Device/Diagnostics Quarterly Deal Statistics, Q1 2013

Article preview from IN VIVO - June, 2013

Device companies kicked off 2013 by raising $1.1 billion via 45 transactions; the only device M&A transaction in Q1 to exceed the billion-dollar mark was Cardinal Health Inc.’s $2.07 billion acquisition of AssuraMed. Diagnostics firms began 2013 by raising a total of $286 million in the opening quarter, a 46% improvement over Q4 2012’s tally.

Device/Diagnostics Quarterly Deal Statistics, Q1 2013

Article preview from IN VIVO - June, 2013

Device companies kicked off 2013 by raising $1.1 billion via 45 transactions (the same amount raised in both Q1 and Q4 of 2012). Late-stage VC financings dominated in Q1 2013, accounting for 36% ($403 million).  Nevro Corp., the solitary neurology firm to raise late-stage money, led with a $48 million Series C round.  Three ophthalmic firms closed late rounds: Avedro Inc. brought in $43 million through its Series D, which will be used for R&D involving corneal cross-linking for cataract and refractive surgery, and Glaukos Corp. raised $30 million via its Series F round, which will fund the US commercial launch of its iStent trabecular micro-bypass device used in glaucoma surgery. EyeTechCare SA landed $23 million through its Series C; the money is earmarked for wrapping up an international trial of its EYEOP1 glaucoma device.

Early-stage VC money was much more scarce in Q1 (9% of the total raised), even though the number of transactions completed for both early- and late-stage money was similar (11 deals vs. 18). And unlike late-stage money, in which cardiovascular and respiratory companies dominated, orthopedic companies were the most popular early-stage fundraisers in Q1. The biggest round, a $19.5 million Series B, went to Ceterix Orthopaedics Inc., which is developing tools for arthroscopic procedures. Ceterix’s technology enables surgeons to put stitches in tight joint compartments (like the knee, hip, or shoulder); unlike traditional fixed-jaw suturing devices that cannot navigate the joint’s shape, Ceterix’s has a sliding lower jaw that retracts into the device to change size and easily maneuver around the joint. The new money will be put toward sales and marketing activities for a larger product launch (the company currently sells it on a small scale).

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