s Latest Takeover Target
Rocked by accounting problems, Salix Pharmaceuticals (NASDAQ: [[ticker:SLXP]] is now in the sights of serial acquirer Valeant Pharmaceuticals International (NYSE: [[ticker:VRX]]), according to a report from Bloomberg News. Valeant’s exploration of a bid comes a week after news surfaced that the Raleigh, NC-based Salix, a gastrointestinal drug maker, had hired third party advisors to consider … Continue reading “Report: Troubled Salix Emerges as Valeant’s Latest Takeover Target”
Duke Cardiologist Califf Appointed FDA Deputy Commissioner
Duke University cardiologist Robert Califf is joining the FDA, an appointment that brings to the agency a doctor with deep experience in the development and testing of new drugs. The FDA on Monday named Califf deputy commissioner for Medical Products and Tobacco, a position that reports to FDA Commissioner Margaret Hamburg. The appointment comes nearly … Continue reading “Duke Cardiologist Califf Appointed FDA Deputy Commissioner”
Raleigh-Durham Roundup: LabCorp, SignalShare, UNC, & More
Here are the week’s headlines in North Carolina tech and biotech news: —LabCorp (NYSE: [[ticker:LH]]) priced a $2.9 billion offering of senior notes to raise money to cover some costs related to its $6.1 billion acquisition of contract research organization Covance (NYSE: [[ticker:CVD]]). Burlington, NC-based LabCorp, a laboratory testing and diagnostics company, announced its deal … Continue reading “Raleigh-Durham Roundup: LabCorp, SignalShare, UNC, & More”
FilterEasy—Making Smart Homes Smarter & More Efficient
Most homeowners can’t remember the last time they changed the air filters for their heating and air conditioning units. Startup FilterEasy wants to make sure homeowners never have to remember again. FilterEasy sells air filters through an online subscription service that sends filters to homeowners on a prescribed schedule. Thad Tarkington, CEO and co-founder of … Continue reading “FilterEasy—Making Smart Homes Smarter & More Efficient”
Migraine Drug Developer CoLucid Lands $37.1M for Phase 3 Trial
CoLucid Pharmaceuticals has raised $37.1 million to finance late-stage clinical trials on a potential migraine drug that the company hopes will be a safer alternative to currently available migraine treatments. TVM Capital Life led the Series C round, which included participation from new investors Novo Ventures and Auriga Partners. Existing investors Pappas Ventures, Domain Associates, … Continue reading “Migraine Drug Developer CoLucid Lands $37.1M for Phase 3 Trial”
SmartLink Raises $2.5M for Mobile App Linking Patients, Physicians
[Updated 1/13/15, 4:55 pm. See below.] The telephone is a wonderful device for doctor/patient communication except for one drawback—both the doctor and the patient must be on the line at the same time. Cary, NC, startup SmartLink Mobile aims to overcome that hurdle with a mobile app that shows patients the familiar interface of a … Continue reading “SmartLink Raises $2.5M for Mobile App Linking Patients, Physicians”
NC State Presses For $180M Plant Sciences Plan with Ag Industry
[Corrected 1/13/15, 9:12 a.m. See below] Agriculture is a $78 billion annual business in North Carolina, making it far and away the state’s largest industry. Now North Carolina State University is working on a $180 million plan that backers hope will grow that industry into a $100 billion market. To make that math work, the … Continue reading “NC State Presses For $180M Plant Sciences Plan with Ag Industry”
Cempra Antibiotic Hits Pneumonia Goals; $100M Stock Sale Planned
With positive late-stage clinical trial data for its lead drug now in hand, Cempra (NASDAQ: [[ticker:CEMP]]) is preparing a $100 million stock offering to finance further work on the antibiotic, which some observers say has blockbuster potential. CEO Prabha Fernandes is not giving a timeline for filing solithromycin’s new drug application (NDA) with the Food … Continue reading “Cempra Antibiotic Hits Pneumonia Goals; $100M Stock Sale Planned”
Raleigh-Durham Roundup: BioCryst, Scioderm, Red Hat & More
Here are the week’s headlines in North Carolina tech and biotech news: —BioCryst (NASDAQ: [[ticker:BCRX]]) received Food and Drug Administration approval on an intravenous antiviral treatment for influenza, marking the first U.S. drug approval for the Durham, NC-based company. Peramivir (Rapivab) was developed in partnership with the with the Biomedical Advanced Research and Development Authority, … Continue reading “Raleigh-Durham Roundup: BioCryst, Scioderm, Red Hat & More”
With Big Funding, Phononic CEO Targets New Cooling Applications
Semiconductor startup Phononic entered 2014 with a $21 million funding round to bring the company’s new cooling technology into refrigerator production lines. Phononic is still on track to break into home refrigeration. But the company is closing the year with an additional $44.5 million in funding as it stakes out opportunities to cool other devices … Continue reading “With Big Funding, Phononic CEO Targets New Cooling Applications”
Phononic Raises a Cool $44.5M for Refrigerator Technology
Phononic, a startup that’s trying to shake up the refrigerator industry with a semiconductor cooling technology, has raised $44.5 million to help the company expand into more cooling applications. Eastwood Capital Corp. and the Wellcome Trust led the Series D round for the Durham, NC-based company. Phononic’s technology replaces refrigerator compressors, the pumps that move … Continue reading “Phononic Raises a Cool $44.5M for Refrigerator Technology”
