Life-science briefing: Monday, March 31, 2008

TODAY’S HEADLINES:

• Boston Scientific spinout TriVascular2 takes in $65M (release)
• Inhaled-drug startup Transave raises $35M (release)
• Triage Wireless gets $20M for vital-signs monitors (release)
• Tryton Medical receives $14M for “bifurcation” stents (release)
  
• Synthetic bio startup Codon Devices adds $11M (release)
• Tracon Pharma takes in $4.5M against cancer and eye disease (VentureWire)
• Antibody maker f-star swaps in equity stake by TVM (PDF release)
• Drug packager MonoSol Rx withdraws IPO (IPOhome)
• GE Healthcare acquires portable-ventilator maker VersaMed (release)

Boston Scientific spinout TriVascular2 takes in $65M — In 2005, Boston Scientific acquired a Santa Rosa, Calif., medical-device startup called TriVascular. Today, it spun it out once again.

The newly private startup raised $65 million in a “first” funding round from the likes of MPM Capital, New Enterprise Associates, Delphi Ventures and Kearny Venture Partners. Thirty million dollars of that sum went straight to Boston Scientific, which also retains the right to take a minority stake in the company.

TriVascular’s original CEO, Michael Chobotov, will resume that position at the new company, joined by two other TriVascular founders. It’s not, however, entirely clear what TriVascular will be doing. The company was originally focused on repair of abdominal aortic aneurysms, which are unusual swellings of blood vessels that can rupture unexpectedly, often fatally. Boston Scientific, however, shut down its aneurysm-repair business in 2006, so it’s not immediately obvious that the reborn TriVascular will jump right back in.

Inhaled-drug startup Transave raises $35M — Transave, a Monmouth, N.J., biotech working on inhaled drugs for lung disease, raised $35 million in a fourth funding round. Investors included Quaker BioVentures, Bessemer Venture Partners, TVM Capital, Prospect Venture Partners, Fidelity Biosciences, Forbion Capital Partners and Easton Capital.

The startup is working on inhalable drugs for cystic fibrosis — in particular, a long-lasting form of the antibiotic amikacin, which is currently in mid-stage, phase II human testing. Transave had previously raised $58 million in venture capital, including a “recently completed” $40 million round.

Triage Wireless gets $20M for vital-signs monitors — Triage Wireless, a San Diego medical-device maker, raised $20.3 million in a second funding round. Investors included Qualcomm Ventures, Sanderling Ventures, 3i Group and Intel Capital.

Triage is developing wireless vital-signs monitors for long-term or continuous use. Its first product is a blood-pressure sensor that doesn’t require the old familiar inflated cuff.