Financings In Brief
This article was originally published in The Gray Sheet
Executive Summary
Adiana: Non-incisional, permanent contraceptive manufacturer will use the proceeds from a $23 mil. Series D financing to complete its pivotal clinical trial, obtain PMA approval and prepare for market launch. The funding was led by Tullis-Dickerson & Co., with OrbiMed Advisors LLC joining as a new investor. Both venture capital firms will be represented on the firm's board of directors, according to Adiana. The company expects to pursue a PMA for the device in early 2006, after completing a 600-patient, 16-site clinical trial. Once approved, Adiana will compete with Conceptus' Essure non-incisional permanent birth-control device(1"The Gray Sheet" Dec. 6, 2004, p. 24)...