May 11, 2007—Safeguard Scientifics Inc, Wayne, Pa, a holding company that builds value in growth-stage technology and life sciences companies, is a co-leader in a $26 million Series C financing round for Avid Radiopharmaceuticals Inc, Philadelphia, a clinical-stage company focused on the development of molecular imaging products.

 

"We partner with growth-stage, entrepreneurial life sciences companies that have a competitive advantage in a market that represents a sizable opportunity," said Peter J. Boni, president and CEO of Safeguard. "As our populations ages, effective and value-oriented health care products continue to attract greater demand. We believe that Avid is well positioned to execute upon its plan to address a critical need to improve upon our ability to diagnose and stage Alzheimer’s, Parkinson’s and other devastating neurological disorders."

 

Safeguard contributed $7.3 million alongside co-leader AllianceBernstein Venture Fund, New York, NY. As part of the transaction, Gary J. Kurtzman, MD, vice president of life sciences at Safeguard, has joined Avid’s board of directors.

 

—Cat Vasko