Small Bones Innovations Inc. Raises $144M

NYC-headquartered Small Bones Innovations (SBi), which offers a clinically proven portfolio of products and technologies to treat trauma and diseases in small bones & joints, announced a Series D round of $108M - one of the largest private equity capital financings for an orthopedic company. The proceeds will complete the acquisition of the Scandinavian Total Ankle Replacement (S.T.A.R.®) system, fund operations, and support the launch of the S.T.A.R. system in the U.S. S.T.A.R., a total ankle device that can replace a painful arthritic ankle joint, recently received FDA PMA approval in the U.S. SBi also announced the 2008 completion of a Series C round of $36M.

Palyon Medical Corp Raises $21M

Palyon Medical, based in NYC, received $21M Series A Round. Palyon is a preclinical-stage medical device company developing technologies for the treatment of chronic pain, spasticity and other neurological diseases. The funds will be used to finance a multi-site clinical study and to commercialize Palyon’s implantable drug delivery system, which delivers targeted doses of pain medication directly to the spinal area.

Mayor Signs New Legislation for Biotech

On Monday, June 29th, NYC Mayor Michael Bloomberg signed legislation to extend the Chinatown/Lower East Side Empire Zone to include the East River Science Park (ERSP). An Empire Zone will allow company applicants to access New York State tax benefits and further support the growth of NYC's biotech industry. The NYCEDC initiative was created in partnership with the Chinatown/Lower East Side Empire Zone.

NYCEDC’s Healthcare CEO Dinner

NYCEDC and Deputy Mayor Bob Lieber recently hosted a Healthcare Dinner to discuss the future of the healthcare industry in NYC. The event brought together the leaders of NYC’s academic medical centers, hospitals, biotech companies and healthcare providers. Representatives included Dr. Harold Varmus of MSKCC, Dr. Louis Shapiro of HSS, Kathryn Wylde of the Partnership For NYC, Dr. Larry Witte of ImClone, Susan Solomon of NYSCF.

Bioscience Company Relocates Operations to NYC

Founded in St. Louis, MO, Apath, LLC has recently relocated its headquarters and operations to NYC at the SUNY Downstate Medical Center incubator. Apath’s drug discovery program is focused on assisting researchers in finding novel therapeutic agents for RNA viruses to treat infectious diseases. Apath was founded by Dr. Charles M. Rice, Professor of Molecular Microbiology at NYC’s Rockefeller University.

Enzo Biochem’s Revenues Rise 22% in Q3

NYC-based Enzo Biochem posted a 22% rise in third quarter revenues. Enzo, with annual revenues of $100M, is a leading life sciences and biotechnology company focused on harnessing genetic processes to develop research tools, diagnostics and therapeutics. Its catalog of over 40,000 products serves the molecular biology, drug discovery and pathology research markets.

NY Metro Ranked 4th Among US Life Science Clusters

The Milken Institute recently assessed the leading life science clusters across the nation. The study, released in May, ranks the greater New York area fourth out of 11 clusters. The region’s significant strength in workforce size and relative growth in therapeutics, devices and health-care services greatly influenced the ranking.