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医疗器械2013Q1 VC Top10

fiercemedicaldevices2013年4月27日 10:17 点击:1119


 

The Biggest Med Tech VC Investments of Q1



 

不用本金就能赚钱的方法By now, you've been hearing this for months: Venture investing in the medical device world is on a downward slide with no sign of stopping. And the problem is most acute for early-stage companies.

The trend continued last week with news that the decline deepened dramatically in the first quarter of 2013, according to the latest MoneyTree Report from  and the  (based on  data).

To be sure, there were hopeful signs this year, such as ' launch of its third fund--a $516 million pot of cash devoted, in part, to medical device and diagnostics developers, with early-stage startups very much part of the equation. But on a wider scale, the trend is leading to some major changes in how companies obtain investments, such as how the remaining venture capitalists in the medical device space pick their portfolio companies, explains David Douglass, an NVCA board member and partner at Delphi Ventures in Menlo Park, CA.

Delphi invests in a large number of medical device companies. And while Douglass said Delphi would consider the right early-stage deal, it hasn't pursued a single Series A medical device investment in the last four years. He blames a lack of predictability with the FDA, with an approval process that has slowed because of the increased demands device companies face, drastically adding to the cost of bringing a device through the approval process.

Consider that Delphi portfolio company  needed about $180 million to reach FDA approval with its subcutaneous ICD, at which point Boston Scientific () snatched it up for $1.35 billion, giving investors their return. When Douglass first became an investor a number of years ago, the typical cost to bring a device company to regulatory approval was closer to $30 million. As a result, medical device companies close to or already past the approval process are far more attractive prospects for investors. But even beyond the FDA, Douglass points out that there is simply less money to go around.

不用本金就能赚钱的方法"A number of venture capital firms in healthcare have not been able to refinance themselves, (and so) the amount of money going into healthcare VC has dropped dramatically," he said. "Entrepreneurs are finding it very difficult to finance innovative new technologies, but on top of that, all of us are losers, as consumers of healthcare, because the amount of innovation coming into healthcare is decreasing dramatically."

In the absence of an abundance of early stage investment opportunities, Douglass said that the remaining VC investors focused on medical devices are filling the void in the later stage of the process.

"We have a phenomenon as an investor," he said, "where we can find later-stage companies either commercial, or near commercial, have FDA approval, and are financed by syndicates that don't have any more money. But we can go in and refinance with lower valuations than (were historically the norm)." New investors in late-stage companies can achieve liquidity faster, and even sell the companies at lower prices, "and still get a return," Douglass said.

不用本金就能赚钱的方法The remaining firms in the med tech space are also raising smaller funds than they used to. Delphi, for example, is working through its current, $300 million fund. But Douglass expects the next one will be closer to the $150 million to $200 million range.

"All of us are raising smaller funds," Douglass said. "There is less money." And longer term, the next big medical device advance might be that much harder to come by.

"The industry is not sowing corn," Douglass said. "The number of startups is down dramatically and will continue to drop as fewer VC funds can refinance themselves."

With that sobering backdrop, we present the top 10 medical device venture investments in the 2013 first quarter, based on NVCA, PWC/Thomson Reuters data. Thanks for reading, and let us know your thoughts.

-- Mark Hollmer (email不用本金就能赚钱的方法 | )

Who: 

What: Makes implant to treat chronic sinusitis

Investors: Kleiner Perkins Caufield & Byers, Medtronic (), Norwest Venture Partners, PTV Sciences and US Venture Partners

How much: 不用本金就能赚钱的方法$20.86 million

*Editor's note: The company  不用本金就能赚钱的方法a $30 million funding round, with the rest expected during the 2013 second quarter.

Who: 480 Biomedical

What: Developer of a resorbable stent to treat peripheral vascular disease

Investors: Intersouth Partners,  and an undisclosed investor

How much不用本金就能赚钱的方法: $21.2 million

Who: Gynesonics

What: Maker of ablation device to treat uterine fibroids

Investors: ,, Correlation Ventures, HBM Healthcare Investments AG and InterWest Partners LLC

How much: 

Who: Vapotherm

What:不用本金就能赚钱的方法 Maker of vapor devices to treat COPD and other breathing ailments

Investors: RiverVest Venture Partners and an undisclosed investor

How much: 

Who: 

What: Developer of eye stent for glaucoma treatment

Investors: Ascension Health Ventures, Delphi Ventures, MemorialCare Innovation Fund, 

How much: 

  

Who: 

What: Developer of weight-loss device

Investors: Arboretum Ventures, , Highland Capital Partners, , ONSET Ventures, Santè Ventures

How much: 

Who: 

What: Maker of a tiny eye implant to relieve cataract surgery fluid buildup

Investors: Domain Associates, Frazier Healthcare, InterWest Partners, Meritech Capital Partners, Montreux Equity Partners, 不用本金就能赚钱的方法, Versant Ventures, and an undisclosed investor

How much: 

Who: OptiScan Biomedical

What: Maker of noninvasive glucose monitoring devices for hospital ICUs

Investors: Johnson & Johnson Development, MedVenture Associates,  不用本金就能赚钱的方法and Wexford Capital

How much: $30.7 million

Who: 

What: Maker of thermal energy-powered vision correction devices

Investors: Abingworth Management, Aperture Venture Partners, Borealis Ventures, De Novo Ventures, Echelon Ventures, , Prism VentureWorks, SCP Private Equity Partners and 

How much: 

Who: 

What:不用本金就能赚钱的方法 Maker of a spinal cord stimulation pain-management implant

Investors: Accuitive Medical Ventures, Bay City Capital, Covidien Ventures, Johnson & Johnson Development, MPM Capital, 不用本金就能赚钱的方法, Novo A/S, Three Arch Partners and an undisclosed investor

How much: 



(来源: fiercemedicaldevices )


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