Originally Published MX
September/October 2003
BUSINESS NEWS
Start-up Funding|
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GI Dynamics (Newton, MA), an early-stage company that is developing alternative approaches to gastric bypass surgery, has secured $4.1 million in start-up funding. Key investors include
Advanced Technology Ventures (Waltham, MA), Domain Associates (Princeton, NJ), and
Polaris Ventures (Waltham, MA), with additional financing from Catalyst Health and Technology Partners (Newton, MA) and
Seedling Enterprises (Newton, MA). The funds will be used to complete product development and initiate clinical trials.
Boston Scientific (Natick, MA) has invested $2 million in Rubicon Medical
(Salt Lake City). The two companies also agreed to exclusively discuss a broader relationship and negotiate terms for a second investment of $15 million.
LifePoint Inc. (Ontario, CA), which develops noninvasive drug and alcohol diagnostic technologies, received an initial $2 million private equity placement. The investors also agreed to purchase $6 million of stock at a second closing. The lead investor was
BayStar Capital (Larkspur, CA). LifePoint CEO Linda H. Masterson said the funds will aid development of the company’s Impact test system, a rapid diagnostic testing, screening, and drug-monitoring device.
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