It’s time to catch up on some of the latest happenings across Wisconsin’s innovation communities:
—Shine Medical Technologies said it struck a deal to receive $50 million in financing from funds managed by Oaktree Capital Management. The money will support the ongoing construction of Shine’s medical isotope production facility in Janesville, as well as Shine’s efforts to commercialize diagnostic and therapeutic isotopes, the company said. Last November, Shine announced a $30 million Series B funding round from undisclosed investors and a separate deal with Deerfield Management to receive up to $150 million in financing that would be doled out in stages, based upon Shine hitting certain milestones.
—Venture Investors (VI)—the oldest and largest venture capital fund in Wisconsin—announced it closed its latest investment vehicle, a $75 million healthcare-focused fund. VI had been eyeing up to $100 million for the fund.
The venture firm, based in Madison and Ann Arbor, MI, said it has also opened a Milwaukee office and added Joe Amaral, most recently the vice president of surgical innovation at Johnson & Johnson (NYSE: JNJ), as Venture Investors’ chief medical and scientific advisor.
The first four investments from VI’s new fund are in Madison-based Invenra, Corona del Mar, CA-based ViaLase, Ann Arbor-based HistoSonics, and Louisville, CO-based Eximis Surgical.
—Mallinckrodt (NYSE: MNK) announced top-line results from a pivotal Phase 3 trial of StrataGraft, an investigational regenerative tissue developed by the company’s Madison-based subsidiary Stratatech. The UK-based life sciences firm said the 71-patient study met both of its primary endpoints in testing the efficacy and safety of a single application of StrataGraft in treating deep, partial-thickness thermal burns. Mallinckrodt plans to submit a biologics license application for StrataGraft to the FDA in the first half of next year, according to a press release. Read the full story here.