US-based medical device company Bioconnect Systems secured $470,000 in convertible debt financing on 13th January from existing investors including Fidelity Biosciences, a corporate venturing unit belonging to financial services firm Fidelity Investments, and venture capital partnership Cardinal Partners.
According to Adam Dakin, chief executive of Bioconnect, the firm is also looking to raise between $8m and $10m in a series B round this year in order to finance clinical trials for a device that can assists surgeons in forming vascular connections.
Dakin also told Global Corporate Venturing that Bioconnect is expecting to close the series B round in mid-year and is seeking a new lead investor, with several unnamed, larger medical device companies expressing interest.
Bioconnect previously raised $8m in an April 2007 series A round which saw participation from Fidelity and Cardinal, and received a further $500,000 from venture firm Ben Franklin Technology Partners of Southern Pennsylvania in February last year.