POINT Biomedical gains $25M in funding

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POINT Biomedical has closed $25 million, the first tranche of a $50 million private equity financing led by Vedanta Capital.

The San Carlos, Calif.-based POINT said it expects to draw the second tranche in the second quarter of 2008, upon the achievement of certain milestones.

The company will use the proceeds to complete the clinical development of its (PB127) lead product (PB 127), CARDIOsphere.

“CARDIOsphere has the potential to allow patients to undergo evaluation for coronary artery disease in a cardiologist’s office without the radiation exposure of currently available perfusion technologies,” said Larry Posner, MD, of Vedanta Partner.