Ablative Solutions Inc., a Kalamazoo-based biotech startup developing a new treatment called renal denervation to treat hypertension, raised $9.5 million in a Series B preferred stock offering.
The hand of John Kerschen, managing director of M&A advisory firm The Charter Group in Grand Rapids, has been in 85 transactions in his 17 years at the company, representing a total transaction value of more than $500 million.
The little more than $1 million raised from investors this summer, coupled with $3 million in federal grant funding, moves Tetra Discovery Partners closer to conducting human clinical trials for a new drug that it’s developing to treat neurological conditions and brain trauma.
A Kalamazoo company developing a new treatment for people with hypertension received another infusion of capital as it prepares for a clinical trial in Europe late this year.
Venture capital investing in Michigan had one of its best years ever in 2012, setting the stage for what one venture investor sees as “another very big year” for further growth.
Investors say once Michigan’s maturing life sciences industry can regularly generate success stories, the chances are that more venture capital will follow.
After closing fundraising on its flagship fund to invest more than $15.1 million in early stage Michigan-based businesses, a Grand Rapids venture fund can now focus on building its investment portfolio and recording its first exit.