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Financings in Brief: Iotek

This article was originally published in The Gray Sheet

Executive Summary

Iotek: Minneapolis-based developer of drug delivery catheters raises $7 mil. in venture capital financing. Funds raised included $4 mil. from Robertson, Stephens & Company and $3 mil. from existing company shareholders. The financing, which brings Iotek's total venture capital funding to $10 mil., will help the firm "initiate U.S. clinical trials for our first urological drug delivery product and begin to look at opportunities in gynecology," the company says. Iotek's drug delivery technology incorporates iontophoresis, which utilizes a low electric current to drive drug ions into tissue. The company says its technology allows increased tissue penetration, delivers "higher concentrations of drugs in less time," and reduces or eliminates side effects associated with oral or intravenous drug delivery." Iotek's initial focus is on delivering anesthetics for urological and gynecological surgery procedures, but the firm says its delivery technology may be useful for anesthetic and therapeutic applications...
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