A company that’s hoping to be the first to commercialize a blood test that can diagnose the cause of stroke has closed $800,000 of an anticipated $1.1 million series B round of investment.Cincinnati-area-based IschemiaCare expects to close on the full $1.1 million by the end of the year. The funding will enable the company to [...]

Surgical device maker Minimally Invasive Devices has raised more than $1.5 million in equity, according to a document filed with the Securities and Exchange Commission.

Don’t accuse molecular diagnostics startup Ischemia Care of thinking small. The Oxford, Ohio-based company that was founded three years ago is hoping to be the first company to market with a blood test to diagnose the cause of stroke, the fourth-leading cause of death in the United States. And it’s hoping to do that within two years.

Blue Ash Therapeutics has raised more than $2 million to help push its first and only drug across the regulatory finish line with a pivotal clinical trial.Started more than a year ago by pharmaceutical industry veterans Greg Flexter and Kevin Malloy, the Cincinnati company is finishing development of Azimilide, a drug that can work alongside [...]

Queen City Angels invested in seven life sciences companies and one health information technology company last year, according to its 2009 annual operating report (pdf).The group of accredited investors finished the year with 12 investments, which included three IT companies and one company specializing in advanced materials.In addition, the angel group created a $4 million [...]

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.

BIOSTART and Queen City Angels have formalized their long-standing relationship through a challenge: Jointly recruit 10 life sciences investors for the angel group within two years.

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.

Tony Shipley of Queen City Angels says the old-school approach to starting a business is new again because of the dearth of private equity. Investors have become much more discerning — even among the companies they’ve invested in. “People casually thinking about entrepreneurship must be really committed to operating effectively and efficiently or else they’re better off keeping their day job,” Shipley said in an interview.

New chief executive James S. Burns is the former head of oncology and inflammatories drugmaker EntreMed. “This is a signal to our current and next investors that we’re ready to make the next step,” said Al Lucas, AssureRx’s vice president of sales and marketing.