Local Life Science Companies Raise Record Financing in 2007

The summer is often a slow time for many companies, but not for the area’s life science sector! Four area life science firms raised $200 million in August, making it the busiest financing month of the year so far. Globus Medical Inc., a spinal implant maker in Audubon, raised $110 million in its fifth round of venture capital financing. Conshohocken’s Neuromed Pharmaceuticals, which specializes in chronic pain drugs, raised $53.3 million in a private stock sale. Beijing Med-Pharm Corp., based in Plymouth Meeting, made net proceeds of about $30.6 million from a sale of stock and stock warrants to unidentified institutional and individual investors. The company helps pharmaceutical and biotechnology companies gain regulatory approval to sell products in China. Finally, Exton-based biotechnology firm specializing in skin and tissue rejuvenation, Isolagen Inc., raised $13.8 million in a direct stock offering to unnamed institutional investors.