Medical device supplier receives award, significant funding

TearScience – a North Carolina-based edical device company – was recently awarded for its success when it landed $44.5 million in venture capital funding. The acquisition of this money led the company to receive the Southeast Deal of the Year Venture Capital Transaction Award from Southeast BIO – an association which promotes development in the life sciences industry in the Southeast.

"TearScience has achieved outstanding success in 2010 and it is a pleasure to honor them," said SEBIO 2010 Awards committee member Aaron Davidson, managing director with H.I.G. BioVentures. "We have high hopes for TearScience in the future and believe that they are a shining example of the many strong companies we have in the Southeast."

TearScience broke through with a revolutionary treatment for managing dry eye syndrome, becoming an industry leader for technology that helps diagnose and alleviate the condition.

Meanwhile, Semprus Biosciences – a Cambridge, Massachusetts, biotech company – received $18 million in Series B financing led by a VC group headed by GlaxoSmithKline, Mass High Tech reports. The life sciences industry raised $1.3 billion across 160 deals during Q1 2010, which accounted for 28 percent of all VC dollars invested nationwide, according to data from Pricewaterhousecoopers.