Fund founder Jim O’Reilly says it was “fairly impossible” to raise money. For O’Reilly, explaining Upwind to potential investors proved to be a challenge in itself. For one thing, O’Reilly insisted Upwind was not a “fund” but rather a “new model” for developing startups.

Applied Bioprocess Containers LLC has raised $1.03 million from the sale of equity, about $30,000 shy of its goal, according to documents filed with the Securities and Exchange Commission.

Nascent Surgical LLC raised $223,000 from the sale of equity, according to documents filed with the Securities and Exchange Commission.

Biolyst LLC is seeking $1.25 million from the sale of equity and warrants, according to documents filed with the Securities and Exchange Commission.

The hearing aid system is supposed to boost the outer ear’s natural ability to direct and amplify high frequency sound and reduce wind noise. It’s made by ReSound, a medical device company based in Bloomington, Minnesota. The company said the Remote Microphone Technology provides users a more appealing cosmetic look by tucking the microphone in the concha cymba area of the external ear.

Private equity firm Riverside Co. has acquired CareFacts Information Systems, based in St. Paul, Minnesota, for an undisclosed amount.

Life science current events will collide with political realities in Minnesota. Last year the medical industry made important strides, including winning an angel investment tax credit. This year healthcare interests will likely be on the defensive. The University of Minnesota, the Biomedical Discovery District and health services for the poor are on the chopping block.

In his research report, Morgan Stanley analyst David Lewis says St. Jude faces significant challenges — both big picture and small picture.

Medtronic (NYSE:MDT) announced this week that CEO Bill Hawkins will retire in April 2011 after just three-plus years on the job. While his tenure was relatively short, Hawkins left an indelible mark on the world’s largest maker of new innovative medical devices. Here’s a look back on the Hawkins era at Medtronic.

The University of Minnesota said its scientists have discovered a possible way to stop the spread of the virus that causes AIDS by preventing the pathogen from attaching itself to an antiviral protein. APOBEC3F belongs to a family of proteins that defend the body against viruses. The HIV virus, however, has developed an ability to attach itself to the protein and destroy it.