Here are some of the top stories at MedCity News this week:
• Cleveland Clinic spinoff Cleveland HeartLab completed a $3 million fundraising round, and named its executives and advisers. The clinical reference laboratory specializing in next-generation cardiovascular disease prevention, diagnosis and management will use the investment to expand sales and marketing efforts outside of Northeast Ohio, build internal operations and get more Cleveland Clinic-licensed technology into the market.
• BioSante Pharmaceuticals Inc. in Lincolnshire, Ill., received funding commitments totaling $18 million from two institutional investors. The company plans to use the proceeds to continue funding a phase 3 clinical trial of LibiGel, a drug that treats underactive sexual desire in menopausal women. BioSante says it plans to seek approval from the U.S. Food and Drug Administration by the middle of next year to sell the drug.
The Power Behind Enterprise EHR Software for Large Healthcare Systems
Enterprise EHR boosts scalability, interoperability, and governance for large healthcare systems.
• Despite its name, Pedal Brain LLC’s ambitions far exceed bicycles. Replacing “Pedal” with “Health” starts to describe what this angel-backed start-up wants to do. Pedal Brain recently struck a deal with HED Cycling Products USA to sell a software system that records real time data like speed, power, and heart rate from bike-mounted sensors and view the information on an iPhone or Web site. The company eventually wants to expand into the home health care market where doctors can remotely collect and analyze patient data through a host of sensors.
• A bill that would expand insurance coverage for off-label drug usage has unanimously passed a vote in the Ohio House of Representatives. The House voted 97-0 in favor of House Bill 384, which would require insurers to cover the use of off-label drugs and bring Ohio law up to federal standards.
• Financial deals of the week: Perrigo Co. in Allegan, Mich., struck a $48 million agreement to acquire an Australian over-the-counter, store-brand pharmaceuticals supplier… Upwind Medical Partners in Chanhassen, Minn., launched a $6 million-to-$8 million early stage fund that will focus on commercializing intellectual property from health care/research institutions like the University of Minnesota… University Hospitals in Cleveland has received a $1.5 million donation that the health system will use to establish an endowed chair within its heart and vacular institute… Bioscience Vaccines Inc. in West Lafayette, Ind., has received a $400,000 seed investment to develop technology that enhances the effectiveness of vaccines.