Wednesday, April 8, 2009

Canaan Partners adds to Orthocon’s $25M funding

By Mass High Tech staff

Connecticut venture capital firm Canaan Partners, along with ProQuest Investments in New Jersey, co-led a $25 million Series B financing round in a New Brunswick, N.J.-based medical devices firm. Orthocon Inc. also received funding from BB Biotech Ventures, a health care-focused venture capital fund.

The company said the financing will go toward the funding of its clinical program and developing pipeline products.

Orthocon develops implantable devices to deliver treatments to bone. The company plans to conduct a clinical trial later this year on a device that stops bleeding and helps manage pain.

Founded in 2005, Orthocon has raised a total of $35 million in investments.

Canaan Partners operates an office in Westport, Conn. Founded in 1987, the firm has raised eight funds since it was founded. Canaan Partners now operates with $3 billion under management. Other companies Canaan Partners has invested in, according to its website, include Cerexa Inc., DexCom Inc., Peninsula Pharmaceuticals Inc. and Northstar Neuroscience Inc.