Phytonix Turns Photosynthetic Bacteria Into Tiny Chemical Factories
Ambitions for biologically sourced fuels bump up against the reality that making chemicals and fuels from organic material is still generally more expensive. One company is hoping to overcome that obstacle by tapping into the built-in way that plants make their own energy. Plants use sunlight to convert carbon dioxide and water into food with … Continue reading “Phytonix Turns Photosynthetic Bacteria Into Tiny Chemical Factories”
How Ebola Drug Trials Today Could Shape Future Drug Development
Ebola research has yet to yield a proven vaccine or antiviral drug but the work done so far could be paving the way for something else—faster and more efficient ways of testing drug candidates for other diseases. Jeffrey Spaeder, chief medical officer for Durham, NC, contract research organization Quintiles (NYSE: [[ticker:Q]]), says the current Ebola … Continue reading “How Ebola Drug Trials Today Could Shape Future Drug Development”
Raleigh-Durham Roundup: LabCorp, UNC, HQ Greensboro, & More
Here are the week’s headlines in North Carolina tech and biotech news: —Diagnostics and laboratory testing company LabCorp (NYSE: [[ticker:LH]]) is expanding its DNA testing capabilities by acquiring Bode Technology. Burlington, NC-based LabCorp disclosed no financial terms for its purchase of Bode Technology from SolutionPoint International. Bode Technology specializes in forensic DNA analysis, proprietary DNA … Continue reading “Raleigh-Durham Roundup: LabCorp, UNC, HQ Greensboro, & More”
GSK Restructuring Slashes R&D; RTP to Take Brunt of Cuts
The contingent of researchers in North Carolina’s Research Triangle Park is set to get smaller as Britain-based GlaxoSmithKline (NYSE: [[ticker:GSK]]), one of the Park’s largest tenants, consolidates R&D operations. The move is part of a corporate restructuring that will eliminate some 900 research positions in the Park alone. GSK announced details of the restructuring and … Continue reading “GSK Restructuring Slashes R&D; RTP to Take Brunt of Cuts”
Pozen, Sanofi Terminate Drug Pact Ahead of FDA Approval Decision
Pozen (NASDAQ: [[ticker:POZN]]) is once again hunting for a drug commercialization partner just 15 months after Sanofi (NYSE: [[ticker:SNY]]) agreed to bring the company’s cardiovascular disease drug to market. Pozen’s announcement Monday that its partnership with Sanofi has been terminated comes less than a month before a scheduled Food and Drug Administration decision on whether … Continue reading “Pozen, Sanofi Terminate Drug Pact Ahead of FDA Approval Decision”
Precision Agriculture Taking Root With Drones, AgBio Technology
To catch a glimpse of new technology that could help farmers get more from plants in the soil, look to the sky. Aerial drones might be more commonly associated with military applications today. But the precision an unmanned aerial vehicle shows in a military strike also has applications in farming. A drone can identify a … Continue reading “Precision Agriculture Taking Root With Drones, AgBio Technology”
Cleantech Cleans Up Message, Stops Selling Green
The hungriest thing in some restaurants may be an old refrigerator that gobbles up kilowatts of electricity. Luke Fishback’s analytics software can show that usage, teasing out energy consumption data in a commercial kitchen down to each appliance. Beyond analytics, the software recommends ways to cut energy usage. Fishback pledges he can deliver energy savings … Continue reading “Cleantech Cleans Up Message, Stops Selling Green”
Raleigh-Durham Roundup: Appia, Chimerix, Ascletis & More
Here are this week’s headlines in North Carolina technology and biotechnology news: —Appia, a Durham, NC, company that markets mobile apps online, is being acquired by Mandalay Digital Group (NASDAQ: [[ticker:MNDL]]) in a stock deal that values Appia at $65 million. Los Angeles, CA-based Mandalay Digital will also assume $10 million of Appia’s debt, as … Continue reading “Raleigh-Durham Roundup: Appia, Chimerix, Ascletis & More”
Medical Device Firm Baxano Files for Bankruptcy, CFO Resigns
Medical device company Baxano Surgical (NASDAQ: [[ticker:BAXS]]) has filed for Chapter 11 bankruptcy protection and the Raleigh, NC company’s chief financial officer has resigned. Baxano said today that bankruptcy would allow it to keep selling its minimally invasive spinal surgery devices. Along with the bankruptcy filing, Baxano says Hercules Technology Growth Capital has agreed to … Continue reading “Medical Device Firm Baxano Files for Bankruptcy, CFO Resigns”
New Ag-Biotech Initiative Plants Seeds for Startups
Agriculture is rarely the first thing that comes to mind when people talk about North Carolina’s Research Triangle Park. Medicine and technology have defined its 7,000 acres for most of its 55 years; anchor tenants such as GlaxoSmithKline (NYSE: [[ticker:GSK]]) and IBM (NYSE: [[ticker:IBM]]) still keep a steady Park presence. But lately, bioagriculture companies are … Continue reading “New Ag-Biotech Initiative Plants Seeds for Startups”
LabCorp to Expand Drug Research Reach with $6.1B Deal for Covance
LabCorp (NYSE: [[ticker:LH]]), already one of the largest laboratory testing and diagnostics companies in the nation, plans to further expand its reach into clinical trials by buying contract research organization Covance (NYSE: [[ticker:CVD]]) in a deal valued at approximately $6.1 billion. The Burlington, NC, company will pay $105.12 per share in cash and stock to … Continue reading “LabCorp to Expand Drug Research Reach with $6.1B Deal for Covance”