Northeast Ohio’s largest angel investor group, North Coast Angel Fund, is nearing an $8 million close on its second fund.

Early stage investment group North Coast Angel Fund is raising money for a second fund, having pulled in commitments for $800,000. In all likelihood, North Coast Angels are looking to raise $8 million for the group’s second fund.

TheraVasc Inc., which is reformulating a drug to treat vascular diseases, has raised a $1.8 million Series A1 round of investment capital. But the company isn’t stopping there — it’s looking to add about $450,000 to the round.

Early stage venture group Ohio TechAngel Funds has raised $2.5 million for its third investment fund. Like the group’s previous funds, Ohio TechAngel Fund III will invest in Ohio-based technology companies in the life and physical sciences, and information technology industries.

Neuros Medical Inc., a start-up company that is developing a neurostimulation device to block chronic pain, has landed $1.8 million from several investors during its first round of venture financing. Neuros Medical will use the money to begin product development, hire a chief technology officer and complete clinical studies on its device that stimulates nerves to alleviate pain.

The company is developing a disposable device that measures the length of a woman’s cervix to help predict risks of preterm birth. It is potentially easier, less costly and just as accurate as the transvaginal ultrasound device used in only high-risk pregnancies. It could be in the market by 2010.