Build Critical Mass of Companies, Raise Risk Capital

March 30, 2020

By brianpowell

GT Medical Technologies raises $16M, gains FDA approval for brain therapy 

A year after raising $10 million, Tempe-based GT Medical Technologies Inc. raises another $16 million for commercialization and receives FDA approval to use its targeted radiation therapy on newly diagnosed patients with brain tumors. 

NeoLight earns $7M in capital for neonatal therapy 

NeoLight, a Phoenix-based medical-device company working to bring to the home hospital-grade neonatal care technologies, including jaundice treatment, raises $7 million in financing from Dignity Health, HonorHealth, and Pittsburgh Steelers quarterback Ben Roethlisberger and his wife, Ashley. 

New pharma manufacturer Medivant Health opens Chandler facility 

The company’s 33,000-square-foot manufacturing plant, featuring full automation, begins making generic drugs to address national shortages using vials made to exact dosage specification. 

Startups receive federal grants, FDA clearance 

Tucson-based drug startup EnduRx Pharmaceuticals is awarded a $1.4 million Department of Defense grant to advance a new drug for breast cancer. Meanwhile, Emagine Solutions Technology of Tucson receives FDA clearance to market its VistaScan mobile ultrasound platform, and SafKan Health, also of Tucson, receives FDA approval of the first automated ear-cleaning device. 

Caris Life Sciences grows Phoenix presence  

Texas-based Caris Life Sciences, which previously acquired a TGen spinout, continues to expand lab space, to house as many as 1,500 additional employees in Arizona, as it advances precision medicine to target cancer. 

TGen research on cancer in dogs leads to launch of commercial company 

Vidium Animal Health’s SearchLight DNA test enables veterinarian oncologists and pathologists to use genomic-based precision medicine to better detect, diagnose, and treat cancer in dogs.